A California federal judge on Monday laid into the U.S. Department of Justice, suggesting it was wasting resources by requesting a jury trial for a former Barclays PLC trader charged with scheming to defraud Hewlett-Packard Co. in a £6 billion options transaction, after the defendant said he’d prefer a bench trial.
A family-run loan company is suing one of its directors and his wife for breach of trust and dishonest assistance in allegedly diverting the company's customers to a separate firm, amounting to lost business of around £900,000.
A High Court judge in London has struck out Office Depot’s claims against two subsidiaries of Swiss banking group UBS over the defective design and construction of one of the supplier’s warehouses in Manchester, deciding they have no real prospect of success.
A Bermuda-based fund used to finance litigation has insisted that U.K. law firm Hamilton Downing Quinn LLP owed it a duty of care which it breached when it allegedly provided negligent advice that caused the fund to lose out on the proceeds of a South African lawsuit.
Mayer Brown LLP announced Monday that it has hired a banking partner with cross-border experience from Fried Frank Harris Shriver & Jacobson LLP to head its European leveraged finance team in London.
Banking and insurance group Virgin Money Holdings PLC said Monday it has accepted a £1.7 billion ($2.25 billion) takeover offer by rival banking group CYBG PLC, despite ongoing scrutiny from the Financial Conduct Authority over a sharp spike in its share price ahead of the announcement of its bid.
The European Banking Authority revealed Monday that it will widen the scope of banks that it collects information from in order to improve its data about bad loans and new global capital rules, which it will use to monitor Europe's financial health.
Royal Bank of Scotland PLC has denied claims that two traders at the bank turned a blind eye to a carbon trading tax scam, telling a London court Monday they did not suspect they were carrying out deals that helped fraudsters conduct a series of carousel fraud transactions.
The U.K. government on Monday set forth proposals to give Britain’s pension scheme members new powers to demand their savings pots are used to tackle environmental issues like climate change rather than seeking the best financial return.
Cryptocurrencies cannot scale up to meet demand and offer a “poor substitute” for traditional currency, the Bank for International Settlements has said in its annual report, throwing cold water on ambitions for revolutionary virtual currencies.
The last week has seen AIG lodge a claim against a major European construction operation, two Hong Kong asset managers sue Noble Group, and a new suit against RBS and NatWest. Here, Law360 looks at those and other new claims in the U.K.
A Swedish appeals court has suspended enforcement of a more than $177 million arbitral award issued to a Luxembourg investment firm following the alleged forced sale of its shareholding in a Polish bank, as Poland looks to have the award nixed under a monumental decision issued by Europe's highest court.
A financial adviser has hit back at a former client’s claim of professional negligence, arguing in new court documents that the case is time-barred and based on arguments that have already failed at the tax tribunal.
Dubai-based commodities trader Richcomm Global Services has stayed legal proceedings brought against a foreign exchange and options firm in the High Court of Justice over a disputed account used to trade contracts for difference products.
Around 60 banks and building society branches are shutting up shop every month in the U.K., a consumer group warned on Friday, figures that could prompt influential MPs to increase pressure on the government to step in to prevent parts of the public from being excluded from financial services.
A Citigroup Inc. unit has agreed to pay $100 million to 41 U.S. states and the District of Columbia for manipulating its U.S. Dollar London Interbank Offered Rate submissions in order to dodge bad publicity, prosecutors said Friday.
Two investors suing London-based asset manager FCFM at the High Court for allegedly refusing to complete a sale contract for shares in an oil and gas company have denied claims they conspired to acquire the stock using insider information.
The Prudential Regulation Authority set out new rules Friday on how U.K. financial services firms should govern and monitor the risks attached to high-speed electronic trading programs that use automated algorithms, including a requirement for them to subject the trades to stress-testing.
Ireland’s central bank said Friday it has fined an asset management firm €443,000 ($514,000) after an investigation revealed “significant breaches” in its anti-money laundering controls, which allowed a fraudster to impersonate a client and trick the firm into transferring funds.
Influential U.K. lawmakers said in a letter published Thursday that an internal report by Lloyds Banking Group PLC detailing what senior managers knew about fraudulent dealings at HBOS ahead of its 2008 merger with the bank should be made public and its contents fully investigated.
Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.
The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.
Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.
The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.
Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.
The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.
Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.
The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.
While the broad theoretical considerations that are relevant to an economic assessment of whether a merger is likely to reduce innovation are undisputed, the European Commission's interpretation of the relevant economic literature in recent mergers is contentious, say economists at Cornerstone Research.