An English judge on Wednesday halted Russian litigation brought by a bank that claimed to have purchased $600 million in fraudulent bonds through certain financing transactions with several real estate investment companies, rejecting arguments that the dispute did not belong before a London arbitral tribunal.
An influential group of lawmakers on Wednesday urged the U.K.’s Financial Conduct Authority to lay down the law with TSB PLC or risk losing the confidence of the thousands of consumers who were left out of pocket due to the bank’s IT meltdown.
A trust company based in St. Kitts and Nevis has rebuked a claim filed with an English court that it owes Falcon Asset Finance $6.8 million, saying in a new defense filing that it will not pay out any relief and that its liability in the dispute is limited.
Credit Suisse has agreed to pay $47 million to resolve a U.S. Department of Justice investigation into the bank’s hiring practices in Asia between 2007 and 2013, the bank said Wednesday.
A Deutsche Bank AG trader fighting Euribor rigging charges told a London court on Wednesday that he did not know his more junior colleagues were regularly relaying requests over chat and email to move the key interest rate in favorable directions, though when he did overhear one suspect exchange he didn’t think “that much” of it.
Dentons announced Wednesday that it has hired a former Royal Bank of Scotland director, who is not a lawyer, to head its offices in the U.K. and Middle East.
The government asked auditors on Wednesday to weigh in on whether they believe the national accounting regulator is doing a good enough job, as it reviews the watchdog's governance and powers following criticism by politicians that it is not being sufficiently tough.
The Financial Conduct Authority said Wednesday that it has fined the U.K. branch of an Indian government-owned bank £896,100 ($1.2 million) and has banned it from accepting deposits from new customers for 147 days because it failed to fix weaknesses in its anti-money laundering system.
Britain’s financial watchdog has launched a stinging attack on TSB PLC, criticizing the bank’s chief executive for “poor” communication after millions of customers were locked out of their accounts following a botched system upgrade, and said it will launch a formal investigation into the failings.
A Société Générale SA subsidiary on Tuesday admitted to conspiring to violate the Foreign Corrupt Practices Act, one day after the bank said it had agreed to pay more than $1.3 billion for a multiyear bribery campaign in Libya and benchmark interest rate manipulation.
Regulators need to accelerate their approvals for firms seeking to exploit London’s fledgling insurance-linked securities markets before Britain can crack the multibillion-pound trade, the head of broker AFL’s new ILS advisory business told Law360 on Tuesday.
When newly named Serious Fraud Office chief Lisa Osofsky takes over in September, the FBI veteran will have a lengthy to-do list to tackle — but the biggest question is how she will steer the watchdog as the government looks to draw its white collar crime enforcers closer together.
A Deutsche Bank trader accused of conspiring to manipulate a key interest rate tried to distance himself from the allegations on Tuesday, telling a London jury he was “never involved” in submitting rates used to set the Euribor benchmark.
Data from the Financial Conduct Authority shows strong signs that U.S. watchdogs are ramping up investigations into executives at financial services firms in the U.K., according to law firm Reynolds Porter Chamberlain LLP.
The Bank of England said Tuesday it plans to force U.K. banks to make public the self-assessments that show how they would wind down if they were to go bust — without having to fall back on taxpayers' money.
A judge at the High Court in London has ruled that a leisure company must hand over £7.6 million ($10.1 million) to a major U.K.-based Islamic bank in payments owed under a Sharia-compliant contract that were used to finance the purchase of a 40-meter yacht.
A British parliamentary committee said on Tuesday it has demanded answers from Visa Inc. about what went wrong at the payments company when services failed "catastrophically" — and whether it will pay compensation to businesses and their customers who suffered.
The Financial Conduct Authority set out plans on Tuesday for regulating U.K. companies that manage claims of misconduct by financial firms and insurance companies, which include requiring them to highlight free alternatives to their services for customers.
The British government announced the sale to institutional investors of a 7.7 percent stake in Royal Bank of Scotland on Tuesday, raising more than £2.5 billion ($3.4 million) as it resumes moves to return the bank to private hands.
Société Générale SA has agreed to pay over $1.3 billion to U.S. and French authorities to resolve allegations it engaged in a multiyear bribery campaign in Libya and schemed to manipulate key benchmark interest rates, prosecutors said Monday.
U.K. banks, asset managers, consultancies and law firms have embarked on a hiring spree in response to the second Markets in Financial Instruments Directive introduced this month. In the long run, the U.K. will need to focus on its strengths to retain its position as a top location for international investment, says Rosalyn Breedy of Wedlake Bell LLP.
While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.
European arrest warrants were designed to speed up and simplify extradition within the European Union, but they are often abused and give EU member states a relatively easy way to apply serious pressure to individuals and companies which they are in dispute with, says Robert Hickmott of Quinn Emanuel Urquhart & Sullivan LLP.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.
Despite early indications that the U.K.'s Financial Conduct Authority and the European Securities and Markets Authority would require investment firms' clients to obtain legal entity identifiers by Jan. 3, regulators have now extended the deadline by six months. There is no extra credit for timely compliance, but in the long term, noncompliant entities cannot sit back and do nothing, say Keily Blair and Andrea Holder of PricewaterhouseCoopers LLP.
France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.
Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.