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Financial Services UK
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April 19, 2024
Reed Smith Can't Escape £21M Suit Says Shipping Co.
A United Arab Emirates shipping company suing Reed Smith LLP for £21 million ($26.1 million) has accused the law firm of "surreptitiously" telling Barclays Bank that the shipping company was sanctioned by the U.S. resulting in its funds being frozen.
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April 19, 2024
Verifone Gets Manager's Victimization Claim Tossed
Electronic payment tech company Verifone convinced an appellate judge Thursday to overturn an employment tribunal's ruling that it victimized a senior manager when it denied her the chance to appeal her dismissal.
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April 19, 2024
Sudan Granted Two-Year Grace Period In £1.5B Debt Row
Long-standing creditors of Sudan were granted a two-year stay of their claim against the nation on Friday, with a London judge agreeing with the creditors that the country should be given time to stabilize its financial situation in the wake of political turmoil.
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April 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.
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April 19, 2024
Bank Of Cyprus Rolls Out €25M Share Buyback
Bank of Cyprus Holdings PLC on Friday launched a share buyback program worth up to €25 million ($26.6 million) aimed at lowering its outstanding share capital.
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April 19, 2024
Gov't Urged To Drop Plans For Small UK Pension Pots
The government must abandon its controversial plans to tackle the proliferation of small pension pots and instead revisit a solution that was passed into law a decade ago, a consultancy said Friday.
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April 19, 2024
EU Firms Say Strict ESG Rules Risk Chasing Off Clients
Large banks have warned the European Union's banking regulator that its proposed guidelines for managing sustainability risks are too demanding and could drive clients away to banks outside the bloc.
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April 19, 2024
UK Probes Suspected Charity Funding For Pro-Hamas Agency
The Charity Commission said Friday it has opened an investigation into the possible misuse of funds raised by charities linked to the director of a pro-Hamas news outlet who is subject to government sanctions.
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April 18, 2024
Ex-BigLaw Atty Can Stay Free During OneCoin Fraud Appeal
A Manhattan federal judge Thursday granted a former Locke Lord LLP partner's motion for bail pending appeal of his 10-year prison sentence after he was found guilty of laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying he does not pose a flight risk given his medical conditions.
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April 18, 2024
Ex-Autonomy CEO Wanted Whistleblower Fired, Ex-GC Says
Former Autonomy CEO Michael Lynch thought a finance department whistleblower was "trying to destroy the company" and wanted him fired, the software company's former U.S. general counsel testified Thursday in a criminal fraud trial over claims Lynch conned HP into buying the British company at an inflated price of $11.7 billion.
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April 18, 2024
Coventry Building Society Makes £780M Offer For Co-Op Bank
The Coventry Building Society is offering to buy the Co-operative Bank for £780 million ($970 million) in a move that comes after the two revealed in December that they were in exclusive talks to merge.
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April 18, 2024
HMRC Opens Consultation On Payroll Tax In Freeports
The U.K. tax authority is mulling changes to National Insurance, a payroll levy used to fund state pensions and healthcare, for employees working in special economic zones known as freeports.
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April 18, 2024
Negligence Claims Against Law Firm May Go To Trial
A London court has ordered 35 investors to clarify their claims against a law firm that they say failed to properly advise them on the risks of sinking an estimated £2.7 million ($3.4 million) into a "worthless" property development.
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April 18, 2024
Monex Unit And Drug Co. Settle £19M Contract Dispute
An Indian drugmaker has settled its £19.4 million ($24.1 million) claim against a unit of foreign exchange giant Monex, alleging it unfairly canceled currency exchange contracts with "no basis."
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April 18, 2024
City Pushes For UK Regulators To Be Globally Competitive
A body representing U.K. financial services called Thursday for a new post-Brexit international framework to compare regulators' performance and their impact on competitiveness.
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April 18, 2024
'Long Journey Ahead' On Dashboard Readiness, LCP Says
Pension scheme trustees must finalize plans to be ready for the launch of a long-awaited dashboard program designed to connect savers with lost pots, a consultancy has said, warning that many still have a "long way to go."
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April 18, 2024
Banks Demand Wider Access To New Share Trading Outlet
U.K. and European banking trade associations said Thursday they have asked the government to allow certain categories of retail investors access to its new post-Brexit platform for trading existing shares in private companies.
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April 18, 2024
Insurer Group Warns Of Creating State Pensions Consolidator
The U.K. trade body for insurers said on Thursday that turning the Pension Protection Fund into a state-backed consolidator for smaller retirement plans would be a major and unjustified intervention.
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April 18, 2024
Pensions Ombudsman Probing 6 Multimillion Pound Scams
The pensions arbitration body has told MPs that it is currently investigating 425 possible retirement scams, including six that are similar in scope to the Norton Motorcycle scandal.
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April 18, 2024
SFO Vows To Be 'Bold And Pragmatic' Under New Strategy
The Serious Fraud Office unveiled on Thursday its new five-year strategy focused on fraud prevention, the use of AI and greater use of covert intelligence, reflecting director Nick Ephgrave's intention for the agency to be more proactive and pragmatic.
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April 17, 2024
Ex-JPMorgan Analyst Liked 'Winding Up' Autonomy CEO, Jury Told
A former JPMorgan stock analyst testifying Wednesday in the criminal fraud trial of former Autonomy CEO Michael Lynch said that he "took pleasure in winding up Lynch" and once even used a Hitler analogy to describe his performance, but said his critical coverage was never personal.
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April 17, 2024
Swedish Tax Investigations Add $90M To Crypto Miners' Bills
Investigations revealed that a number of cryptocurrency mining centers in Sweden misrepresented their business dealings, which led to the Swedish Tax Agency doling out a total of 990 million Swedish krona ($90 million) in increased tax liabilities, the agency said Wednesday.
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April 17, 2024
Raid On Broker In Cum-Ex Fraud Case Was Lawful, Court Says
A raid on the London office of commodity brokerage MCML Ltd. following a request from Danish prosecutors investigating an alleged £56 million ($70 million) tax fraud was lawful, a London court ruled Wednesday.
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April 17, 2024
Merchants Bring Modified Bid For Swipe Fee Class Actions
A group of merchants urged Britain's competition tribunal on Wednesday to approve proposed class actions accusing Visa and Mastercard of unfairly imposing interchange fees on retailers for several years, arguing they had sufficiently addressed concerns that led to their initial proposals being rejected.
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April 17, 2024
Gazprom Unit Fights Ruling Blocking Russian UniCredit Claim
A Gazprom joint venture told the U.K. Supreme Court on Wednesday that appeal judges in England did not have jurisdiction to grant an anti-suit injunction blocking its €450 million ($480 million) claim in Russia against UniCredit Bank.
Expert Analysis
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UK Top Court Ruling Spells Uncertainty For Litigation Funders
The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.
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Gender Diverse Boards May Reduce Corporate Fraud Risk
Following the recently proposed "failure to prevent fraud" offense, companies should focus on diversity in leadership as research shows that an increase in women's representation on boards is associated with a decreased probability of fraud, say Anoushka Warlow and Suzanne Gallagher at BCL Solicitors.
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Trustees Should Take Caution After UK Pension Tap Plan
The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.
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Factors Driving Increased Litigation Against European Cos.
European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.
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New UK Offense Will Help Law Firms Tighten AML Compliance
By allowing for larger fines and introducing a failure to prevent fraud offense, the Economic Crime and Corporate Transparency Bill, currently passing through Parliament, will further motivate law firms to improve their anti-money laundering compliance process, says Richard Simms at AMLCC.
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What Venezuelan Gold Fight Means For UK One Voice Doctrine
The Court of Appeal's judgment in Deutsche Bank v. Central Bank of Venezuela clarifies the application of the "one voice" doctrine to foreign court judgments, highlighting that the reasoning depends on the recognition or nonrecognition of a head of state or government that is contrary to the U.K. government's position, say lawyers at Latham.
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Report On UK Investment Act Offers Welcome Insights
The U.K. government's recent report on the National Security and Investment Act's first full year of operation is to be applauded for disclosing more information on the act's notification system than was required, enabling a better understanding of what has taken place and what the next year may hold, say Andrea Hamilton and Ajal Notowicz at Milbank.
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Preparing For M&A Under The Foreign Subsidies Regulation
The EU Foreign Subsidies Regulation introduces requirements that companies operating in the region must consider in M&A transactions, and any foreign financial contributions received by a target should be checked during the due diligence stage, with specific provisions for commission approval if a notification requirement is triggered, say Hendrik Viaene and Stéphane Dionnet at McDermott.
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Important Generative AI Considerations In M&A
The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.
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Pension Trustee Case Could Lead To Fossil Fuels Divestment
While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.
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Outbound Screening May Be Next EU Investment Control Step
Following the European Commission’s recent commitment to reduce dependence on third countries by developing an outbound investment review mechanism, it will be interesting to see whether member states will take a united stand or whether national security interests will trump such an approach, say Christoph Barth and Neil Hoolihan at Linklaters.
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Barclays Ruling Narrows Banks' Fraud Recovery Duty
The U.K. Supreme Court's recent ruling in Philipp v. Barclays decided against the so-called Quincecare duty's application in authorized push payment fraud, shining light on how banks should balance their responsibility to follow customers' instructions against making reasonable inquiries, say lawyers at Ontier.
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Green Loans May Be Hungary's Path To Sustainable Financing
Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.
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How The Law Must Change To Accommodate Digital Assets
The Law Commission's recent report shows that the common law of England and Wales is well suited to adapt to digital assets, and with targeted statutory reform to unlock the possibility of recognizing property in intangible things, the U.K. can become an ideal hub for parties to transact with emerging technology, says Sarah Green at the commission.
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Tackling Global Inflation Is A Challenge For Antitrust Agencies
Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.