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Financial Services UK
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June 27, 2024
EasyGroup Can't Claim TM It Isn't Using, Van Rental Biz Says
Car and van rental firm Easihire has hit back in London court at easyGroup's claims of trademark infringement, arguing that the low-cost giant should lose the "easyHire" mark it relied on because it hadn't even used it.
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June 27, 2024
Xeinadin Sues Ex-Director, Wife Over Breach Of Duties
Xeinadin has sued the former director of an accountancy firm it acquired and his wife for more than £1 million ($1.2 million) it claims it is owed from the deal to buy their stake in the firm after it sacked him amid allegations of fraud.
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June 27, 2024
FCA Official Vows To Pick Up The Pace Of Fraud Probes
The Financial Conduct Authority is working to increase the "pace" of its investigations of fraud and other financial crimes as a law enforcer and regulator, the watchdog's joint head of enforcement said.
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June 27, 2024
DXC Wins TM Battle Against German Firm
American information technology DXC can now register its trademark after U.K. intellectual property officials ruled against a German investment firm's claim that the name was too similar to its own and would confuse customers.
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June 27, 2024
A&O Shearman Steers Ireland's €593M AIB Stake Sale
The Irish government said Thursday it has sold a further 5% stake in AIB for €592.9 million ($633.8 million), as it continues to shrink its ownership after nationalizing the lender during the global financial crisis.
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June 26, 2024
Financier Seeks Absolution In Vatican Real Estate Deal Trial
An Italian financier and his companies argued at a London trial Wednesday that the Vatican's allegations that he was involved in an unlawful conspiracy over a London property deal are "incoherent and confused," claiming he acted in good faith throughout the transactions.
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June 26, 2024
Ex-BHS Director Ordered To Pay £50M Over Firm's Collapse
A London judge has ordered a former director of the now-defunct British Home Stores to pay £50 million ($63.2 million) in damages after concluding he had committed trading misfeasance and wrongful trading during the company's high-profile downfall.
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June 26, 2024
Fidelis Says Aircraft Lessors Not Covered Under Russian Law
Fidelis Underwriting Ltd. has said that the lessor and owners of three aircraft stranded in Russia after the country's invasion of Ukraine cannot reclaim $77.2 million for the planes from the reinsurer because they are not insured parties under Russian law.
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June 26, 2024
Poultry Biz Wins Appeal Over Workers' Travel Time Pay
An appellate judge ruled Wednesday that a poultry company does not have to pay its workers for the time they spent traveling to and from poultry farms, overturning a lower tribunal's ruling in favor of the U.K.'s tax authority.
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June 26, 2024
EU Justice Head Loses Bid To Lead Human Rights Group
The European Union's justice commissioner failed in his bid to lead a European human rights organization and returned Wednesday from his leave of absence for the remaining four months of his term as commissioner.
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June 26, 2024
DLA Piper Launches Investment Management & Funds Practice
DLA Piper formally launched its global investment management and funds practice Wednesday to meet increasing client demand and align with market trends, supporting asset managers, fund sponsors and investors.
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June 26, 2024
Zurich To Acquire AIG's Travel Insurance Biz For $600M
Zurich Insurance Group said Wednesday that it will buy the personal travel insurance business from U.S. financial group AIG for $600 million to help the Swiss insurer to become a leading provider of holiday cover in the U.S.
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June 25, 2024
Hedge Fund Exec Avoids Prison After Forex-Rigging Trial
The founder of U.K.-based Glen Point Capital on Tuesday was spared prison time following his conviction at trial for unlawfully manipulating the foreign exchange market in order to secure a $20 million payout for the hedge fund.
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June 25, 2024
UK Billionaire's Pilot Avoids Prison For Insider Trading
A Manhattan federal judge sentenced a former private jet pilot to house arrest Tuesday for insider trading on stock tips from his billionaire boss Joe Lewis, finding that a prison term would be unfair in comparison to Lewis' non-incarceratory sentence.
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June 25, 2024
NatWest Faces Fight To Revive Design School Fraud Case
The founders of an interior design school asked an appeals court to revive their fraud claim against NatWest on Tuesday, arguing that a settlement did not block their case that the bank pretended to help while trying to take the school's assets.
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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."
Expert Analysis
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Examining PayPal's Venture Into The Stablecoin Market
PayPal’s recent release of a stablecoin pegged to the U.S. dollar may represent a groundbreaking innovation or could fail as others have before it, and policymakers in the U.K. and the EU will be watching the impact of this new crypto token with a keen eye, say Ben Lee and Dion Seymour at Andersen.
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High Court Dechert Ruling Offers Litigation Privilege Lessons
While the recent High Court ruling in Al Sadeq v. Dechert LLP, which concerned torture conspiracy allegations against the firm, held that litigation privilege can be claimed by a nonparty to proceedings, the exact boundaries of privilege aren't always clear-cut and may necessitate analyzing the underlying principles, says Scott Speirs at Norton Rose.
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FCA Consumer Duty May Pose Enforcement Challenges
The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.
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UK Insolvency Reform Review Shows Measures Are Working
The U.K. Insolvency Service's recently published review of legislative reforms to the corporate insolvency regime demonstrates that despite being underutilized, the measures have been shown to help viable companies survive, and with the current difficult economic environment, will likely be an important aspect of organizational restructuring going forward, says Kirsten Fulton-Fleming at Taylor Wessing.
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More UK Collective Actions On The Horizon After Forex Ruling
A U.K. appeals court's recent decision in Forex case Evans v. Barclays is likely to significantly widen the scope of opt-out collective proceedings that can be brought, paving the way for more class actions by prospective claimants who have previously been unable to bring individual claims, say Robin Henry and Tamara Davis at Collyer Bristow.
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FCA Listing Reform Proposals Aim To Modernize UK Markets
The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.
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Takeaways From ICO's Action In NatWest Privacy Dispute
The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.
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How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
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How Russia Sanctions May Complicate Contract Obligations
Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.
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New Guidance Offers Clarity For Charities On ESG Investing
The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.
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US And EU Poised For Closer Ties In Tech Financial Market
The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.
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FCA Case Failures Highlight Value Of Robust Investigation
The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.
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UK Shares-Tax Proposals Offer Long-Awaited Modernization
The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.
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Directors Should Beware Reinvigorated UK Insolvency Service
The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.
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The New Accountability Landscape For Financial Regulators
The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.