An EU court overturned on Friday a European Central Bank decision that prevented six French banks from applying exclusions to their capital calculations, ruling that the ECB had committed “manifest errors” in its assessment of the law.
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TOP NEWS

EU Court Tosses ECB Capital Ruling On 6 French Banks

An EU court overturned on Friday a European Central Bank decision that prevented six French banks from applying exclusions to their capital calculations, ruling that the ECB had committed “manifest errors” in its assessment of the law. Read more »

ESMA Details Plan To Fine-Tune Share Trading For Brexit

Europe’s top securities regulator on Friday unveiled plans aimed at making sure European Union trading venues are not unfairly disadvantaged by the terms set by their competitors outside the bloc, which will have implications on U.K. trading venues after Brexit. Read more »

ISDA Consults On New Benchmarks For Derivatives Contracts

The global standard setter for derivatives trading launched a consultation on Friday for adjustments to new risk-free rates that it said will ensure derivatives contracts can continue if legacy interest-rate benchmarks are permanently discontinued by regulators. Read more »

LITIGATION

Russian Financier Fights Asset Manager's $50M Loan Demand

A company set up by a Russian businessman and billionaire has claimed it is not required to repay a $50 million loan allegedly provided by an asset management firm, saying it did not breach the terms of the deal when it failed to pay installments of interest on the debt. Read more »

Anglo Irish Investor Accuses Liquidators Of Fraud

A former investor in the failed Anglo Irish Bank urged the Delaware Bankruptcy Court on Friday to withdraw credentials for the bank’s liquidators, accusing them of fraudulently trying to collect on a controversial loan that propped up the bank’s stock price during the 2008 financial crisis. Read more »

Class Counsel Get $6.9M In Libor Rigging Suit

A New York federal judge has awarded $6.9 million to class counsel in investor litigation against the Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp. for allegedly rigging the Libor, finding that a $30 million settlement was netted with "skill, perseverance and diligent advocacy."  Read more »

UK Litigation Roundup: Here's What You Missed In London

The last week has seen dozens of pension funds and other major institutional investors sue HSBC, the leadership of prestigious U.K. schools take on Scottish Widows and a dispute between two foreign exchange firms. Here, Law360 looks at those and other new claims in the U.K. Read more »

POLICY & REGULATION

ESMA Floats Prospectus Rule Relief For Securities Issuers

The European Securities and Markets Authority published draft guidelines on Friday that will allow merging companies across the European Union to offer securities to investors on regulated markets without having to publish certain burdensome documents. Read more »

Trump Softens UK Trade Deal Warning Over Brexit Plan

President Donald Trump on Friday toned down his warning that the U.K. government's Brexit plan could jeopardize a future trade deal with the U.S., saying that such a deal was still possible as Britain forges a new relationship with the European Union. Read more »

EU Parliament Tells ECB To Improve Bank Crisis Planning

The European Central Bank must act to increase stability in the euro area banking sector by improving the way it intervenes when failing banks are rescued, helping to ensure that struggling institutions do not have to rely on public funds, the European Parliament has said. Read more »

LEGAL INDUSTRY

Global 20: Linklaters

From playing a key role in Takeda’s $62 billion takeover of Shire PLC to its work on a $4 billion infrastructure deal in Africa, U.K.-based Linklaters LLP blazed new trails around the globe over the past year and earned a spot on Law360’s Global 20 list. Read more »

EXPERT ANALYSIS

EU's Proposed Premarketing Rules May Disrupt Fundraising

The European Commission's proposal to amend key European fund management directives introduces new conditions for premarketing a fund in the EU. Unless this proposal is substantially loosened, managers may risk increased regulatory scrutiny if they continue with current fundraising practices, says John Young of Ropes & Gray LLP. Read more »

LEGAL INDUSTRY

Exclusive

ABA Cuts Chief's Salary Amid Layoffs, Falling Membership

The American Bar Association reduced its executive director's pay from $1.25 million in 2015 to $1.17 million in 2016, documents made public Friday show, but Law360 has learned that a bigger pay cut for the executive is in the works as the organization grapples with declining membership and dues revenue, as well as layoffs. Read more »

Convicted Husband Of Ex-Linklaters Atty To Pay SEC $120K

The husband of a former Linklaters LLP associate who pled guilty to trading on insider information gleaned from his wife must disgorge nearly $120,000 to the U.S. Securities and Exchange Commission in a related civil suit, a New York federal judge ruled Thursday. Read more »

Analysis

A Justice Kavanaugh Would Be Unleashed From Precedent

On the D.C. Circuit, Judge Brett Kavanaugh has been forced to comply with precedents he doesn’t agree with. That would change if he’s confirmed to the Supreme Court. Read more »

Another Red-State Senate Dem Opposes Judge Kavanaugh

Another red-state Democrat, Michigan's Sen. Debbie Stabenow, announced her opposition to D.C. Circuit Judge Brett Kavanaugh's nomination to the U.S. Supreme Court Friday, adding to a growing group of Democrats who have said they will vote no on President Donald Trump's choice to replace retiring Justice Anthony Kennedy. Read more »

Perkins Coie Atty Tapped For 9th Circ. In New Round Of Noms

Just days after announcing his latest Supreme Court pick, President Donald Trump on Friday unveiled six new judicial nominees for federal courts around the country, including Seattle-based Perkins Coie LLP partner Eric Miller for the Ninth Circuit over the objections of a home-state senator. Read more »

Feature

GC Cheat Sheet: The Hottest Corporate News Of The Week

A report revealed that female general counsel collect 78 cents for every dollar earned by men at the same level, the European Union proposed an expanded equivalence for its financial services and internal memos showed the American Bar Association faces an uncertain future if it continues on its current track of losing revenues. These are some of the stories in corporate legal news you may have missed in the past week.​ Read more »

Podcast

Law360's Pro Say: Who Is Brett Kavanaugh?

The political battle lines are already forming in Washington, D.C., over President Donald Trump's nomination of Judge Brett Kavanaugh to replace Justice Anthony Kennedy on the U.S. Supreme Court. But who is the man himself? This week on Law360's Pro Say podcast we attempt to answer that, from Kavanaugh's resume to his biggest rulings, his writing style and his judicial philosophy.  Read more »

Series

Judging A Book: Hood Reviews 'Lawyering From Inside Out'

Law professor Nathalie Martin's new book, "Lawyering From the Inside Out: Learning Professional Development Through Mindfulness and Emotional Intelligence," can be of value to any lawyer aiming to achieve greater productivity, relieve the stress of the legal profession and focus on goals, says U.S. District Chief Judge Denise Page Hood of the Eastern District of Michigan. Read more »

Fewer Remedies In Calif. For Targets Of Defamatory Reviews

Earlier this month, the California Supreme Court ruled in Hassell v. Bird that Yelp could not be ordered to remove negative reviews of a law firm that were found to be defamatory. While the decision is a victory for internet platforms and websites, the scope of immunity under the Communications Decency Act has not been fully drawn out, says Pooja Nair of TroyGould PC. Read more »

Opinion

It's Not All About The Benjamins, Baby (Lawyer)

Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck. Read more »

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CTIA

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HSBC Holdings PLC

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Lloyds Bank PLC

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Mediobanca

NBCUniversal Inc.

Nationwide Building Society

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New York Times Co.

Planned Parenthood Federation

Shire PLC

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