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Financial Services UK

  • October 16, 2018

    Nomura Sues Trustee To Avoid £10M In Pension Liabilities

    Nomura International is seeking to avoid raising its pension payments to spouses and children of former staff, which it says would increase its retirement fund liabilities by more than £10 million ($13 million), according to documents filed at London's High Court.

  • October 16, 2018

    Insurance Broker Hits Back At Connaught-Fund Suit

    Oxford Insurance Brokers Ltd. has denied allegations from a London-based financial adviser that it owes damages for a breach of contractual obligations, calling the lawsuit brought against it “wholly unparticularized” and arguing that it should be struck out.

  • October 16, 2018

    Small Businesses To Gain Access To Financial Ombudsman

    More small businesses will be given access to the independent Financial Ombudsman Service to help them resolve disputes with banks outside the court system, the Financial Conduct Authority said Tuesday.

  • October 16, 2018

    Former SFO Prosecutor Joins Jenner & Block In London

    A former counsel to the Serious Fraud Office and experienced investigator has been snapped up by Jenner & Block LLP in London, the firm announced Tuesday.

  • October 16, 2018

    EU To Weigh Banco Popular Shareholder Gripes

    The European Union’s Single Resolution Board vowed Tuesday to open a formal process for complaints from shareholders and creditors of Banco Popular who have been denied compensation for the bloc’s decision to sell the failing bank to Santander for a nominal €1.

  • October 16, 2018

    White & Case Snags High-Yield Debt Partner From Kirkland

    White & Case LLP has expanded its global capital markets practice in London with the addition of a partner from Kirkland & Ellis LLP who has experience in high-yield debt securities.

  • October 16, 2018

    Funds Argue Negligence Halts Claim For RBS Litigation Costs

    A group of institutional investors that include units of Lloyds Bank has refused to contribute to costs run up by a group that represented Royal Bank of Scotland shareholders who won a £200 million ($264 million) settlement from the lender over a rights issue in 2008.

  • October 16, 2018

    Crypto Exchange To Open Dublin Base To Dodge Brexit Risk

    Digital currency exchange Coinbase is opening a new office in Dublin as part of contingency plans to give it continued access to customers in the European Union in the event of a "hard" Brexit, the company said Tuesday.

  • October 16, 2018

    EU Banks 'Over-Represented' In AML Sanctions, S&P Says

    Europe’s banks are “over-represented” among companies around the world that have been hit with sanctions over failings in their anti-money laundering safeguards, Standard & Poor’s Global Ratings said on Tuesday, as it pointed the finger at recent breaches in Latvia, Estonia and Malta.

  • October 15, 2018

    Deutsche Traders Knew Libor-Rigging Was Illicit, Jury Told

    Prosecutors on Monday began their final pitch to jurors in the Libor-rigging trial of former Deutsche Bank traders Matthew Connolly and Gavin Black, saying trial evidence proves the pair abused the German lender’s position to cash in by gaming the benchmark interest rate.

  • October 15, 2018

    $5.4B CME-NEX Deal Receives US Antitrust Clearance

    Futures trading giant CME Group Inc. and London trading firm NEX Group PLC both said that they have gained approval from the regulatory agencies of several countries — including the U.S. — regarding CME's $5.4 billion acquisition of NEX but are still waiting for the go-ahead from the U.K.'s competition watchdog.

  • October 15, 2018

    Investor's Damages Cut In Ski Hotel Value Dispute

    A London judge has slashed the damages a Luxembourg investment vehicle can recover for its stake in a company that part-owned a luxury Swiss ski hotel in a lawsuit stemming from a settlement the investor struck with a subsidiary of asset manager Duet Group over a €36 million ($41.7 million) loan.

  • October 15, 2018

    FCA Warns Payday Lenders On Misconduct Amid Complaints

    Payday lenders that do not have sufficient capital to meet compensation demands from the financial ombudsman must notify the Financial Conduct Authority immediately, the regulator said Monday.

  • October 15, 2018

    Barrister Wins Bid To See NatWest's Secret AML Reports

    A barrister has won a court ruling in London that forces National Westminster Bank PLC to explain why it named him in confidential money laundering reports submitted to the National Crime Agency.

  • October 15, 2018

    EU Bank Rescue Board Says Fund Will Hold €33B In 2019

    Europe’s fund for helping failing banks is expected to swell to almost €33 billion ($38 billion) in 2019, up from nearly €25 billion earlier this year, the head of the bloc’s central resolution authority said on Monday as she set out the body’s priorities for the coming year.

  • October 15, 2018

    Tycoon To Withdraw Grant Thornton Conspiracy Suit

    Property tycoon Robert Tchenguiz announced on Monday he is withdrawing his multimillion-pound lawsuit alleging conspiracy and fraud against accounting firm Grant Thornton, hours before he was due to give evidence at his trial in London.

  • October 15, 2018

    PRA Tells Banks, Insurers To Ready For Global Warming Risk

    Banks and insurers will be encouraged to appoint senior executives to manage the fast-emerging financial risks created by climate change under proposals announced by the U.K.'s Prudential Regulation Authority on Monday.

  • October 12, 2018

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

    The last week has seen Deutsche Bank sue an Italian wealth management bank, several hotels lodge competition claims against Visa and MasterCard and the 200-year-old company behind British bank notes bring a pensions action against HSF. Here, Law360 looks at those and other new claims in the U.K.

  • October 12, 2018

    Ex-UBS Forex Trader Says 'Cartel' Used Chats To Collude

    A former foreign currency exchange trader for Barclays PLC and UBS Group AG on Friday told a Manhattan federal jury that he and three other forex traders at rival banks used a chatroom dubbed “the cartel” to coordinate their euro-U.S. dollar deals, including those tied to benchmark fix rates.

  • October 12, 2018

    Blockchain Training For Arbitrators Can't Come Fast Enough

    Industry experts are praising an effort by the alternative dispute resolution provider JAMS to train arbitrators to better adjudicate disputes arising from blockchain transactions and smart contracts, saying education is key to ensuring that these disputes are resolved efficiently.

Expert Analysis

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

    Fred Saugman

    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • GDPR Compliance Questions For Blockchain Firms

    Daniel Cooper

    The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Uncertainty Concerning The UK's Proper Purpose Rule?

    Nick Hoffman

    The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.

  • How Europe's AML Regime Is Tackling Virtual Currencies

    Chris Warren-Smith

    The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.

  • UK Ruling Signifies Greater Cross-Border Sharing Of Data

    Andrew Smith

    In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.

  • Why Law Firms Should Monitor The Dark Web

    Anju Chopra

    Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

  • Lessons From UK's Data Backlash

    Kim Roberts

    Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.

  • Tech, Media, Telecom Investor-State Arbitration Is On The Rise

    Florencia Villaggi

    Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.