The Financial Conduct Authority and the Financial Ombudsman Service set out landmark reforms to the U.K. financial services redress system on Monday, in line with a government commitment to introduce new legislation.
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FCA Proposes Major Overhaul Of Redress System

By Alex Davidson

The Financial Conduct Authority and the Financial Ombudsman Service set out landmark reforms to the U.K. financial services redress system on Monday, in line with a government commitment to introduce new legislation.

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Argentina Accused Of Misusing GDP Data In €1.5B Debt Row

By Eddie Beaver

Argentina is facing renewed legal action from hedge funds that accused it of using incorrect gross domestic product figures for calculating its €1.5 billion ($1.7 billion) outstanding debt to bondholders, which said Monday they have obtained a court order demanding as much.

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UniCredit To Push Commerzbank Stake To Over Crucial 30%

By Najiyya Budaly

UniCredit SpA launched a takeover offer for Commerzbank AT on Monday to push its holding in the German rival above a 30% bar, in a move that would allow it to continue to increase its stake.

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LITIGATION

Insurers Beat AmTrust's £59M Claim Over Legal Funding Fail

By Lucia Osborne-Crowley

AmTrust failed in its bid to hold an insurer of two defunct law firms liable for £59 million ($78 million) in defaulted loans after a court ruled Monday that the losses incurred in claimant cases were not covered by the firms' insurance policies.

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Investec Denies £22M Loan Breached Sberbank Sanctions

By Eddie Beaver

Anglo-South African lender Investec Bank PLC has denied that its lending provided funds to PJSC Sberbank in breach of sanctions, while pressing home its claim that two business executives owe it almost £22 million ($29.3 million) under loan agreements.

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Brokerage Lacks NY Ties In Pensions' Tax Claims, Judge Says

By Molly Moses

A New York federal court threw out claims by three pension plans against a London brokerage firm that, according to the plans, executed fraudulent refund claims for them to the Danish tax authority, finding the brokerage had insufficient ties to New York.

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POLICY & REGULATION

UK Watchdog Publishes Flexible Governance Reporting Guide

By Tom Fish

​The Financial Reporting Council on Monday urged companies to improve the quality of explanations they provide under U.K. Corporate Governance Code provisions, warning that rigid compliance and boilerplate disclosures risk undermining effective governance.

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'Deep Unease' On Gov't Pension Investment Plans, ABI Says

By Joel Poultney

There is "deep unease" about government plans to mandate pension funds to make certain investments, the Association of British Insurers has said, pointing to research that reveals that an overwhelming majority of savers are opposed to interference from Whitehall.

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Gov't Warned Against Mirroring Australian Pensions System

By Martin Croucher

The government should think twice before trying to replicate the Australian model of pension funds investing heavily in domestic assets without allowing the market to develop, a report published Monday found.

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DEALS

StoneX Proposes £241M Acquisition Of CAB Payments

By Dawood Fakhir

Investment services provider StoneX Group Inc. said Monday that it has offered to acquire payment services business CAB for approximately £241.3 million ($321 million) in an all-cash transaction.

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Asset Manager Liontrust To Buy Rival Biz For Up To £10M

By Tom Fish

Liontrust said Monday it has agreed to acquire the operating asset-management business of River Global PLC in an all-share transaction valued at up to £9.7 million ($13 million).

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PEOPLE

Brief

Ex-Barclays Lawyer Joins Scottish Firm Holmes Mackillop

By Ashish Sareen

Holmes Mackillop said Monday that it has hired an in-house lawyer from Barclays as the firm expands in Scotland.

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EXPERT ANALYSIS

Crypto-Asset Market Downturn Is Driving Litigation Risk

Recent volatility in the crypto-asset market has placed a strain on balance sheets and laid bare weaknesses that may have been overlooked during more stable periods, increasing the risk for disputes over whether procedures or enforcement have been carried out correctly, say lawyers at Kennedys.

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LAW FIRMS IN TODAY'S NEWS

4 New Square

4 Pump Court

A&O Shearman

Aberdein Considine

Binder & Schwartz

Clyde & Co

DWF LLP

Goldstein Law Group

Holmes Mackillop

Irwin Mitchell

K&L Gates

Kennedys Law LLP

Kostelanetz LLP

One Essex Court

Pure Legal

Quinn Emanuel

Reed Smith

Sidley Austin

Sullivan & Cromwell

COMPANIES IN TODAY'S NEWS

Association of British Insurers

Commerzbank

Ethereum GmbH

Financial Times Group Ltd.

Fort Point Capital

HBK Investments LP

Helios Investment Partners LLP

Investec PLC

London Stock Exchange Group PLC

Sberbank of Russia

Sompo International Holdings Ltd.

StoneX Group Inc.

The Bank of New York Mellon Corp.

UniCredit

GOVERNMENT AGENCIES IN TODAY'S NEWS

Financial Conduct Authority

Financial Ombudsman Service

Financial Reporting Council

House of Lords of the United Kingdom

U.S. District Court for the Southern District of New York

UK High Court