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Financial Services UK
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July 01, 2024
Skadden-Led BlackRock To Buy Data Group Preqin For £2.6B
Investment firm BlackRock said Monday that it has agreed to acquire private markets data provider Preqin for £2.55 billion ($3.2 billion) to boost its investment management in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Macfarlanes LLP.
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July 01, 2024
Osborne Clarke Guides Aviva's School Pension Deal
Insurance giant Aviva has completed a full scheme buy-in for a pension plan sponsored by Taunton School, consultancy Broadstone said Monday, in a deal guided by Osborne Clarke LLP.
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June 28, 2024
EU Insurance Watchdog Warns Of Real Estate Risk Exposure
The European pensions and insurance industries are increasingly exposed to the possibility of a real estate collapse, the sector watchdog warned in a newly published report into the financial stability for the region.
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June 28, 2024
EU Adds 4 Pro-Russian Companies To Sanctions List
The Council of the European Union added four Russian companies and two individuals to its sanctions list Friday for actions that threaten Ukraine amid Russia's waging war against it.
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June 28, 2024
Taxation With Representation: Kirkland, Vinson, Skadden
In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.
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June 28, 2024
Firms Face Increased Scrutiny Amid FCA Focus On Resilience
The Financial Conduct Authority and the Prudential Regulation Authority have challenged two thirds of general insurance and investment firms about their ability to prevent disruption by threats like cyberattacks, according to an industry study.
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June 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Uber hit with claims from Addison Lee and the former CEO of the Kabbee app, animal by-product company Leo Group file a defamation claim against a local anti-odor campaigner, and a self-styled lord who claims to be the illegitimate son of the late Prince Phillip resume legal action against his cousins for a share in his late aunt's estate. Here, Law360 looks at these and other new claims in the U.K.
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June 28, 2024
Turkey Taken Off Global AML Monitoring List After Rule Fixes
The Financial Action Task Force said Friday that it has removed Turkey from its "gray list" after the country improved its anti-money laundering rules and strengthened its regulations combating the financing of terrorism.
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June 28, 2024
ING Claim Would Fund Sanctioned Billionaire, Tecnimont Says
ING cannot recover money from Tecnimont in a €212 million ($227 million) bond dispute because compensating the Dutch lender would directly fund a sanctioned Russian billionaire, the Italian industrial group said in London court filings.
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June 28, 2024
Fidelis Claims No Liability In $23M Stranded Jet Spat
Fidelis Underwriting Ltd. has hit back at another claim that it must pay out in a $23 million row over a leased plane stranded in Russia, arguing that no insured event has occurred, and that an Irish aviation lessor is not covered by the country's law.
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June 28, 2024
Manolete Sues MSR Partners For £15.6M Over Audit Failure
Manolete Partners PLC has sued MSR Partners LLP for £15.6 million ($19.7 million), alleging that the accounting firm failed in auditing a peer-to-peer lending platform that went into administration in 2019.
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June 27, 2024
Barclays Says Businessmen Breached £13.7M Freezing Order
Barclays Bank PLC told a London court Thursday that three businessmen breached a freezing order by moving assets offshore as it sued them, claiming they conspired to take £13.7 million ($17.4 million) by exploiting its overdraft mechanism.
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June 27, 2024
NFT Game CEO Accuses Collaborator Of Keeping Biz Info
The CEO of an NFT-winning online game has accused his former collaborator of refusing to hand over confidential information belonging to his gaming company after the pair's professional relationship broke down.
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June 27, 2024
DWF Buys Australian Claims Management Business
Private equity-backed DWF LLP said Thursday it has agreed to buy Australian claims management company Proclaim for an undisclosed amount to bolster its presence in the country.
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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.
Expert Analysis
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The Benefits Of Uniformity In EU Anti-Corruption Proposals
The proposed directive requiring European Union member states to incorporate uniform anti-bribery measures would bring greater harmony and consistency, doing much to facilitate the prevention of bribery and drive common standards in the compliance culture of companies, say lawyers at White & Case.
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What To Know About 'Prior Obligations' Sanctions Exemption
The U.K. Office of Financial Sanctions Implementation recently issued a "prior obligations" general license authorizing U.K. persons to receive funds or economic resources owed to them by any person targeted by U.K. asset freeze sanctions, and it is novel for its scope but by no means a panacea, say Jane Shvets and Konstantin Bureiko at Debevoise.
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Recent Cases Mark Maturation Of CAT Class Cert. Approach
The Competition Appeal Tribunal's recent refusal to grant collective proceedings applications against Visa and MasterCard in the Commercial and Interregional Card Claims case shows that the tribunal takes its role as a gatekeeper seriously, and that it will likely continue to be difficult for defendants to defeat certification first time around, say lawyers at Linklaters.
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Why The UK Needs Tougher Fraud Enforcement
The Crown Court's recent conviction of Anthony Constantinou for running a Ponzi scheme is a rare success for prosecutors, highlighting the legal system's painfully slow course when it comes to complex fraud, and the need for significant funds and resources in the fight against financial crime, says James Clark at Quillon Law.
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What New FCA Management Will Mean For Enforcement
Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.
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Global M&A Outlook: Slow But Moving Along
Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.
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Why Int'l Investors Should Keep An Eye On German M&A Regs
While German reform proposals will digitize corporate law formalities that have long been immune to change, international limitations remain, particularly for countries outside the European Union, as Germany moves to tighten regulatory hurdles to control inbound investment, say Marcus Geiss and Sonja Ruttmann at Gibson Dunn.
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How B2B Data Sharing Could Unlock Untapped Value
B2B data sharing offers organizations an opportunity to extract greater value from an existing asset, and although it is essential to consider the legal and regulatory framework and maintain a sound governance structure, with strong support businesses that share data are likely to grow more than those that do not, say Jocelyn Paulley and Helen Davenport at Gowling WLG.
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Why Coordinated UK Crypto Regulation Is Needed
The slew of recently published crypto-sector consultations and reports differ in their treatment of the currency, so the industry must coordinate to establish regulations that can weather the proliferation of fraud while supporting the U.K.'s race to become a world leader in digital assets, says Nicola McKinney at Quillon Law.
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5 Code Of Ethics Recommendations For FTSE 350 Companies
In light of the U.K. Institute of Business Ethics' recent report on the FTSE 350, companies should regularly update their code of ethics in order to emphasize to employees and business partners the importance they place on following good practice, say attorneys at Norton Rose.
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Examining The Effects Of Increased Construction Insolvency
With a significant rise in construction firm insolvencies, proactive monitoring of key counterparties is paramount, and if early warning signs such as failure to pay suppliers or a turnover in key management are triggered, parties should take steps to minimize exposure and potential losses, say lawyers at Reynolds Porter.
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What TPR's Guidance On DEI Means For Pensions Industry
The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.
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The Many Challenges Of Post-Brexit Regulatory Divergence
As the regulatory effects of the U.K.'s departure from the EU emerge and the geopolitical landscape continues to evolve, firms must monitor compliance with fast-changing trade sanctions and the foreign investment screening regime that continues to add cost and complexity to the cross-border acquisitions market, say lawyers at Shepherd & Wedderburn.
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Economic Issues To Watch In The Libor Transition
With the London Interbank Offered Rate officially retiring June 30, market participants and their counsel should consider how the economic questions presented by outstanding contracts and the pros and cons of different alternative reference rates may lead to litigation around Libor cessation, say analysts at The Brattle Group.
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Reserved Investor Fund Would Plug Gap In UK Finance Market
The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.