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Financial Services UK
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July 23, 2024
Employees Fight 'Harsh' Penalty In Bad Faith Resignation Test
Three former employees of asset recovery companies urged Britain's top court on Tuesday to reconsider the "harsh" remedy against people who quit their jobs to pursue business opportunities said to belong to their employers, a case with potentially wide implications for "bad faith resignations."
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July 30, 2024
Bird & Bird Hires 2 Ex-Hogan Lovells Finance Pros In Milan
Bird & Bird LLP has recruited two senior finance partners as part of a team of seven lawyers moving from Hogan Lovells in Milan, boosting growth in the firm's international finance and financial regulation practice.
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July 23, 2024
Lloyds Sued Over Payments Linked To Alleged £1.2B Fraud
Lloyds and its Bank of Scotland subsidiary have been hit with a £287 million ($370 million) claim brought by liquidators of the external broadcaster Arena Television for allegedly processing payments linked to an alleged £1.2 billion fraud.
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July 23, 2024
Bond Administrator Enters Liquidation After FCA Restrictions
The Financial Conduct Authority has confirmed that a London-based bond administrator has entered into liquidation nearly a year after the financial watchdog imposed restrictions on the company over "serious concerns" about its systems and controls.
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July 22, 2024
HMRC Wins Appeal Over Taxation Of Partnership Rewards
Financial rewards from a partnership were taxable as income even though they were made at the partnership's total discretion and the partners had no legally enforceable right to receive them, a London court ruled, siding with HM Revenue & Customs.
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July 22, 2024
Derivatives Co. Bids To Reinstate Freeze In Global Fraud Case
International derivatives provider Multibank urged a London appeals court Monday to reimpose an asset freezing order on a German financial services company and its director, arguing that the judge applied the wrong legal tests when deciding whether to lift the restrictions.
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July 22, 2024
NatWest Fends Off Bid To Revive Design School Fraud Case
The Court of Appeal on Monday ruled that the founders of an interior design school could not revive a fraud claim against NatWest because a settlement they penned with the bank prevented the pair from bringing any further claims.
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July 22, 2024
Lending Biz CEO Says Director Forced Him To Transfer Shares
A solicitor has asked a court to unwind a share transfer that he allegedly made under duress to an ex-director and a lawyer with whom he was business, claiming that he had to make the transfer to quash a false fraud allegation.
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July 22, 2024
Barclays Bids To Cut £330M From 'Dark Pool' Securities Claim
Barclays urged a London court on Monday to cut claims worth £330 million ($426 million) from securities fraud litigation, arguing that some institutional investors were unaware of a regulatory announcement issued by the bank about its "dark pool" trading platform.
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July 22, 2024
EU Renews Russian Financial Sanctions For 6 Months
The Council of the European Union said Monday that it has extended financial sanctions against Russia for an additional six months in response to the Kremlin's "unprovoked, unjustified and illegal" war against Ukraine.
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July 22, 2024
UK Eases Reporting Rules For Investment Stewardship
Britain's accounting watchdog unveiled changes to the U.K.'s stewardship code for investment on Monday that it said would help reduce the reporting burden for investors.
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July 22, 2024
Gov't Plans 'Big Bang' Pensions Reform To Fuel UK Growth
The government has launched the first stage of its review into pensions as it focuses on generating more investment from the £800 billion ($10.3 billion) defined contribution sector into the economy.
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July 29, 2024
White & Case Hires Secondaries Pro From Ropes & Gray
White & Case LLP has hired an expert in U.S. and European secondaries transactions from Ropes & Gray LLP in London as it continues to expand its global investment funds practice.
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July 19, 2024
Ex-Lib Dem Leader Swinson Grilled Over Horizon Scandal
Former Liberal Democrat leader Jo Swinson told an inquiry on Friday into the Post Office accounting scandal that she was reassured when she was the minister responsible for the organization that its systems were robust.
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July 19, 2024
Staveley Drops Fight Over £3.4M Payment In Loan Dispute
A London judge ended Newcastle United co-owner Amanda Staveley's legal battle over a debt to a Greek shipping magnate after her lawyers said Friday that she had made the over £3.4 million ($4.4 million) payment she had been expected to challenge.
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July 19, 2024
Cifas Justifies Marking Bank Activity For Suspected Fraud
The operator of the U.K.'s national fraud database has hit back at a £144,000 ($186,000) data protection claim in a London court, saying it was justified in marking a London resident's bank activity for suspected fraud.
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July 19, 2024
Lawyers Test New Routes For Redress For APP Fraud Victims
A year after the decision by Britain's Supreme Court that curbed the liability owed by lenders to customers tricked into transferring money to fraudsters, victims are now looking to use the courts to test novel routes for redress.
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July 19, 2024
Gov't Floats Draft Proposal For OBR 'Fiscal Lock' Powers
HM Treasury proposals for a new "fiscal lock" in a draft Budget Responsibility Bill will allow the Office for Budget Responsibility to scrutinize any tax-and-spend decisions with a cost factor of 1% of gross domestic product or more.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 19, 2024
UK Clears Nationwide's £2.9B Purchase Of Virgin Money
The competition regulator of the U.K. said Friday that it has cleared Nationwide Building Society's acquisition of Virgin Money UK PLC for £2.9 billion ($3.7 billion), which the companies say would create a combined group with assets of approximately £366 billion.
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July 19, 2024
Businessman Found Guilty Of Fraud For COVID Loan Abuse
A British businessman accused of dishonestly obtaining a COVID-19 small business loan was convicted of fraud on Friday after prosecutors accused him of scamming the system to repay an associate embroiled in a fight with the Serious Fraud Office.
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July 19, 2024
Casino Group Faces French Price-Fixing Probe
Casino Group, the French retail giant that has recently undergone a restructuring, said it is being investigated by France's financial crime agency for possible price manipulation and corruption.
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July 18, 2024
Ukraine Businessman Looks To Arbitrate $1B Gramercy Suit
A Ukrainian businessman is urging a Wyoming federal court to force Gramercy Funds Management to arbitrate in London its racketeering lawsuit accusing him of fraudulently transferring more than a billion dollars from his agricultural business, a debtor of the Connecticut-based hedge fund.
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July 18, 2024
Law Firm Did Not Think SRA Alerts Applied To Former Client
Matthew & Matthew Solicitors has told liquidators for a now-defunct group of companies that it did not believe that warnings about investment schemes by the English solicitors' regulator applied to its client, arguing that the businessman's care home scheme appeared legitimate.
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July 18, 2024
GE Can't Claim Credit For £189M In Double Tax, Court Says
A U.K.-registered subsidiary of General Electric does not qualify for at least £189 million ($245 million) in double tax relief under a U.S.-U.K. treaty because it lacks a U.S. presence akin to a domicile, a London appellate court ruled.
Expert Analysis
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How New Loan Origination Regime Will Affect Fund Managers
Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.
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How EU Sustainability Directive Will Improve Co. Reporting
The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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What Lawyers Can Learn From FDI Screening Report Findings
The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
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UK Review May Lead To Lower Investment Screening Burden
The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
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The State Of UK Litigation Funding After Therium Ruling
The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
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UK Shareholding Report A Missed Opportunity For New Tech
The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
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Tools M&A Deal Makers Can Use To Bridge Valuation Gaps
As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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Deal Over Jets Stranded In Russia May Serve As Blueprint
In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
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Economic Crime Act Brings Changes For Limited Partnerships
The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.
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ESMA Report Offers A Glimpse At EU's Securitization Future
The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.