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Financial Services UK
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June 25, 2024
Law Firm Faces £35M Suit Over Troubled Care Home Scheme
Liquidators for a now-defunct group of companies have accused a law firm of ignoring the signs that their client was defrauding investors out of millions of pounds through a luxury care home Ponzi scheme.
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June 25, 2024
BBC Fights For Ability To Cut Costs Of £20B Pension Scheme
The British Broadcasting Corporation launched an appeal Tuesday in a case that will decide whether it is able to reduce future benefits for members of its £19.8 billion ($25 billion) pension scheme.
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June 25, 2024
Disability Care May Leave Parents' Pension Funds Short
Employers must create more flexible workplace cultures to ensure parents can balance caring and working after research shows that those with disabled children could be worse off in retirement because of caring responsibilities, People's Partnership said Tuesday.
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June 25, 2024
Cantor Fitzgerald Loses Appeal Over $7.5M Unpaid Fees
Cantor Fitzgerald cannot demand a $7.5 million finder's fee for its services to the Indian bank Yes Bank Ltd., a London appeals court ruled Monday, finding the broker did not help the bank raise the private capital as stipulated in their contract.
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July 02, 2024
Paul Hastings Hires Finance Pro Reena Gogna From Weil
Paul Hastings LLP has recruited a finance specialist from Weil Gotshal & Manges LLP in London to boost its offering to lenders in leveraged finance transactions and other complex deals.
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June 24, 2024
Businessman Sentenced For Disclosure Failings In Fraud Suit
A real estate investor was given a suspended sentence by a London judge Monday for failing to hand over information about his financial assets to investors suing him for alleged fraud, despite a court order.
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June 24, 2024
Ex-Luminance CEO Joins The Barrister Group As COO
The Barrister Group, which serves clients in England and Wales, announced on Monday the appointment of a chief operating officer with experience leading legal artificial intelligence co-pilot Luminance Technologies Ltd.
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June 24, 2024
BHS Asks For £133M In Damages From Former Director
Liquidators for now-defunct retail chain British Home Stores argued Monday that one of the company's former directors owes it £133.5 million ($169.2 million), maintaining that the court should calculate damages from the day he was found to have agreed to a loan that was not in the interests of shareholders and not likely to save the business.
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June 24, 2024
German Banker's Cum-Ex Trial Dropped Due To Health
The former chairman of M.M. Warburg & Co. KGaA will not face trial for alleged dividend-tax evasion linked to cum-ex transactions spanning from 2006 to 2019 after a German court halted the trial due to his health, according to a Monday court statement.
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June 24, 2024
Ex-Chief Of EU Lender Probed Over Corruption Allegations
Werner Hoyer, the former head of the European Union's lending arm, is being investigated by the bloc's public prosecutor over corruption, abuse of influence and misappropriation allegations that he said on Monday were "unfounded and baseless."
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June 24, 2024
Dentons' Inadvertent AML Error Wasn't SRA Misconduct
Dentons' U.K. arm failed in handling anti-money laundering checks on a politically exposed former client, but its oversight was entirely inadvertent and therefore did not amount to professional misconduct, a London tribunal has ruled.
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June 24, 2024
Herbert Smith Launches ESG Regulations Monitoring Tool
Herbert Smith Freehills LLP on Monday launched a tool designed to help businesses stay up to date with the evolving landscape of environmental, social and governance regulations and reporting requirements.
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June 24, 2024
CEO Can Sue Nickel Mining Co. In UK Over 'Ambiguous' Firing
An employment tribunal has ruled that the former CEO of a Zambian mining company can pursue his unfair dismissal claim in the U.K. after concluding that his contract was subject to English law.
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June 24, 2024
UAE Fund Can't Shake Asset Freeze As Mogul Chases £20M
A London court agreed on Monday to continue a worldwide asset freezing order against a UAE sovereign wealth fund to allow an aviation tycoon to attempt to recover more than £20 million ($25.4 million) after a fraud allegedly assisted by a Dechert LLP partner.
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June 24, 2024
Charity Urges Better Ways To Fight Investment Greenwashing
A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.
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June 24, 2024
Prudential Launches First Tranche Of $2B Buyback Program
Insurer and asset manager Prudential PLC has commenced an initial $700 million share buyback program, the first phase of a wider up to $2 billion repurchase scheme, advised by Slaughter and May.
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June 24, 2024
FCA Takes Action Against 3 Fund Mngrs On Risky Investments
The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.
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June 24, 2024
CMS-Led Aareal Bank To Sell Unit To TPG For €3.9B
German lender Aareal Bank AG and investment company Advent International said Monday that they have agreed to sell a property management and maintenance software company to U.S. private equity firm TPG and Canada's CDPQ for approximately €3.9 billion ($4.2 billion).
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June 21, 2024
UK Tax Fraud Cases Rose 49% Over One-Year Period
The U.K. tax authority launched more criminal cases for tax fraud for the year ended June 30, 2023, increasing 49% from 63 cases for the previous year to 94, Pinsent Masons LLP said Monday.
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June 21, 2024
Russian Bank Founder Hit With Asset Freeze In $850M Claim
A London judge froze the assets of the co-founder of a Russian bank in a hearing Friday, in the latest development of an $850 million fraud claim in which two Russian lenders are seeking to claw back allegedly embezzled funds.
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June 21, 2024
OECD Official Sees Amount B Deal Helping With Amount A
The Organization for Economic Cooperation and Development is close to a final deal on a key part of its efforts to establish new international taxing rights under Amounts A and B of its Pillar One plans, according to the organization's tax chief.
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June 21, 2024
Austrian Bank Beats Challenge To 'Easybank' TM
Italian bank Intesa Sanpaolo lost its challenge to an Austrian bank's "easybank" trademark, after the Austrian bank persuaded the European Union's intellectual property office that it had put its direct banking brand to good use.
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June 21, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.
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June 21, 2024
European Funds Want Laxer Rules On Derivatives Calls
A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.
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June 21, 2024
Axiom Stays £65M Action As Directors Claim Bankruptcy
A London judge ruled on Friday that shuttered firm Axiom Ince can stay its almost £65 million ($82 million) claim against its ex-director and several of his companies for allegedly misappropriating client funds, saying the main defendant has been declared bankrupt.
Expert Analysis
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EEA Equivalence Statement Is Welcomed By Fund Managers
The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.
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Crypto As A Coin Of The Corporate Realm: The Pros And Cons
The broadened range of crypto-assets opens up new possibilities for employers looking to recruit, incentivize and retain employees through the use of crypto, but certain risks must be addressed, say Dan Sharman and Sunny Mangatt at Shoosmiths.
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Comparing UK And EU's View On 3rd-Party Service Providers
The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.
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Key Points Of BoE Response To Digital Pound Consultation
Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.
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Goldman Prosecution Delivers A Clear Sign Of FCA Strength
The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.
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The Good, The Bad And The New Of The UK Sanctions Regime
Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.
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A Look At Environment Agency's New Economic Crime Unit
Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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4 Legal Privilege Lessons From Dechert Disclosure Ruling
The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.
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BT Case May Shape UK Class Action Landscape
The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.