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Financial Services UK
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May 14, 2024
Repository Denies Withholding Investment Data From Fund
A securitization repository has denied "capriciously" withholding investment data from an investment fund, claiming that it never received a request for the information and did not know the fund existed.
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May 14, 2024
ATM Network Accuses Stripe Of Infringing 'Link' TMs
The main ATM network in the U.K. has accused Stripe of infringing its trademarks and hijacking its reputation by providing a payments system under the "Link" name, telling a court that consumers associate this branding with the cash machine system in Britain.
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May 13, 2024
Irked Autonomy Judge Vents On HP Fraud Trial's Slow Pace
U.S. District Judge Charles Breyer on Monday blasted lawyers for the government and two former Autonomy Corp. PLC executives in a criminal fraud case over the trial's slow progress, saying he's "annoyed," but also "complicit" because he "did not take more of a controlling posture."
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May 13, 2024
JP Morgan Battles Viva Wallet Founder Over Buyout Value
J.P. Morgan International Finance Ltd. urged a London judge Monday to reject a payment company's "nonsensical" case over the investment bank's option to buy out its partner's stake in a joint venture fintech business.
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May 13, 2024
Barclays Can Keep $148M Russian Swaps Dispute In London
Barclays has secured a permanent London court order preventing sanctioned Russian state investment company VEB from taking its $147.7 million swaps dispute with the bank away from the U.K. to an arbitration court in Moscow.
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May 13, 2024
Warning On Surge In Mortgages Going Beyond Retirement
Almost half of new mortgages issued in Britain toward the end of 2023 reach beyond the state pension age, figures published on Monday show, raising the risk of an impending retirement crisis.
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May 13, 2024
EasyGroup Sues Vehicle Rental Co. Over 'EasyHire' TM
EasyGroup has hit English car and van rental business Easihire with a trademark infringement claim, arguing that customers are likely to confuse Easihire with its own easyHire brand.
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May 13, 2024
Gov't Tells Finance, Law Watchdogs To Improve AML Reports
HM Treasury and Britain's anti-money laundering watchdog have told professional bodies in sectors including law and accounting to sharpen the focus in their annual reports on failures in compliance and supervisory actions.
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May 13, 2024
Demand Grows For Cross-Border Pensions In Unstable States
Cross-border pension and saving plans have more than doubled in just five years, with much of the growth in schemes covering employees in unstable countries, according to a survey published Monday.
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May 10, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Playtech file an intellectual property claim against online casino company OnAir Entertainment amid allegations of corporate spying, a broadcast equipment company sue its former owner amid allegations he conspired to inflate a customer’s finances, and aerospace company Vertical Aerospace hit a manufacturer with a claim following a test flight crash. Here, Law360 looks at these and other new claims in the U.K.
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May 10, 2024
Commerzbank Analyst To Pay £20K After False Allegations
A financial analyst has lost all his claims of harassment, sexual harassment, victimization and race discrimination at the hands of Commzerbank, as the Employment Tribunal found that some allegations were "pure inventions" and ordered him to hand over £20,000 ($25,000).
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May 10, 2024
Costs Of Pension Portals Rise £54M Over Launch Delays
The cost of building new online pensions dashboards has risen by £54 million ($67.6 million) in three years as the project has faced delays due to poor governance, a damning report by the public sector audit watchdog said on Friday.
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May 10, 2024
Ex-Plastics Co. Manager Spared Prison For Insider Dealing
A London judge gave a former manager at a plastics company an 18-month suspended prison sentence on Friday for insider dealing in connection with the £261 million ($327 million) purchase of a rival company.
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May 10, 2024
Financial Co. Sues Tende Energy For $5M Over Loan Deal Fee
Cayman Islands financial services company Omega Financial Corporation has sued energy developer Tende Energy for $5 million (£4 million), alleging it is owed the debt from its deal to transfer to Tende its rights to a loan with an oil and gas exploration company.
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May 10, 2024
Director Imprisoned For Deceiving FCA In £1.2M Fraud Probe
A business director was sentenced to 18 months in prison on Friday for providing a forged document to investigators in a fruitless attempt to prop up the defense of self-styled investment brokers now convicted of a £1.2 million ($1.5 million) boiler room fraud.
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May 10, 2024
FCA Warns Firms Of Market Abuse Surveillance Failings
The Financial Conduct Authority has warned in its latest market watch newsletter that some companies have inadequate or faulty systems to detect market abuse, with insufficient governance arrangements.
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May 10, 2024
MPs Mull Using Frozen Russian Assets For Ukraine Recovery
Politicians are to probe leading experts, including the head of financial crime and compliance at Lloyd's of London, on whether the U.K. should follow the European Union and use profits from Russia's frozen assets to help Ukraine, as they examine the sanctions regime.
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May 09, 2024
Ex-Goldman Banker Fights To Overturn Contempt Ruling
A former Goldman Sachs banker urged a London appellate court panel Thursday to overturn a ruling that he had breached court orders to hand over information about the financial assets of the wife of an imprisoned Turkish politician.
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May 09, 2024
Royal Bank Of Canada Beats Analyst's Bullying Claim
The Royal Bank of Canada convinced an employment tribunal to toss discrimination claims from a former employee because he filed his action too late.
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May 09, 2024
Ex-Goldman Banker Fights US Extradition On Bribery Charges
A former Goldman Sachs banker wanted in the U.S. for allegedly bribing Ghanaian officials fought the decision by the U.K. to extradite him on Thursday, arguing that the alleged offense took place in London when he was an employee of the investment bank.
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May 09, 2024
Construction Giant Cimolai Settles €10.6M Forex Dispute
Italian construction giant Cimolai has settled a €10.6 million ($11.4 million) claim from Ebury Partners over foreign exchange contracts that the steel pipe manufacturer signed in 2022.
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May 09, 2024
Aviva Takes On Construction Co. Pension Scheme In Full
Insurance giant Aviva has secured the benefits of all uninsured final salary members of a pension plan sponsored by a British construction group in a deal guided by CMS.
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May 09, 2024
Watchdog Preps Rules For Banks To Repay High-Value Fraud
The payments watchdog has set out plans to extend its fraud reimbursement scheme to high-value bank transfers through the CHAPS system, reducing the risk that fraudsters will move there to avoid detection.
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May 09, 2024
BBVA €12B Offer For TSB Owner Sabadell Turns Hostile
Spanish banking giant BBVA launched a hostile takeover of Banco de Sabadell on Thursday, approaching shareholders directly with a €12 billion ($12.8 billion) all-share deal after being rebuffed by the rival bank's board.
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May 08, 2024
EGC Won't Annul EU Decision To Toss Spanish Tax Scheme
The European General Court will not annul a European Commission decision that a Spanish tax scheme for vessels built in its domestic shipyards must be abandoned because it was incompatible with the European Union's internal market, according to a judgment released Wednesday.
Expert Analysis
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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.
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Director Responsibilities Amid Russian Asset Seizures
Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.
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Investors Should Prepare For Possible EU Energy Treaty Exit
Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.
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EU Raw Materials Initiative Vital For Sustainable Value Chains
The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.
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UK Top Court Ruling Spells Uncertainty For Litigation Funders
The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.
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Gender Diverse Boards May Reduce Corporate Fraud Risk
Following the recently proposed "failure to prevent fraud" offense, companies should focus on diversity in leadership as research shows that an increase in women's representation on boards is associated with a decreased probability of fraud, say Anoushka Warlow and Suzanne Gallagher at BCL Solicitors.
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Trustees Should Take Caution After UK Pension Tap Plan
The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.
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Factors Driving Increased Litigation Against European Cos.
European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.