Barclays PLC asked a Second Circuit panel on Monday to partially rehear a decision granting class certification to investors suing the bank over losses tied to the bank’s alleged misrepresentations about oversight of its dark pool market, saying the ruling is inconsistent with U.S. Supreme Court precedent.
Three London-based foreign exchange traders whom New York federal prosecutors accused of violating antitrust laws by teaming up to influence two key foreign exchange benchmarks asked a judge to dismiss the case against them on Friday, saying they did nothing wrong and shouldn’t have been charged.
A new bill giving the U.K. post-Brexit legal rights to impose, update and lift domestic sanctions and anti-money laundering measures will face line-by-line scrutiny Tuesday after senior Parliament figures criticized it for handing ministers too much power.
The European Securities and Markets Authority updated its guidance on the reporting obligations of banks and central counterparties on Monday, addressing industry confusion caused by technical standards that came into force this month.
The European Union decided Monday that Paris would be the new home of the European Banking Authority as the U.K.'s decision to leave the bloc forces the financial services regulator to relocate from its base on London's Canary Wharf.
Three men who ran a U.K. payday loan company have been disqualified from acting as directors for a combined total of 20 years after they used over £1 million ($1.32 million) in funds raised from a pension liberation scheme to pay off company debts, the U.K. government said Monday.
A U.K. High Court judge on Monday ruled in favor of Kazakhstani state-owned bank BTA Bank Joint-Stock Co. in its attempts to recoup over £1 billion ($1.3 billion) in funds allegedly misappropriated by its former chairman Mukhtar Ablyazov.
A former non-executive director of Lloyds Banking Group PLC told a court on Monday that it was one of the “worst moments” of his professional life when he realized the true state of HBOS PLC’s loan book, months after his bank’s board had approved a state-engineered acquisition of the stricken U.K. mortgage lender.
Britain’s banks and insurance firms will lose their right to passport services into the EU “as a legal consequence of Brexit,” the European Union’s lead negotiator said on Monday, as he appeared to dismiss any chance of a special deal for London’s financial sector.
European lawmakers agreed regulations designed to revitalize the bloc’s stagnant securitization market on Monday, including a last-minute rewrite to clarify rules on the use of self-certified mortgage loans in some debt products after lawyers and lobbyists voiced concerns.
The U.K.’s Financial Reporting Council announced on Monday that it has opened its third investigation since last year into Mitie Group PLC’s accounts, this time looking into the outsourcing and energy services firm’s 2015-16 financial statements.
Financial services firms and new technology startups hoping for a successful partnership will need to tackle legal and compliance issues before they can get off the ground, according to a report released Monday highlighting the common pitfalls and legal traps that can undo such partnerships at an early stage.
The last week has seen a consulting firm sue the shareholder rights group that challenged the Royal Bank of Scotland, Lehman Brothers' bankrupt European unit take on HMRC, and three reinsurers lodge a claim against Petroleos de Venezuela's captive insurer. Here, Law360 looks at those and other new claims in the U.K.
The Financial Conduct Authority warned banks and insurance firms on Friday that they will still face regulatory punishment for cybersecurity failures in their supply chain and that outsourcing compliance is not a credible defense.
The European Banking Authority announced Friday it has finalized the stress scenarios it will use to put banks to the test in 2018 in an EU-wide program to gauge the ability of institutions to meet requirements for their capital holdings during a crisis.
Credit rating agencies based in the European Union starting in 2019 will have to explain to regulators why they are endorsing a rating by an agency based outside the EU, as Europe’s top securities regulator set out new requirements on Friday.
The U.K. Financial Reporting Council announced on Friday that it will review the corporate reporting of financial firms over the next two years, focusing on the effects of Brexit and new standards that come into force in the new year.
Europe’s securities watchdog published its final report on new regulations for the €1 trillion ($1.2 trillion) money market funds sector on Friday, which will introduce stress-testing of liquidity and credit quality.
A High Court judge ruled in favor of Dana Gas bondholders in a high-profile legal judgment on Friday over the validity of $700 million of Islamic bonds issued by the United Arab Emirates energy company.
Television celebrity Noel Edmonds is planning to take legal action against Lloyds Banking Group PLC in a bid to claim as much as £300 million ($396 million) for losses he claims he suffered in a fraud scam carried out by former employees at the bank's HBOS unit.
Early attention to the antitrust considerations of a given transaction can go a long way toward promoting the chances of a timely or early clearance. However, promoting a speedy and efficient review in the EU requires different procedures compared to when a U.S. filing is needed, say attorneys with Bryan Cave LLP.
Following the results of the United Kingdom's general election earlier this month, a much softer form of Brexit is now more likely. However, a softer Brexit would likely mean giving up some of the freedoms that motivated the U.K. to leave the European Union in the first place, says Markus Gehring of the Centre for International Governance Innovation.
Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.
In Marex Financial Ltd. v. Carlos Sevilleja Garcia, the England and Wales High Court considered whether a claim in tort exists against a person who, anticipating a final judgment and freezing order, dishonestly asset-strips a corporation to ensure it cannot pay its judgment debt. This decision may lead to the creation of a valid tortious claim in asset dissipation, says Lincoln Caylor of Bennett Jones LLP.
While most of the world is talking about the IT problem that grounded British Airways planes, pension lawyers have been discussing British Airways v. Airway Pension Scheme Trustees, and the danger of leaving the power to direct scheme benefits in the hands of someone who does not have to pay for it, says Rosalind Connor of ARC Pensions Law.
The solid foundation to Brexit negotiations that Theresa May thought she would lay down with this election has crumbled to dust. And the result for businesses planning for a post-Brexit world is a prolonged period of speculation and uncertainty, according to Alistair Maughan of Morrison & Foerster LLP and Sir Paul Jenkins, the U.K. government's most senior legal official from 2006 to 2014.
While the new European Account Preservation Order promises to harmonize protective account measures across 26 European Union member states, certain EAPO features mean it might not always be the best choice for judgment creditors deploying an international litigation strategy, say attorneys with Kobre & Kim LLP.
The U.K.'s Criminal Finances Act 2017 creates a new offense of failure to prevent the facilitation of tax evasion. The extraterritorial effect of the offense means that entities doing business in the U.K. will be criminally liable even if an associated person commits tax evasion in another jurisdiction. The potential impact is far-reaching and burdensome, say attorneys with Dechert LLP.
Last month, the U.K.'s Conservative party announced its intention to incorporate the Serious Fraud Office into the National Crime Agency. There has been no shortage of media comment condemning the proposal, but the time has come to put the SFO's armory alongside the other agency's strengths so that they can tackle problems together, says Jonathan Peddie of Baker & McKenzie LLP.
In its most recent petition advocating mandatory disclosure of litigation finance, the U.S. Chamber of Commerce simply rehashes the same arguments from its previous failed efforts to convince the Committee on Rules of Practice and Procedure of the dire implications of undisclosed funding relationships, say members of IMF Bentham Ltd.