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Financial Services UK
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June 20, 2024
Sainsbury's To Pay NatWest £125M To Exit Bank Unit
Sainsbury's will pay NatWest approximately £125 million ($159 million) to take on most of the personal banking assets of the U.K. retail giant, the companies said Thursday, as grocers look to exit the consumer banking market.
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June 19, 2024
Stripe Seeks To Revoke ATM Network's TMs
Stripe has urged a court to revoke trademarks owned by the main ATM network in the U.K., which accused the online payment processor of infringement and hijacking its reputation by using the "Link" name for a payment service.
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June 19, 2024
Mastercard Cuts Time-Barred Claims From £10B Class Action
A London tribunal has wiped out a swathe of claims from a £10 billion ($12.7 billion) class action against Mastercard for being time-barred, dismissing allegations on Wednesday that the credit card giant had hidden information about its interchange fees from consumers.
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June 19, 2024
EU Gov'ts Agree Position On Simpler Data-Sharing Rules
European Union governments agreed where they stand on new rules on Wednesday to help most financial regulators in the bloc to share data, with more efficient reporting by watchdogs and companies.
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June 19, 2024
Coinbase Loses Bid For EU Trademark Resembling Letter 'C'
Cryptocurrency exchange platform Coinbase failed to persuade a European court to upend an intellectual property office ruling that rejected its figurative trademark for a shape resembling the letter "C" as the court backed the ruling that the application lacked distinctive character.
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June 19, 2024
Plane Not 'Lost' In $15M Stranded Jet Row, Chubb Says
Chubb European Group SE has said it is not liable for $14.7 million claimed by the Irish wing of a U.S. aircraft leasing company to cover the claimed loss of a plane stranded in Russia because the insurer says it is not actually lost.
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June 19, 2024
New UK Gov't 'Should Push EU' For Extended Tax Relief Deal
A trade body for investment companies has said that whichever political parties forms the new government on July 5 should make it a priority to ensure that the European Union ratifies the U.K.'s recent decision to extend existing tax relief for venture capital trusts.
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June 19, 2024
Swiss Watchdog Ends UBS-Credit Suisse Merger Controls
Switzerland's financial watchdog said Wednesday that it has cleared the takeover by UBS of stricken rival Credit Suisse AG after finding that the rescue deal would not harm competition in any domestic market.
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June 19, 2024
Fieldfisher Steers £165M Mineral Biz Pension Deal
Insurance giant Aviva said on Wednesday that it has completed a full retirement savings plan buy-in worth £165 million ($210 million) sponsored by mineral miner and processor Sibelco UK Ltd., in a deal guided by Fieldfisher LLP.
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June 19, 2024
Nasdaq Stockholm Fined $9.6M For Compliance Breaches
The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.
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June 18, 2024
Regulator Reminds Merging Firms To Put Clients First
The regulator for solicitors in England and Wales on Tuesday issued a new warning notice, reminding law firms that their clients' interests must be the top priority during legal industry mergers and acquisitions.
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June 18, 2024
Hargreaves Lansdown Backs £5.4B CVC, Abu Dhabi Bid
The board of Hargreaves Lansdown PLC said Tuesday that it would be willing to recommend to its shareholders a sweetened £5.4 billion ($6.9 billion) takeover offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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June 18, 2024
HSBC Hit With Swiss Restrictions After Compliance Breaches
Switzerland's financial regulator said Tuesday that HSBC's Swiss private bank had breached anti-money laundering requirements in banking transactions with two high-profile individuals, restricting its new business relationships until it completes reviews overseen by a monitor.
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June 18, 2024
HSBC Manager Won't Be Reinstated After Unfair Dismissal
An employment tribunal has refused to order HSBC to reinstate a former manager after it unfairly dismissed her in a flawed redundancy process, finding that the bank would have ended her employment on the same day anyway.
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June 18, 2024
Lifeboat Scheme Names PwC As Partner For Claims Service
The Financial Services Compensation Scheme said Tuesday it has awarded its core claims service contract to Big Four accounting firm PwC as the scheme expands its in-house team.
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June 18, 2024
Akin Elects US, London Duo To Take Over From Veteran Chair
Akin Gump Strauss Hauer & Feld LLP said on Tuesday that it has elected the partner in charge of its New York office and a corporate specialist in London to jointly lead the firm as its longtime chair prepares to step down next year.
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June 18, 2024
EU Finance Watchdogs Call For Improved Sustainability Rules
The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.
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June 18, 2024
Serco Settles Landmark Shareholder Dispute Mid-Trial
Serco settled a landmark shareholders' claim on Tuesday with investors who sued the outsourcing giant for compensation over an overbilling scandal that caused its share price to nosedive.
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June 17, 2024
Ex-Energy Minister Revives Bid To Ax Libel Defense
A lawyer for an Iraqi politician said an investigative journalism article about the Iraqi oil business is "cherry-picking" bits of a court judgment to "create a story of corruption," urging a judge Monday to throw out the journalists' defense to his libel claim.
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June 24, 2024
Leading Blockchain Lawyer Joins Lawrence Stephens
Lawrence Stephens Ltd. has hired a litigator with expertise in blockchain technology and digital assets from Shoosmiths amid growing demand from clients for advice on cryptocurrency asset recoveries and all other issues associated with emerging technologies.
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June 17, 2024
Feds Take Hard Line On Tycoon's Pilots After He Goes Free
Manhattan federal prosecutors asked a sentencing judge to consider aggravating circumstances for two pilots who allegedly traded on stock tips from U.K. billionaire Joe Lewis, despite not seeking a prison term for the private equity honcho and former soccer club owner.
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June 17, 2024
Foreign Exchange Biz To Pay £61K Over Demotion
A foreign exchange firm must pay £61,993 ($78,535) to a senior employee after an employment tribunal ruled that its decision to nix his desk management role was a demotion that amounted to a dismissal.
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June 17, 2024
SFO Intends To Charge Individuals In Glencore Bribery Case
The Serious Fraud Office is seeking permission to charge individuals in its bribery probe into international commodities trader and miner Glencore, the crime-fighting agency confirmed at a London court on Monday.
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June 17, 2024
Tech Co. Loses Bid For Automatic Payments Patent In UK
A payments software company cannot protect its automatic payments system with a patent in the U.K. because it relates solely to a method of doing business, intellectual property officials have ruled.
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June 17, 2024
StanChart Investors Can 'Piggyback' On US Sanctions Claims
Standard Chartered PLC lost its bid at a London appellate court on Monday to toss accusations by investors that the bank downplayed by hundreds of billions of dollars the extent to which it had breached U.S. sanctions against Iran.
Expert Analysis
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US And UK Law Firms Continue Trend Of EU Expansion
A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.
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A Look At 2023's Landmark Insolvency Developments
The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.
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Pension Industry Should Monitor Evolving ESG Issues In 2024
ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.
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What 2024 Has In Store For White Collar Crime Enforcement
Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.
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Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
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Regulating Digital Platforms: What's Changing In EU And UK
Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.
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How Boards Can Mitigate Privacy, Cybersecurity And AI Risks
In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.
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The Outlook For UK Restructuring Plans At Home And Abroad
The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.
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Foreign Assets Ruling Suggests New Tax Avoidance Approach
The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
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Cos. Must Monitor Sanctions Regime As Law Remains Unclear
While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.
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Unpacking The UK's Proposals To Regulate Crypto-Assets
Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.