EU Adviser Backs Oligarch Sanctions Tied To Alfa Bank Role

By Eddie Beaver

German Khan can't lift European Union sanctions against him, because the oligarch manages the assets of Alfa Bank which is one of the most important companies in Russia's banking sector, an advocate general of Europe's top court has said.

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Mercuria Says Benchmark Rules Untested In Hormuz Claim

By Ronan Barnard

Trader Mercuria Energy Group urged a London court on Friday to allow expert evidence on benchmarks and economics in its claim that the Baltic Exchange failed to account for the closure of the Strait of Hormuz when setting an oil-trading benchmark.

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FCA To Simplify Cost Disclosures On Consumer Investments

By Alex Davidson

The Financial Conduct Authority has set out proposals to simplify how financial services platforms and advisers disclose investment costs to consumers by merging fragmented rules on disclosure into a single approach.

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Roundup

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

By Megan Norcott

The past week in London, Russia's state development bank was sued in a commercial fraud claim involving military GPS technology, one of Nike's subsidiaries brought an intellectual property claim against a menswear company owner, BlackBerry re-opened a $6.49 million claim against its South Asian licensee and CBRE property services filed a claim against CMS Cameron McKenna Nabarro Olswang LLP. 

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Italian Engineer Wins Order Blocking 'Vexatious' Russian Case

By Sophia Dourou

An Italian engineering company has successfully prevented a Eurochem subsidiary owned by a sanctioned oligarch from trying to enforce a $1.19 billion judgment against it in Russia, as a court held that the Russian proceedings are "vexatious and oppressive."

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Insurer Loses Bid To Brand Ex-CEO's £1.7M Take Dishonest

By Eddie Beaver

An appeals court rejected on Friday an insurer's argument that its former chief executive had dishonestly pocketed £1.7 million ($2.3 million) from the business, ruling that a judge had fairly concluded that he believed he was authorized to take the money.

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EU Watchdog To Ease Transaction Reporting For €1B Saving

By Alex Davidson

The markets watchdog of the European Union has released a plan to simplify transaction reporting for financial institutions by eliminating duplication across rules as it seeks to save up to €1 billion ($1.14 billion) a year.

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More Than 9 In 10 Pension Pros 'Would Use Surplus Funds'

By Tom Fish

More than nine in 10 U.K. pension professionals expect to take advantage of planned new government rules that would allow defined benefit retirement schemes to release surplus funds, a pensions consultant has said.

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Brief

Danish Lender Ringkjoebing To Roll Out New $61M Buyback

By Irene Madongo

Denmark-based bank Ringkjoebing said Friday it will launch a new stock repurchase program worth 400 million Danish kroner ($61.3 million), which is expected to further lower its share capital.

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Sullivan & Worcester Adds 10-Lawyer VC Team In London

By Ashish Sareen

Sullivan & Worcester LLP has recruited 10 lawyers from German technology-focused law firm YPOG GmbH & Co. KG to launch an emerging companies and venture capital practice in London.

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Weil Hires Senior Finance Pro From A&O Shearman In London

By Ashish Sareen

Weil Gotshal & Manges LLP said Friday that it has boosted its team in London with the hire of a fund finance leader at A&O Shearman.

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Why Tonzip Is Notable In English Sanctions Law Development

The Court of Appeal's ruling in Tonzip Maritime Ltd. v. 2Rivers Pte Ltd., the latest in the English law of sanctions ownership and control, confirms that where a contract refers to sanctions exposure, the relevant question may be whether there is a real and objectively reasonable risk, not whether a sanctions breach has already been proved, say lawyers at Michelman Robinson.

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