A London court has dismissed the first challenge to new "dirty money" powers that allow British authorities to force wealthy people to explain how they obtained their riches if the wealth is suspected to be the proceeds of crime, but lawyers are unsure how effective the new enforcement tool will be.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.