Some of the largest banks in Britain have curbed bonuses amid concerns about public perception during the pandemic, leaving employees who take home a chunk of their annual salary once a year facing an uphill fight for their pay, attorneys say.
Two men were convicted Wednesday of defrauding vulnerable investors out of £36 million ($50.6 million) as part of scam to sell carbon credits, the Crown Prosecution Service said.
A London-based Italian broker who was the middleman for the Vatican in a U.K. property investment deal has been arrested in the British capital on fraud and money laundering allegations at the request of Italian authorities.
Britain's financial services regulator is looking to oppose Amigo Loans Ltd.'s restructuring plan by challenging the subprime lender at a court hearing scheduled to take place next week.
The Financial Conduct Authority told MPs on Wednesday that it plans to review a regime that allowed collapsed Greensill Capital to provide investment services to U.K. investors without itself being regulated.
Iranian banks and businesses should be allowed to ask European Union courts to invoke a blocking law if they think a company has cut ties over fears of violating U.S. sanctions, a legal adviser told the bloc's top court on Wednesday.
Individuals prosecuted for crimes in one European Union country should not face arrest in another at the behest of nations outside the bloc — but only if their legal troubles are behind them, Europe's top court ruled Wednesday.
A U.K. property developer lost its bid on Wednesday to avoid handing over performance fees and interest worth more than £1.3 million ($1.8 million) to a financier who stopped working on a joint venture.
Hundreds of retailers asked a tribunal on Wednesday to rule that Visa and Mastercard overcharged them to process card purchases, arguing that it is bound by a U.K. Supreme Court ruling against the credit card companies over their merchant fees.
The European Commission floated plans on Wednesday to introduce greater protection for retail investors in a wider program of reform to the functioning of capital markets.
Two companies linked to an unregulated pension introducer avoided being shut down by the government when a judge ruled Wednesday that there was no evidence they did anything wrong in connection with an investment advice scandal involving steelworkers.
An international law enforcement effort has recovered over €6 million ($8.5 million) for more than 200 victims who were duped into investing in a €15 million Ponzi scheme, the European Union's police agency said Wednesday.
The Central Bank of Ireland has called on businesses that use computer systems with limited human interaction to improve their controls, and given some companies time to work on risk programs.
The government published draft digital safety laws on Wednesday aimed at protecting consumers in Britain from fake investment opportunities advertised on social media, after finance trade groups campaigned for technology companies to act against the fraud.
Britain's financial watchdog said Tuesday it is formally investigating collapsed Greensill Capital as the supply-chain company's founder Lex Greensill defended his business model to lawmakers who suggested it resembled a fraudulent scheme.
Britain's three biggest cities are among the top five areas in Britain worst hit by bogus schemes that involve people deliberately crashing cars in order to make insurance claims, according to figures published Tuesday.
A company owned by jailed Russian businessman Ziyavudin Magomedov is suing a rival firm over an alleged corporate raid at transportation giant FESCO, after the shipping company launched a $1 billion arbitration to claw back loans from Magomedov.
One of Turkey's largest banks is suing a company based in the Marshall Islands to collect more than £88 million ($124 million) it lent to industrial conglomerate Çukurova Holding AS in 2012.
Specialist British insurer Markel struck a settlement with a farm lender over property valuations on the eve of a Court of Appeal hearing on Tuesday, ending a long-running dispute about alleged misrepresentations by a surveying company.
Two men and a woman were charged with fraud on Tuesday following an investigation by Britain's pensions regulator into an alleged multimillion-pound pension scam.
JPMorgan must disclose documents from five senior U.S. executives and compliance officers at the bank who were involved in the decision to transfer $875 million in government funds to Nigeria's corrupt former energy minister, a judge said on Tuesday.
More than 25% of Britons fear they will fall victim to a pensions scam, a survey carried out by an insurance giant suggests, as fraudsters use increasingly sophisticated attempts to con people out of their life savings.
Britain's accounting regulator said on Tuesday that it has fined and reprimanded chartered accountant Haysmacintyre LLP and a partner for failures when it audited the financial statements of a U.K. engineering company.
Denmark's failed attempt to recover £1.5 billion ($2.1 billion) from a dividend tax scandal through the English courts was politically motivated litigation marred by "ill-judged public statements" from senior Danish lawmakers, a London judge said on Tuesday.
Britain's financial watchdog has banned a Cypriot trading firm from operating in Britain after receiving repeated complaints that that company put pressure on consumers to purchase risky financial products.
Europe's human rights court upheld on Tuesday the conviction of a former PricewaterhouseCoopers manager who was convicted of breaching his professional duty by passing confidential documents that exposed widespread tax avoidance to journalists.
More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
The recent decision in the Financial Conduct Authority's business interruption insurance case was a big deal for policyholders forced to shut because of COVID-19, but it also marked the first test of the Financial List's most unusual features five years since its launch.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.
Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.
In PJSC National Bank Trust v. Mints, the U.K. High Court imposed costs on the prevailing party for failure to notify the court of related proceedings, demonstrating an approach that judges may use to mitigate the risk of discordant outcomes in multijurisdictional litigation, say Thomas Grant at Cambridge University and Scott Kieff at George Washington Law School.
Bribery Act-related deferred prosecution agreements lack sufficient defense analysis, are heard too quickly and may contain defective indictments among other signs that point to insufficient judicial scrutiny of the agreements, says David Corker at Corker Binning.
UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.
A synthetic Libor could come to the aid of tough legacy contracts when Libor ceases to exist later this year, but the U.K. should legislate safe harbors to mitigate transaction risk during the transition, say former Federal Reserve Bank of New York general counsel Thomas Baxter and former London Commercial Court Judge Sir William Blair.
The raft of regulatory changes recently recommended by the independent U.K. Listing Review report represents a golden opportunity to overhaul the U.K. public markets regulations, allay fears of a post-Brexit slump and ensure the London Stock Exchange remains one of the prime destinations for initial public offerings, say Marcus Young and William Charnley at King & Spalding.
The U.K. Information Commissioner's Office recently authorized British companies to transfer U.K. subjects’ personal data to facilitate U.S. Securities and Exchange Commission investigations, but companies need more detail on how to invoke the safe harbor or handle EU data subjects, say attorneys at Davis Polk.
The U.K. Supreme Court recently directed MasterCard v. Merricks back to the Competition Appeal Tribunal after clarifying the tests for class action certification, likely resulting in a green light for the action and a review of the regime-specific costs and funding models of the opt-out class action, says Andy Ellis at Practico.
The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.
A number of recent claimant-friendly decisions have considered and broadened a bank's common law duty to refrain from making payments where fraud is suspected, but the High Court's recent judgement in Philipp v. Barclays Bank suggests a turn in the tide, say Paul Brehony and Kate Gee at Signature Litigation.
The dividend arbitrage trading strategy known as cum-ex continues to face regulatory scrutiny in Europe, and stateside regulators may soon follow suit with the U.S. Securities and Exchange Commission’s recent American depositary receipt probe as a guide for enforcement, says Joshua Ray at Rahman Ravelli.
HM Revenue & Customs recently imposed a record fine on MT Global over anti-money laundering law violations, highlighting several AML enforcement and supervision considerations for money services businesses and their advisers, says Jessica Parker at Corker Binning.
Despite the seismic shifts that Brexit has brought to many other issues, the U.K. will likely continue to maintain and potentially heighten its regulatory oversight of anti-money laundering practices and procedures, says Nicola Sharp at Rahman Ravelli.
Financial firms will likely see increased investigation and enforcement actions from the U.K. Financial Conduct Authority following Brexit and the COVID-19 pandemic, including in the areas of financial crime, customer protection, operational resilience and conduct, says Tracey Dovaston at Boies Schiller.