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Financial Services UK
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June 14, 2024
Bitcoin 'Inventor' Drops Case Against Software Developers
Lawyers for the man who failed to prove he invented bitcoin told a London court on Friday that he has dropped a case brought by his company against software developers as it also turned on his claim to be the pseudonymous inventor of the virtual currency.
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June 13, 2024
JP Morgan Had No Incentive To Devalue Fintech Joint Venture
J.P. Morgan had no reason to devalue a payment company it co-owned with fintech business Werealize, a London judge ruled Thursday, in a decision that ended the companies' dispute over the investment bank's option to buy out its partner's stake in their joint venture.
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June 13, 2024
Fladgate Blames Client's Wrong Instructions On $26.5M Loss
Fladgate LLP has denied owing an investment fund an estimated $26.5 million for allegedly giving negligent advice, saying the client aiming to recover money owed under bonds supplied incorrect information from the outset.
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June 13, 2024
How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case
A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
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June 13, 2024
Labour Manifesto Targets Wealthy To Fill Funding Gaps
Labour set out plans in its election manifesto on Thursday to raise a total of more than £8.5 billion ($10.8 billion) in tax reforms that target wealthy taxpayers, although some analysts questioned whether the measures will add up.
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June 13, 2024
UK Adds 42 Entries To Russian Financial Sanctions List
The U.K. government slapped further sanctions on Thursday on 42 individuals and entities involved in sectors of strategic significance to the Russian government, including financial services and defense, as it continues to respond to the unprovoked war waged by Russia against Ukraine.
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June 13, 2024
Media Personalities Appear At Court Charged Over Forex Ads
Six reality TV stars and social media influencers appeared at a London court for the first time Thursday charged with promoting an unauthorized trading scheme online that dealt with high-risk financial products tied to foreign exchange rates.
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June 13, 2024
Broad Consensus Emerges On Pensions Before UK Election
The U.K.'s pension sector is set for a period of relative stability as the three main political parties this week unveiled manifestos that revealed more consensus than disagreement.
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June 13, 2024
Payment Services Firm Launches £20M Share Buyback
PayPoint PLC said Thursday it will start an up to £20 million ($25.6 million) share repurchase program, part of a planned three-year buyback scheme aimed at rewarding shareholders.
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June 13, 2024
Labour Prioritizes Wealth Creation In Election Manifesto
Keir Starmer said on Thursday that his Labour Party would kick-start a future of "national renewal" if it wins the general election, with economic growth and wealth creation driving a manifesto that lacked any surprise headline pledges.
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June 12, 2024
Rimon Hires 5 Partners, Expands Global Transactions Team
A team of five partners focusing on transactional, finance and corporate matters has joined Rimon PC across several countries to represent investors, asset managers, credit funds and other clients.
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June 12, 2024
Ex-Serco Chair Says Contract Fraud 'Came Out Of The Blue'
Serco's former chair said at a London trial Wednesday that the scandal of its overbilling for government contracts left a "cloud" hanging over the outsourcing multinational, as the company clashes with investors seeking to recover their losses from the resulting plunge of its stock price.
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June 19, 2024
King & Spalding Hires 5 Finance Pros From Cadwalader In UK
King & Spalding LLP has boosted its partnership ranks in London with the hire of five finance lawyers from rival U.S. law firm Cadwalader Wickersham & Taft LLP.
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June 12, 2024
Eurojust Dismantles €113M Fraudulent Investment Scheme
Police have taken down a €113 million ($122.2 million) pyramid fraud scheme based around crypto mining in an operation spanning several European countries, the Eurojust European law enforcement agency said on Wednesday.
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June 12, 2024
BHS Ruling A 'Coup For Liquidators' Over Director Duties
A landmark ruling that found two directors liable for the collapse of a U.K. retailer and ordered them to repay a chunk of the losses highlights the limited reliance that directors can place on professional advice and a lack of experience to avoid responsibility.
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June 12, 2024
EU Agrees To Bolster Retail Investor Protection
European Union negotiators agreed Wednesday on changes to rules on retail investor protection across the bloc, which would help get savings flowing into the economy.
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June 12, 2024
Gowling, Eversheds Steer £125M Med. Nonprofit Pension Deal
Pension insurance company Rothesay said it has completed a £125 million ($160 million) full scheme buy-in with a plan sponsored by The nonprofit Medical Protection Society Ltd., in a deal steered by Gowling WLG and Eversheds Sutherland.
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June 12, 2024
Argentina Loses Appeal Over €1.3B Payment In Bonds Dispute
Argentina cannot avoid paying out €1.3 billion ($1.4 billion) to bondholders for wrongly adjusting the way it calculates yields for government securities as a London appeals court rejected on Wednesday its construction of a contractual dispute.
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June 12, 2024
Rule Changes Proposed To Revive EU Securitizations
A European body for financial institutions has warned that regulation is suffocating the securitization market as it proposed a five-point plan to revive it as part of the Capital Markets Union to get investments flowing across member states.
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June 12, 2024
Google's GPay TM Gets Declined In Europe
Google lost its appeal on Wednesday after seeking to revive its "GPay" trademark for electronic payment services as a European court ruled that a Bulgarian rival had already cornered the digital market with "ePay."
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June 12, 2024
Marsh Unit Buys $66B UK Pensions Provider Cardano
A unit of U.S. professional services giant Marsh McLennan has bought $66 billion U.K. pensions provider Cardano, in a deal guided by Norton Rose Fulbright LLP.
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June 11, 2024
UniCredit Overturns $69M Plane Payment Sanctions Ruling
UniCredit was entitled to withhold $69.3 million in payments to lessors for Russian planes because of sanctions, a London appellate court ruled Tuesday, partly overturning findings that it was not reasonable for the bank's U.K. branch to believe it could not make the payments.
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June 11, 2024
Deutsche Bank Trader Fights For Compensation 'Assurances'
Deutsche Bank executives gave "assurances" about compensation that the lender must now abide by, a former trader told the High Court in London on Tuesday as she sued for breach of contract.
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June 11, 2024
Serco Denies Directors Knew Of Fraud In Securities Trial
Serco Group PLC denied investors are entitled to compensation over a fraud that caused the outsourcing giant's share price to nosedive, arguing on the second day of a London trial Tuesday that none of its directors had known about the alleged wrongdoing.
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June 11, 2024
Klarna Gets 2nd Shot To Trim Startup's 'Klar' TM
Buy-now, pay-later giant Klarna has won another chance at restricting a German data analytics' "Klar" mark, after a European appeals board ruled the officials had not properly taken the fintech's reputation into account.
Expert Analysis
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UK Financial Services Bill May Not Be Quick Fraud Fix
While the U.K. Financial Services and Markets Bill is expected to pass into law this year and will make it easier for fraud victims to achieve redress, the reforms could result in increased costs and greater friction in payment processing and may not directly make it more difficult for criminals to operate scams, say Daniel Murphy and Gary Orritt at Eversheds Sutherland.
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A Look At Key Trends In UK Enforcement Of G-7 Sanctions
In light of the recent creation of a G-7 Enforcement Coordination Mechanism that is opening the door for greater collaboration between the U.K. and G-7 countries, together with a more aggressive approach to enforcement in the U.K., an uptick in investigations is likely, particularly regarding Russia, say attorneys at Baker McKenzie.
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Proposed EU Directive May Bring Harmony To Insolvency Law
The diverging insolvency regimes across European Union member states often lead to significant discrepancies in the recovery value for creditors, but a recent proposal for a directive that would affect areas like directors' duties and prepack processes represents a welcome move toward the harmonization of these laws across the EU, say attorneys at Taylor Wessing.
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UK Enviro Ruling Takes Narrow View Of Standard Of Review
In an important case that should provide comfort to investors involved in large public-finance backed infrastructure projects, the U.K. Court of Appeal's judgment against Friends of the Earth suggests that English courts will only intervene in limited circumstances where the U.K. government is challenged on the basis of an international treaty, say Holly Stebbing and Maddie Hallwright at Norton Rose.
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How Changes To 'Acting In Concert' Will Affect UK Takeovers
The recent changes made to the rules by the U.K. Takeover Panel on who is presumed to be acting in concert will be of most interest to parties proposing to make a bid for a U.K. listed company, and give welcome clarity as to how the U.K. takeover regime operates, say attorneys at Herbert Smith.
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Crypto And The Potential For Insider Dealing Offense
Recent cases have raised concerns about crypto providing new opportunities for insider dealing, and while it isn't more vulnerable to schemes than any other security, the lack of regulation and the newness of the technology exasperate its susceptibility to insider trading and potential criminal offense, say Adam Craggs and Alice Kemp at RPC.
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UK Ruling Guides On Appropriation Of Financial Collateral
While a London court’s recent ruling in ABT Auto Investments v. Aapico sets out practical guidelines for enforcement of security over financial collateral by appropriation — particularly amid a breakdown of relations with the collateral provider — a recently proposed bill could mean the future of this method is in question, say Bruce Johnston and Paul Denham at Morgan Lewis.
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How Lenders And Borrowers Can Prepare For Libor's End
While the end of Libor in just over three months isn't expected to greatly affect the syndicated loan market, borrowers and lenders should check their agreements for fallback provisions and references to Libor in order to implement the applicable benchmark replacement, say attorneys at Cahill Gordon.
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Key Points In Draft EU Foreign Subsidies Regulation
The draft implementing regulation on EU foreign subsidy control provides eagerly awaited guidance on the submission of mandatory notifications, but there are still many open questions, say Paul van den Berg and Merit Olthoff at Freshfields.
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Sanctions Enforcement Around The G-7: View From The US
The recent creation of the G-7 Enforcement Coordination Mechanism, to be chaired by the U.S. in its first year, signals that companies should prepare for increased enforcement of Russia sanctions and better coordination of such efforts among member nations, say attorneys at Baker McKenzie.
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Danske Bank Deal Offers Corporate Compensation Warning
The recent Danske Bank settlement opens doors for aggressive prosecution of fraud committed against U.S. banks that maintain correspondent relationships and instructs companies to implement compensation systems restricting executive bonuses in response to misconduct, say Michael Volkov and Alexander Cotoia at The Volkov Law Group.
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Why UK Bitcoin Ruling Is Important To The Digital Asset World
The recent U.K. Court of Appeal decision in Tulip Trading v. Van der Laan, as the first to consider the scope of fiduciary duty in cryptocurrency software development, is a significant ruling with wide-ranging implications for the international crypto community, say Ellen Keenan-O'Malley and Mark Lubbock at EIP.
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Key Aspects Of UK Proposal On 'Buy Now, Pay Later' Lending
HM Treasury is consulting on draft legislation that will bring "buy now, pay later" within the Financial Conduct Authority's regulatory perimeter, and firms will need to consider whether the proposed temporary permissions regime gives sufficient time to get to grips with the requirements, say James Black and Virginia Montgomery at Hogan Lovells.
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What EU Cookie Consent Report Means For Website Owners
The European Data Protection Board’s recent report on website cookie banner practices provides a useful overview of what authorities consider to be problematic, and with more enforcement actions to be expected this year, website owners may use it to review their own policies, say Thibaut D'Hulst and Defne Örnek at Van Bael & Bellis.
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Volatile Energy Prices Complicate Int'l Arbitration Damages
In the turbulent global energy market, international arbitration is a crucial tool for resolving cross-border disputes — but determining how, if at all, to account for recent energy price spikes when quantifying damages presents many challenges for tribunals, say attorneys at White & Case.