The U.K.'s privacy regulator on Wednesday sought to dispel concerns that the only way to comply with the stringent requirements for processing consumer information under the European Union's looming general data protection regulation is to get explicit consent, noting that the method isn't a "silver bullet" and that several other options exist.
The U.K. Financial Conduct Authority said Wednesday it has instructed banks to make customer service a priority as they prepare for an influx of claims about missold payment protection insurance over the next two years.
Barclays PLC on Saturday said that an amicus brief written by two New York law professors backing a Saudi contractor’s appeal in a $10 billion fraud case raises “entirely academic” issues and should be rejected by the state’s top court.
Romanello Financial Corp. will find out next month if it can secure a final third-party debt order against Metro Bank PLC to obtain monies owed to Romanello by German entrepreneur Lars Windhorst, after the businessman allegedly reneged on deals to buy more than €60 million ($68.3 million) in securities.
The Financial Conduct Authority has issued a warning notice to the U.K. branch of American electronic brokerage firm Interactive Brokers LLC, saying it had failed three times to report suspected insider dealing.
A Guernsey-registered firm which is seeking an indemnity payout from AmTrust Group's European unit has accused the insurer of making excessive disclosure requests, according to court documents seen on Wednesday.
Barclays PLC has demanded repayment of £321.4 million ($413.2 million) it says it is owed by a credit card services firm that is suing the U.K. lender for £1.06 billion in damages after the bank sold it portfolios of credit card agreements in 2007 which the company says were rendered worthless.
PricewaterhouseCoopers LLP was hit on Wednesday with a £5.1 million ($6.6 million) fine by the U.K. Financial Reporting Council after the accountancy giant admitted to misconduct over the audit of financial statements for professional services firm RSM Tenon Group PLC in 2011.
A major financial lobby group has urged the U.K. government to focus on exporting services, after politicians prioritized seeking a transitional Brexit deal on tariffs on goods and commodities.
HSBC PLC has denied it is liable for damages over a malware attack that resulted in approximately £1.5 million ($1.9 million) being stolen from a vintage car restorer, claiming the company is to blame for allowing the fraudulent transactions to take place.
Banks wanting to relocate some of their regulated services from the U.K. to the EU because of Brexit have been slow to submit their license applications and are falling behind schedule, a European Central Bank supervisor warned Wednesday.
A federal judge in Chicago on Monday dismissed a case against a Saudi bank alleging that it helped fund a 2005 terror attack in Jordan while allowing some claims to move forward against HSBC Holdings PLC’s North American and U.S. units.
Matthew Dening is the managing partner of Sidley’s London office, co-head of the law firm's global finance team and a leader of its derivatives group. He talks Law360 through his practice and some of the regulatory challenges his clients are facing, as well as how the cross-border collaboration between Sidley’s U.S. and European offerings works in practice.
The world’s 20 biggest banks have spent a record £246 billion ($316 billion) on fines and legal bills associated with misconduct over the past five years, with British lenders Royal Bank of Scotland PLC and Lloyds Banking Group PLC in the top five.
The European Parliament’s chief Brexit negotiator has dismissed as “fantasy” Britain’s hopes for a transitional period of close association with the bloc's customs union beyond March 2019.
Two failed Italian banks that were wound down earlier this year consistently fell below the European Central Bank's capital requirements since it took over the supervision of Eurozone lenders in 2014, according to documents published by the central bank on Monday.
Banks, insurers and other traded companies will be expected to expand their reporting of non-financial information by clearly setting out how their businesses will affect society and sustainability in the long term, under new draft guidelines published by the U.K.’s top accounting watchdog on Tuesday.
Payment protection insurance remained the U.K.’s most complained-about financial product between April and June, the Financial Ombudsman said on Tuesday, adding a warning to consumers that they have until August 2019 to make new claims to banks over missold PPI.
A group of European banks including Royal Bank of Scotland PLC and Credit Suisse Group AG accused by investors of rigging the market for derivatives tied to the Swiss franc London Interbank Offered Rate on Monday urged a Manhattan federal judge to nix the proposed class action, saying the case doesn't belong in the U.S.
The British cybersecurity researcher who is credited with halting the global WannaCry ransomware attack pled not guilty Monday in Wisconsin federal court to charges that he helped to create and spread the Kronos banking Trojan malware, which harvested the private information of online banking users.
Given the overwhelming complexity of today’s data environments, investigators must take advantage of a variety of technology tools to apply both tried-and-true and new analytical techniques to internal investigations. Investigators must also develop the mindset of a relentless and detailed forensic detective, says Caroline Sweeney of Dorsey & Whitney LLP.
As business litigation becomes more international in scope, the ability to enforce a judgment across national boundaries is increasingly a key consideration in any litigation strategy. In the U.S., however, the multiple judicial systems among the states and federal system of courts add complexity to issues of enforcement for non-U.S. judgment creditors, say Rodney Page and Joseph Smallhoover of Bryan Cave LLP.
For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.
The United Kingdom's Policing and Crime Act 2017 significantly increases the Office of Financial Sanctions Implementation's powers to enforce U.K. sanctions. Some are skeptical that the OFSI will use its new powers aggressively, but companies who may have breached the sanctions regime should prepare for the worst, say Christopher David and David Horn of WilmerHale.
New mobile computing tools — both hardware and applications — are changing the technology paradigm for legal practitioners. In particular, the combination of the 12.9-inch iPad Pro, the Apple Pencil and the LiquidText annotation app can revolutionize both trial preparation and courtroom litigating, says attorney Paul Kiesel, in his latest review of tech trends.
Legal incubators serve as an important bridge to practice and a crucial step toward aligning the incentives of new lawyers with the needs of their clients. They may even pose a threat to the traditional law school model itself, and that's not necessarily a bad thing, says Martin Pritikin, dean of Concord Law School at Kaplan University.
Recent extradition cases have demonstrated that individuals in the United Kingdom facing charges in the United States can either fight extradition proceedings tooth and nail, or voluntarily travel to the U.S. An approach carefully tailored to the facts of each case is required in order to best protect a requested person's interests, says Ben Isaacs of 7 Bedford Row.
Sarbanes-Oxley has been quite successful if one of its purposes was to screen out marginal foreign firms. In addition, the drop in the number of publicly listed companies may actually be a blessing in disguise, says Paul Lanois, senior legal counsel at Credit Suisse Group AG.
If the media is going to cover your law firm’s crisis, they are going to cover it with or without your firm’s input. But your involvement can help shape the story and improve your firm’s image in the public eye, says Michelle Samuels, vice president of public relations at Jaffe.
In his recent judgment on a recusal application in Miley v. Friends Life, Justice Mark Turner of the English High Court has given practitioners guidance on how to approach applications for judicial recusal, and has highlighted the key points to be aware of when contemplating such an application, says Luka Krsljanin of 2 Temple Gardens.