A U.K. appeals court's recent broad take on the protections legal privilege offers companies against demands from government prosecutors in a dispute over a Serious Fraud Office probe re-enshrines the confidentiality at the heart of the attorney-client relationship and offers comfort to multinationals facing cross-border investigations.
Discrepancies between insolvency regimes in countries across the European Union are harming the bloc’s rules for dealing with failing lenders and undermining its banking union project, the Single Resolution Board warned on Wednesday.
A London appeals court ruled Wednesday that documents prepared for international mining company ENRC during an internal investigation are protected by legal privilege, rejecting the Serious Fraud Office's efforts to demand the materials for a criminal corruption and bribery probe.
A group of now former Akin Gump Strauss Hauer & Feld LLP attorneys comprising roughly half the firm's Moscow office have decided to strike out on their own to form a new law firm based in the Russian capital in light of trans-Atlantic "geopolitical tensions," the group said Wednesday.
Three London-based foreign currency exchange traders due to stand trial next month on antitrust charges for allegedly colluding to manipulate benchmark rates argued on Tuesday that prosecutors should turn over communications between the U.S. Department of Justice and foreign governments regarding potential charges against a cooperating witness.
Megabanks Bank of America and JPMorgan Chase asked the Second Circuit on Tuesday to examine Manhattan U.S. District Judge Naomi Reice Buchwald's certification of a class of investors allegedly damaged to the tune of $50 billion by Libor rigging, but one appellate judge seemed reluctant to take the case out of the hands of the judge who crafted the complex decision.
Five people were sentenced on Tuesday in a London court to a total of more than 17 years in prison for their roles in a series of boiler room scams that used high-pressure sales tactics to swindle £2.8 million ($3.59 million) from more than 170 investors, many of whom were elderly or vulnerable.
Tougher penalties for crimes including credit card and virtual currency fraud, including a maximum prison term of at least three years, have been approved by a European parliamentary committee in a move to protect consumers from cyberattacks and online scams.
Bank of England Governor Mark Carney indicated on Tuesday that he would be willing to extend his term beyond his mid-2019 departure date to help guide a regulatory transition after Britain's departure from the European Union on March 29.
Societe Generale SA revealed on Tuesday that it has set aside €1.1 billion ($1.27 billion) to settle expected fines by various U.S. authorities for violations of U.S. economic sanctions laws.
The Netherlands Public Prosecution Service said Tuesday that ING Bank NV has paid a €775 million ($895 million) settlement penalty to the agency after failures by the lender's Dutch unit to prevent money laundering and corrupt practices.
TSB PLC announced on Tuesday that its chief executive is finally stepping down after months of pressure from regulators following persistent IT failures at the bank that caused disruption for millions of customers and prompted an MP to describe it as "complacent and misleading."
New enforcement tools in the U.K. such as unexplained wealth orders and a new crime center will not succeed unless the private and public sectors work together to build greater trust and intelligence capabilities, senior enforcement officials have said.
A former UBS trader who was jailed for fraud after causing a $2.25 billion trading loss, the biggest in British banking history, was taken into custody in Scotland on Monday as the Home Office seeks to deport him to his native Ghana, his lawyer said.
Royal Bank of Scotland Group PLC, Nationwide Building Society and Lloyds Banking Group PLC are the lenders it is most difficult to complain to about missold payment protection insurance, consumers have told the campaign group Which?
Solicitors must report money they control belonging to clients that are subject to the U.K.’s financial sanctions regime, the regulator for solicitors in England and Wales warned law firms on Monday, after the government announced reporting deadlines in an annual review.
The administrator for an investment trust in the British Virgin Islands has entered a U.K. lawsuit between the trust's former management company and Falcon Asset Finance over $6.5 million allegedly owed to the Cayman Islands-based asset manager under two financial securities transactions from 2016.
A property investment firm suing Clydesdale Bank PLC for allegedly making false statements and forcing it to take out costly loans has denied in court documents that the lender is entitled to recover outstanding payments tied to deals at the heart of the dispute.
The chief executive of Royal Bank of Scotland PLC has warned that the bank could be forced to lose some business customers if a no-deal Brexit disrupts access to European Union markets.
The Singaporean unit of ICICI Bank has joined a U.S. investment firm in its lawsuit in England against Essar Group in an attempt to enforce a multimillion-dollar damages award against the multinational conglomerate in the U.S. courts after its Minnesota-based steel making subsidiary defaulted on a $450 million loan.
The Serious Fraud Office’s new chief said Monday that the agency under her five-year tenure will take a more proactive, cross-border approach to bringing sophisticated criminals to justice, including by using technology more effectively.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.
The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.
With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.
While a great deal of uncertainty remains around Brexit, there will be challenges for all contractual parties in the U.K. and the EU as they approach existing and future contractual obligations, say Dipti Hunter and Kirsty O'Connor of PricewaterhouseCoopers LLP.
In December, the U.K. High Court ruled for the first time that an employer could be held vicariously liable for an employee's misuse of data, potentially marking a new risk for employers at a time when the spotlight is on data protection obligations, says Pulina Whitaker of Morgan Lewis & Bockius LLP.
As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.
Unexplained wealth orders, introduced in the U.K. this January, will allow authorities to ask individuals to explain the source of their assets. UWOs will put a new emphasis on the importance of following best practices in relation to know-your-client and anti-money laundering procedures, say Konstantin Kroll and Matthew Lawson of Orrick Herrington & Sutcliffe LLP.
Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.
The Utkrisht Bond is one of the largest and most ambitious development impact bonds to date, intended to support private health care facilities in Rajasthan, India. Hopefully, such bonds will pave the way for more transactions to be used as catalysts for positive change, says Ranajoy Basu of Reed Smith LLP.
In the infancy of cryptocurrencies, initial coin offerings could pay scant regard to due diligence and business transparency, but investors now expect more from regulators. The United Kingdom's Financial Conduct Authority must balance consumer protection and market integrity with promotion of technological innovation, says Andrew Barber of Womble Bond Dickinson LLP.