We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Financial Services UK

  • August 28, 2018

    Investors Seek $63M Atty Fees In Deutsche, HSBC Libor Deals

    Investors who reached $340 million in settlements earlier this year with Deutsche Bank and HSBC in multidistrict litigation over alleged manipulation of the London Interbank Offered Rate have asked a New York federal judge to award nearly $63.4 million in fees and expenses for their counsel, Susman Godfrey LLP and Hausfeld LLP.

  • August 28, 2018

    EU Should Link Trade Pacts To Fair Tax Practices, Report Says

    The European Union should link future trade deals to compliance with international tax practices, a paper from a prominent Brussels think tank said Tuesday.

  • August 28, 2018

    DLA Snags Ex-SFO Bribery Pro From Steptoe In London

    DLA Piper announced on Tuesday that it has hired a former head of the Serious Fraud Office’s bribery and corruption team, who most recently spent five years at Steptoe & Johnson LLP, to join its London office.

  • August 28, 2018

    BayernLB Says Swaps Overcharging Suit Is Out Of Time

    Bayerische Landesbank has hit back in a London court at allegations by a hotel chain that the German lender overcharged it on an interest rate swap in 2007 and inflated the costs of breaking the contract, calling the claims stale, time-barred and misconceived.

  • August 28, 2018

    Swiss Regulator To Relax AML Rules For Fintech Firms

    Businesses applying for licenses to use innovative financial technology in Switzerland will be able to enjoy relaxed anti-money laundering rules from 2019, which will exempt them from the requirement to set up an independent oversight unit, the Swiss financial regulator revealed on Tuesday.

  • August 27, 2018

    2nd Circ. Rebuke May Change DOJ's FCPA Calculus

    In a rare move, the Second Circuit has limited the application of the Foreign Corrupt Practices Act to exclude certain foreign entities without sufficient connection to the U.S., a decision that may cause prosecutors to rethink how they charge some foreign bribery cases. 

  • August 24, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen the pension trust for infrastructure group Balfour Beatty lodge a claim against HMRC, an Italian insurer sue shipping giant CSAV and London private club 5 Hertford Street lodge a Part 8 filing against Lloyds Bank.

  • August 24, 2018

    Banco Popular Investors Target Spain Over Bank's Demise

    A group of former shareholders in Banco Popular Español SA initiated arbitration against Spain, alleging the government caused the bank's liquidity crisis in 2017 and then failed to take action to prevent its demise, resulting in the loss of their more than €470 million ($546.3 million) investment.

  • August 24, 2018

    Tanesco Can't Nix $148M Award To Standard Chartered

    An arbitral award, in which an international tribunal reconsidered an initial decision sparing Tanzania Electric Supply Co. Ltd. from having to pay the Hong Kong arm of Standard Chartered Bank and instead ordered the power company to pay the bank $148.4 million owed under a power purchase agreement, has survived an annulment bid.

  • August 24, 2018

    FCPA Doesn't Apply To Foreigners Without US Ties: 2nd Circ.

    The Second Circuit on Friday ruled that the Foreign Corrupt Practices Act doesn’t apply to foreign nationals without ties to U.S. entities for bribery crimes that take place outside of the U.S., rejecting the government’s bid for a broad interpretation of the anti-bribery law in a case against a former Alstom SA executive.

  • August 24, 2018

    UK's Dire Warning Of No-Deal Brexit Sparks Call For Action

    The U.K. government’s dire warnings of severe disruption to financial services in the case of a no-deal Brexit have sparked new calls from the financial and legal sectors for the government to redouble efforts to negotiate an agreement to leave the European Union that includes a transition period.

  • August 24, 2018

    No Need For Lender To Add 3rd Party To Loan Suit, Court Says

    The High Court of Ireland has ruled an Irish lender that securitized a homeowner’s €350,000 ($407,000) loan with another firm was not required to join that firm to legal proceedings seeking to enforce repayment of the debt.

  • August 24, 2018

    FCA Warns Crypto Scams Have 'Cloned' BlackRock, Others

    Fraudsters are using details of authorized firms as part of their tactics to scam consumers in the U.K., the Financial Conduct Authority said on Friday as it issued a fresh warning against a cryptocurrency firm claiming to be part of the BlackRock group.

  • August 24, 2018

    Company Boss Wins Judicial Review Of Legal Aid Fees

    A company director accused by the Serious Fraud Office of fraud in connection with a property investment scheme in the Caribbean has won a legal challenge against the way a U.K. agency calculated his legal aid.

  • August 24, 2018

    Goldman Sachs Takes Up UK Retail Banking Challenge

    Financial giant Goldman Sachs has entered the European online retail banking market with the launch of its consumer bank in the U.K.

  • August 24, 2018

    Lender Seeks £1M Default Judgment Over Loan Debt

    Short-term lender Century Capital Partners has asked the High Court in London to award it a default judgment worth approximately £967,000 ($1.2 million) against two individuals over an allegedly unpaid loan.

  • August 24, 2018

    FCA Issues Final Order Banning Ex-UBS Trader From Industry

    The Financial Conduct Authority has issued a final notice confirming that a former UBS AG trader has been banned for life from holding any role in the financial services industry for his alleged role in rigging the London Interbank Offered Rate.

  • August 24, 2018

    ESMA Renews Ban On Sale Of Risky Binary Options

    A ban on the sale of binary options to retail customers across the European Union will be extended for three months in a move to protect investors, the bloc’s securities regulator announced Friday, adding that some products will be excluded from the measure.

  • August 23, 2018

    Ex-Goldman Trader In UK Can Be Deposed For Forex Case

    A judge in England said Wednesday that plaintiffs in U.S. litigation over alleged manipulation of the foreign exchange market can get oral testimony from a former Goldman Sachs senior foreign exchange trader as they press ahead with claims against the remaining bank in the case, Credit Suisse.

  • August 23, 2018

    FCA Wins 10 Year-Old Case Over Inaccurate Data Claims

    The U.K.'s Office of the Complaints Commissioner has said it will not reopen a decade-old dispute between a financial adviser and the Financial Conduct Authority that centered around a series of complaints over the accuracy of data entries held in the regulator’s register.

Expert Analysis

  • Why Machine Learning Should Matter To Lawyers

    Dan Puterbaugh

    Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.

  • The Volkswagen Scandal: Catalyst For Class Action Change?

    Noah Wortman

    The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.

  • A Review Of Cross-Border Investigations In 2017: Part 2

    Sunil Gadhia

    Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • A Review Of Cross-Border Investigations In 2017: Part 1

    Sunil Gadhia

    A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Portfolio Finance May Minimize Litigation Funding Risks

    Matthew Denney, Chancery Capital.jpg

    In the litigation funding world, portfolio financing offers many potential advantages, but few who talk about it truly understand the mechanisms or reasoning behind portfolio arrangements, says Matthew Denney of Chancery Capital.

  • A Look At US And EU Fintech Regulatory Frameworks

    Brian Christiansen

    The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.

  • EU Notice To Stakeholders Is Accurate, But Misleading

    Louise Freeman

    The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.