European Union lawmakers urged the bloc's council and commission to help stop money flowing to terrorist organizations on Thursday by setting up a platform to allow intelligence services to monitor suspicious transactions, among other measures.
European lenders must make better use of the legal tools and frameworks that can help reduce the €760 billion ($925 billion) of bad loans that continue to weigh on the euro area’s economy more than a decade after the financial crisis, a leading European Central Bank official said Thursday.
A High Court judge in London has ordered Barclays Bank PLC to hand over information about a client's account, which is connected to the transfer of more than $500,000 in reinsurance premiums, to a broker facing separate legal action over allegedly missing funds.
U.K. finance company Premium Credit Ltd. is suing a health care consultancy for payment of an alleged outstanding loan that it used to hire doctors at its National Health Service practice.
European lawmakers signed off Thursday on new proposals that would require tax intermediaries such as banks, accountants and law firms to disclose more information on their cross-border tax activities.
The head of the Financial Conduct Authority said on Thursday that the U.K. watchdog is considering whether to introduce a substitute for Libor to support financial contracts that could suffer if the globally dominant benchmark is abandoned after a series of rate-rigging scandals.
Barclays New York’s former head of foreign currency exchange trading has asked a California federal judge to drop federal charges against him related to an alleged trading scheme, saying the government had abused a judicial process with a frivolous foreign information gathering request.
The director of competition with the United Kingdom's Financial Conduct Authority expressed openness to regulating prices in the financial services industry on Tuesday, but hedged that view by cautioning that pricing controls should remain a last-resort option and can come with severe unintended consequences.
The U.K. Court of Appeal on Wednesday was asked to overturn a lower court’s decision saying that a company used by Lloyds Bank PLC to monitor a project tied to a £2.6 million ($3.6 million) credit facility is liable for Lloyds' losses after the loan soured, with an attorney saying the loan facility was too small.
The U.K.'s highest court ruled against Northern Rock Asset Management Ltd. in its damages claim against a Scottish lawyer, unanimously concluding Wednesday that the asset manager should not have relied on the attorney's erroneous email when discharging the security NRAM held on three business units.
Lloyds Banking Group PLC exposed its shareholders to a “colossal risk” when it acquired rival HBOS PLC, a lawyer representing thousands of investors suing the lender and five former directors for more than £550 million ($721 million) told a London court Wednesday.
The U.K.’s accounting regulator reminded financial services firms on Wednesday that they must hand over information on the gender pay gap at their organizations to the government by the April deadline.
A global finance watchdog said on Wednesday it has firmed up its policies for measuring credit risks at banks as part of a wider reform to increase their capital holdings and boost confidence in the banking system.
Changes proposed by the European Commission to a board of European supervisory authorities are disappointing and require a “deeper review” of the bloc’s regulatory structure if consumers and investors are to be protected, a public interest group has warned.
The U.K. needs to speed up Brexit negotiations in order to forge an agreement in time for its March 2019 exit from the European Union, the EU's chief Brexit negotiator said Wednesday after publishing a draft treaty formalizing the bloc's stance on the withdrawal.
Britain's payments regulator confirmed Wednesday that it was working to draft new rules designed to protect victims of so-called push payment scams — including helping victims get their money back.
The European Central Bank will adopt a unified approach to supervising banks in Europe regardless of whether they are under its direct or indirect watch despite suggestions from elsewhere in the European Union that smaller institutions should face a lighter touch, a member of the central bank’s supervisory board said Wednesday.
A New York federal court was asked Tuesday to give initial approval to a $240 million deal Deutsche Bank AG struck to exit litigation by investors alleging it conspired with other financial giants to manipulate the London Interbank Offer Rate, the third major bank to settle.
Barclays defended its ring-fencing plan to keep its employee pension scheme with its investment banking arm after that higher-risk unit gets split from the bank's retail operations, rejecting at a London court hearing Tuesday claims that the move will endanger the fund by placing it into a "casino bank."
A group of U.K. lawmakers on Tuesday called on The Royal Bank of Scotland PLC to halt all legal action it has brought against small businesses that were placed in its controversial restructuring unit, as the ability of those owners to access the full compensation or redress they deserve is being put into jeopardy.
A recent U.K. white paper indicates a sensible retreat from the government's previous redline of taking back control from the Court of Justice of the European Union. The government has recognized that in order to ensure legal certainty and equal treatment for businesses and individuals, the CJEU must continue to play a considerable, if indirect, role in the U.K., says Mathew Rea of Bryan Cave LLP.
Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.
U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.
The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.
Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.
Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.
For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.
The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.
Counsel fees, issue fees, risk of loss and the “additional” cost of a barrister mark significant differences between the U.K. and U.S. legal processes. The good news is that the bond between the U.K. and the U.S. arising out of our common history and law renders retaining and working with U.K. counsel seamless and rewarding, says Richard Reice of Hoguet Newman Regal & Kenney LLP.
Since the vote to leave the EU, ending the jurisdiction of the Court of Justice of the European Union has been the U.K. government's redline position. On the other hand, the EU has pressed hard to maintain the role of the CJEU as the guarantor of EU citizens' rights, say Cyrus Benson and Ceyda Knoebel of Gibson Dunn & Crutcher LLP.