An insurance brokerage facing legal action over outstanding reinsurance premiums has filed a claim against Barclays Bank PLC in the High Court in London, seeking to get hold of account information connected to the transfer of the missing funds.
With Brexit just over a year away, U.K.-based banks can choose between opening a branch on a budget or a fully operational subsidiary as options for securing continued access to the European market to satisfy strict licensing requirements set out by the European Central Bank. Here are the factors experts say lenders should consider when choosing between the two.
The European Central Bank will float proposals in March for the methodology for a new unsecured overnight interest rate it hopes to launch by 2020 as part of a global effort to replace benchmarks that have been hit by scandal, an executive board member said Monday.
An investment fund has declined to take part in a London trial that began Monday to determine whether Oceanwood Opportunities Master Fund has the right to instruct Citibank as trustee of €290 million ($356 million) of debt securities, leaving neutral party Citibank to argue in its place.
The European Commission said on Monday that consumers in all jurisdictions should be given frequent warnings about the risk associated with investing in cryptocurrencies to help protect them from losses.
Latvian government ministers and top regulators were meeting Monday to shore up the country’s troubled banking system after the European Union declined to rescue a leading bank linked by the U.S. to money laundering and alleged to have ties to North Korea.
Addiko Bank AG has lodged an appeal with the European Union’s top court as it challenges a decision by the EU Intellectual Property Office to throw out its bid to trademark a term that the bank uses in its branding.
The U.K.’s Financial Conduct Authority said on Monday that it has received “substantial” feedback from financial services firms urging it to continue to maintain a public register of all certified employees, rather than just senior managers, at businesses regulated by the watchdog.
U.K. banks have set aside £44.2 billion ($62 billion) to cover claims for missold payment protection insurance, approximately five times the cost of staging the London Olympics in 2012, new data shows.
German prosecutors said Friday they will not extradite four Deutsche Bank traders to the U.K. to face charges that they manipulated a key European interest rate benchmark.
The last week has seen hundreds of new claimants bring competition suits against Visa and MasterCard, Italian bank Dexia lodge a claim against a Sicilian city still staring down a pre-crisis-era derivatives contract, and the liquidator for an FCA-targeted carbon credit investment scheme file a negligence claim against Nabas International Lawyers LLP.
An investment company has asked the High Court of England and Wales to intervene in its dispute with a former director whom it fired for “mismanaging” the business and is now allegedly refusing to return important company documents.
A U.K. High Court judge in London handed British retailer Sainsbury’s Supermarkets Ltd. a minor victory on Friday ahead of an April appellate court hearing in its long-running action against Visa Inc., ruling that swipe fees charged by the credit card company are not exempt from European Union competition rules.
The European Commission is set to propose legislation in March for an integrated covered bonds market for the European Union as part of a wider effort to bolster the bloc’s capital, a senior EU official said Friday.
A former investment banker at Credit Suisse AG has accused the bank of making a “hopeless” attempt to disclose information connected to her lawsuit against the Swiss lender over allegations it owes her around $10 million in fees for the role she played in two financing deals run by the bank.
The European Union’s banking watchdog said on Friday that it agrees with the Belgian central bank’s concern that financial firms in the region do not hold enough capital to protect themselves from increased market risks.
A Sharia-compliant bank based in the U.K. has launched legal proceedings against a leisure company that it claims reneged on the terms of a deal worth £7.3 million ($10.2 million) to finance the purchase of a 40-meter yacht, according to new court filings.
The Bank of England’s regulatory arm said on Friday it will scrutinize each of the entities that make up a banking and investment group when it assesses levels of liquidity as it seeks to prevent risk spilling over between divisions during times of financial stress.
Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.
The Royal Bank of Scotland PLC revealed on Friday that it has set aside a total of £3.2 billion ($4.4 billion) as it braces for heavy fines from U.S. authorities over its handling of risky securities in the run-up to the 2008 financial crisis.
The prosecution of HSBC’s former global head of foreign exchange spot trading — whose trial began on Monday in the Eastern District of New York — will test whether the government can turn sharp dealing and deception in the unregulated institutional spot forex market into criminal fraud, says Scott Schirick of Pryor Cashman LLP.
One way that contractors and subcontractors limit liability is through the use of exclusion clauses in a contract. Two recent U.K. cases involving the interpretation of such clauses make for interesting reading, particularly for institutions that may be seeking to claim back costs relating to poorly installed materials or unsafe systems, says Iain Campbell of Hill Dickinson LLP.
The increasing attention to Libor's phaseout is sending a strong signal to derivatives markets and derivatives market participants to prepare for this major financial change. The phaseout will also raise intriguing regulatory issues, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Last month, the U.K. government announced its plan to implement a data protection bill that will avoid disadvantageous divergence with the EU's data protection regime. Companies in the U.K. should take this opportunity to clean up their data protection practices, and may need to look at other protective measures depending on the U.K.'s data protection adequacy, say Sarah Delon-Bouquet and Roman Madej of Bryan Cave LLP.
The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.
Responding to regulatory requests is a normal part of a bank’s operations, but a poorly written or confusing response may cause an agency to make assumptions about a bank that are not true. Tilcia Toledo of FTI Consulting Inc. offers 10 ways financial institutions can avoid sending negative messages in their responses.
In Chesterton v. Nurmohamed, a U.K. appeals court recently found that disclosing a breach of a worker's contract may satisfy the public interest requirement for whistleblower protection if a sufficiently large number of other workers are affected. This decision may cause some concern for well-known employers, say Emma Vennesson and Katherine Newman of Faegre Baker Daniels LLP.
As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.
It’s safe to say that while demand ebbs and flows for legal services, there will never be a shortage of opinions about lateral partner hiring, which is positive for the industry, as anything with such vital importance to careers should attract significant attention. However, there is a unique mythology that travels with the discussions, says Dan Hatch of Major Lindsey & Africa.
With more than a third of lawyers showing signs of problem drinking, and untold others abusing prescription drugs and other substances, it is time for law firms to be more proactive in addressing this issue, says Link Christin, executive director of the Legal Professionals Program at Caron Treatment Centers.