After years of questions about its future, the U.K.'s Serious Fraud Office won a reprieve this week as the government began hunting for the agency's new leader amid a broader plan to get more aggressive on economic crime. But questions remain about just how independent the prosecutor would be once the government creates a new white collar crime fighter.
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Analysis

Questions Linger For SFO Amid Reforms, Hunt For New Head

After years of questions about its future, the U.K.'s Serious Fraud Office won a reprieve this week as the government began hunting for the agency's new leader amid a broader plan to get more aggressive on economic crime. But questions remain about just how independent the prosecutor would be once the government creates a new white collar crime fighter. Read more »

Ex-Banking Watchdog Defends Role In Lloyds-HBOS Merger

The former chief of the predecessor to Britain’s banking regulator testified in a London court on Thursday that he did not pressure Lloyds Banking Group into its 2009 acquisition of HBOS PLC and was acting in line with his statutory duty when he supported the deal. Read more »

UK Lawmakers Want 2-Phase Brexit Transition For City Firms

An influential panel of U.K. lawmakers is calling for a Brexit transition to be implemented in two phases to allow banks, insurers and other financial services time to adjust to their new trading relationship with the European Union after Britain leaves the bloc. Read more »

ESMA Clarifies EMIR Rules On Clearing, Swap Reporting

The European Securities and Markets Authority on Thursday updated guidance for banks and central counterparties implementing its derivatives rulebook, the European Markets Infrastructure Regulation, addressing uncertainties on reporting obligations for collateral, indirect clearing and contracts with no maturity. Read more »

LITIGATION

Ex-Deutsche Traders' Libor Trial Delayed By Taint Inquiry

A frustrated Manhattan federal judge on Thursday pushed the criminal trial of two former Deutsche Bank traders from early to mid-2018, making more time to examine whether the London Interbank Offered Rate rigging case was tainted by testimony compelled in the U.K. Read more »

ENFORCEMENT

FCA Hands Out 1st Late Disclosure Fine To Alt-Listed Firm

The Financial Conduct Authority has fined a U.K. investment firm £70,000 ($94,000) for failing to publicly disclose inside information required under the European Union's market abuse rules, in the British watchdog's first penalty since the regulation took effect on a company listed on the London Stock Exchange's more flexible market for smaller firms. Read more »

POLICY & REGULATION

Regulator Paves Way For EU Market In €800B Of 'Bad' Loans

Europe’s leading bank regulator took a major step on Thursday toward creating a new market where lenders can help sell off the bloc’s €800 billion ($942 billion) mountain of bad debt. Read more »

EBA Finalizes Register Of EU Payment Institutions

The European Banking Authority on Thursday finalized how it will maintain an electronic central register of information on all payment services firms authorized by national regulators across the European Union ahead of sweeping new payment rules coming into force across the bloc next month. Read more »

PEOPLE

Clyde & Co. Adds Libor Defense Partner To Regulatory Team

Clyde & Co. has hired a financial crime specialist and former Hickman & Rose partner to join its regulatory and investigations group, the firm said Thursday. Read more »

LEGAL INDUSTRY

9th Circ. Chief Launches Kozinski Sex Misconduct Inquiry

The chief judge of the Ninth Circuit on Thursday ordered a judicial misconduct inquiry into U.S. Circuit Judge Alex Kozinski over media reports the judge showed female clerks pornography and committed other acts of sexual misconduct. Read more »

Arnold & Porter To Award Cravath-Scale Associate Bonuses

Arnold & Porter Kaye Scholer LLP on Wednesday became the latest firm to fall in line with the growing roster of BigLaw firms to offer year-end associate bonuses that align with the scale established by Cravath Swaine & Moore LLP. Read more »

Firm Consolidation Isn't Going To Slow Down In 2018

The legal industry will see limited growth in demand and increasing consolidation in 2018 as firms face mounting pressures both on pricing and costs, and middle-tier firms in particular will feel the squeeze, according to a report released on Thursday. Read more »

Tanenbaum Keale Goes West With Ex-Sedgwick Attys

Litigation boutique Tanenbaum Keale LLP, which was started this year by a group of veteran Sedgwick LLP partners, announced Thursday that it would expand westward, opening a Seattle office to be led by a product liability partner and former colleague from the soon-to-be-shuttered firm. Read more »

Senate Confirms Gibson Dunn Vet For 5th Circ.

Gibson Dunn & Crutcher LLP partner James C. Ho is heading to the Fifth Circuit after a Senate vote Thursday confirmed him to the post as President Donald Trump’s 12th appellate judge confirmed this year. Read more »

Law360's Weekly Verdict: Legal Lions & Lambs

Attorneys at Cravath Swaine & Moore topped this week’s legal lions list after guiding Disney's newly inked $52 billion deal to buy 21st Century Fox’s film and television assets, while a team of DLA Piper attorneys landed on the legal lambs list after misconduct got them thrown out of Dish Network's trademark suit against a DirecTV retailer. Read more »

Why Information Governance Is More Important Than Ever

It used to be that hiring a good law firm was the single most important thing a company could do when facing litigation. You could now make the case that an organization’s most powerful asset in prosecuting or defending a claim is its information, says Linda Sharp, associate general counsel of ZL Technologies and chair of the ACC Information Governance Committee. Read more »

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Akin Gump

Allen & Overy

Alston & Bird

Arnold & Porter Kaye Scholer

Barnes & Thornburg

Cadwalader Wickersham

Cleary Gottlieb

Clifford Chance

Clyde & Co

Covington & Burling

Cravath Swaine

Crowell & Moring

DLA Piper

Davis Polk

DeHay & Elliston

Debevoise & Plimpton

Dechert

Dentons

Drinker Biddle

Freshfields

Fried Frank

Gibson Dunn

Gunster

Herbert Smith Freehills

Kasowitz Benson

Kennedys CMK

Kingsley Napley

Levine Lee

Linklaters

McKool Smith

Milbank Tweed

Morgan Lewis

Morrison & Foerster

O'Melveny & Myers

Paul Hastings

Paul Weiss

Proskauer Rose

Ropes & Gray

Sedgwick LLP

Seyfarth Shaw

Shearman & Sterling

Simpson Thacher

Skadden

Susman Godfrey

Weil Gotshal

Wilkinson Walsh

Williams Kastner

Williams Montgomery

Willkie Farr

WilmerHale

Winston & Strawn

Womble Bond Dickinson

COMPANIES

21st Century Fox Inc.

AXA SA

Amgen Inc.

Association of Corporate Counsel

Bank of America Corporation

China Agritech Inc.

DISH Network Corporation

Deutsche Bank AG

Flex Ltd.

HBOS PLC

Hitachi Ltd.

Imerys SA

LM Ericsson Telephone Company

Lloyds Banking Group PLC

London Stock Exchange Group PLC

NEC Corp.

Norwegian Cruise Line

Panasonic Corporation

The DIRECTV Group, Inc.

The Walt Disney Company

Toshiba

Washington Post Co.

Wilmington Trust Corp.

YouTube Inc.

GOVERNMENT AGENCIES

Bank of England

Competition and Markets Authority

European Banking Authority

European Commission

European Securities and Markets Authority

European Union

Financial Conduct Authority

Serious Fraud Office

U.S. Department of Justice

U.S. Supreme Court