Grant Thornton, the accounting firm being sued by Manchester Building Society for £49 million ($68.5 million) over alleged breaches of duty and negligence, said at a London court hearing Tuesday that it cannot be held liable for hedge accounting problems involving interest rate swaps that the society claims led to financial difficulties in 2013.
The Financial Conduct Authority on Tuesday defended its decision to ban a former senior executive at Barclays PLC’s wealth management division from holding a senior role in the sector, telling a U.K. court that he lacked integrity when he repeatedly used misleading statements to avoid distributing an independent report criticizing the bank's "revenue at all costs" culture.
Osborne Clarke has picked up an experienced private equity partner for its London team, the second partner it has lured away from Squire Patton Boggs LLP in the last four months.
The Financial Reporting Council said on Tuesday that it has fined a U.K. auditing firm £700,000 ($978,500) and reprimanded it for misconduct when working on the accounts of U.K. insurance and technology provider Watchstone Group PLC, formerly known as Quindell.
Better banking advocates in the U.K. Parliament have lambasted the Financial Conduct Authority's efforts to quell the uproar over the behavior of RBS' turnaround group for struggling companies, warning that a plan to expand access to the financial ombudsman fell short.
The U.K.’s largest cash machine network isn’t doing enough to maintain sufficient numbers of ATMs in remote regions after fee cuts for operators, the Payments Systems Regulator said Tuesday.
A High Court judge freed the Royal Bank of Scotland PLC on Monday from an interest rate swaps case brought by a private jet charter company, rejecting claims that bank employees behaved dishonestly or misled the firm during negotiations that led to a "toxic" derivatives contract.
A veteran Kingsley Napley LLP white collar crime lawyer who was seen as a candidate for the next head of the Serious Fraud Office will stay at the firm after being promoted to senior partner effective May 1, the firm said on Monday.
The U.K.’s Financial Conduct Authority on Monday more than tripled the number of days banks can hold client funds for investment firms, after investment managers complained they were being handcuffed by the old 30-day limit.
General insurers may have to pay 175 percent more in total levies to the U.K.’s bankruptcy compensation scheme in the levy year starting in July than they did the previous year, the scheme revealed Friday in its latest budget plans.
The status of about a quarter of uncleared over-the-counter derivative contracts in the U.K. and the European Union, amounting to around £26 trillion ($36.2 trillion), could be disrupted when the U.K. leaves the EU unless governments act, a top securities industry group warned on Monday.
The Financial Conduct Authority on Monday proposed widening access for small and medium-sized companies to a resolution service for disputes between businesses and lenders, days after calls in the U.K. Parliament for sweeping reforms.
The last week has seen a dispute between a Dubai commodities trading firm and a foreign exchange trader, a contract suit against the Bank of Georgia, and a Swiss asset manager sue retailer L.K. Bennett, its founder and its former private equity owners. Here, Law360 looks at those and other new claims in the U.K.
The European Securities and Markets Authority said Friday that some equities and bonds will be subject to transparency rules required by sweeping new EU-wide financial regulation — including trades that took place before the rules were launched this month.
A High Court judge has ordered Citibank to justify why a claim it filed over the status of €290 million ($355.6 million) of debt securities should be heard in the U.K., after several defendants challenged the choice and said New York would be a more appropriate venue.
Barclays Bank PLC denied on Friday that its impending restructuring could expose the lender’s pension insurance scheme, which is already running a £7.9 billion ($11 billion) deficit, to greater levels of risk.
The Financial Conduct Authority warned insurers on Friday they will have to go beyond the minimum requirements in new rules from Brussels on policy sales, and may also need to obey requirements similar to those in the European Union's sweeping securities regime.
Some of Britain's biggest banks said they have set up emergency funds totaling £300 million ($416 million) to support small business hurt by the collapse of construction giant Carillion PLC.
An action group representing Royal Bank of Scotland PLC shareholders has rejected claims from a consultancy suing for a slice of the £200 million ($280 million) settlement the group reached over a class action against the bank.
Deutsche Bank has asked Delaware’s Chancery Court to block a $50 million transfer by an entity controlled by Alexander Vik, the Norwegian billionaire the bank has been pursuing for nearly a decade over an unpaid $323 million judgment.
One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.
U.K. banks, asset managers, consultancies and law firms have embarked on a hiring spree in response to the second Markets in Financial Instruments Directive introduced this month. In the long run, the U.K. will need to focus on its strengths to retain its position as a top location for international investment, says Rosalyn Breedy of Wedlake Bell LLP.
While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.
European arrest warrants were designed to speed up and simplify extradition within the European Union, but they are often abused and give EU member states a relatively easy way to apply serious pressure to individuals and companies which they are in dispute with, says Robert Hickmott of Quinn Emanuel Urquhart & Sullivan LLP.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.
Despite early indications that the U.K.'s Financial Conduct Authority and the European Securities and Markets Authority would require investment firms' clients to obtain legal entity identifiers by Jan. 3, regulators have now extended the deadline by six months. There is no extra credit for timely compliance, but in the long term, noncompliant entities cannot sit back and do nothing, say Keily Blair and Andrea Holder of Pricewaterh... (continued)
France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.