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Financial Services UK
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June 05, 2024
Debevoise-Led Ambac Unveils 2 Deals Totaling $702M
Debevoise & Plimpton LLP-led Ambac Financial Group on Wednesday announced two deals totaling $702 million, as the insurance holding company said it agreed to sell its financial guarantee business for $420 million in cash and separately announced that it will purchase a majority stake in Beat Capital Partners for roughly $282 million.
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June 05, 2024
Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison
A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.
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June 05, 2024
Binance Fights To Ax Crypto Investors' £9B Delisting Claim
The cryptocurrency exchange Binance asked a U.K. tribunal on Wednesday to strike out a £9 billion ($11.5 billion) claim brought by investors who say the exchange illegally colluded with other trading platforms to delist the Bitcoin Satoshi Vision cryptocurrency.
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June 05, 2024
Gov't UK ISA Savings Proposal Gets Cold Shoulder
More financial firms on Wednesday warned that the U.K. government's plans to give consumers a new tax break for investing in U.K. companies was unworkable, adding it could conflict with the Financial Conduct Authority's consumer protection rules.
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June 05, 2024
Swiss Bank Escapes Investor's Unlawful Conspiracy Claim
Lombard Odier has partially succeeded in blocking the claims of an investor who says the private bank withheld inside information about the merits of a British nanotech company's U.S. legal dispute with Samsung to convince him to buy shares in the company just before its price tanked.
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June 05, 2024
Climate Risk Must Form Part Of Trustee Role
A quarter of pension scheme trustees want a new interpretation of their fiduciary duties to allow them to consider climate risk because doing so will help tackle the dangers posed by a changing environment, Lane Clark & Peacock LLP said Wednesday.
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June 05, 2024
Trafigura Settles Nickel Fraud Suit With Reuben Brothers Co.
Trafigura has settled a London legal claim allegedly linked to a major ongoing nickel fraud scandal, the commodities trader confirmed Wednesday.
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June 05, 2024
FCA Research Access Plan Is Flawed, EU Finance Body Says
A group representing European financial firms said Wednesday that the Financial Conduct Authority's proposals to give asset managers more choice in how they obtain and pay for research are too inflexible, failing to make the U.K. more competitive.
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June 05, 2024
Labour's Pension Tax Plans Backed By Fiscal Research Body
An influential economics think tank has backed plans by the Labour Party to reintroduce the lifetime allowance, arguing that there should be a cap on the tax-free accumulation of pensions wealth.
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June 05, 2024
EU Financial Watchdogs Team Up With Cybersecurity Agency
The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.
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June 04, 2024
HP Fraud Charges Against Ex-Autonomy Execs Head To Jury
Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."
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June 04, 2024
Investor Rules Offer Shield To IG Index Debt, Tycoon Says
Real estate investor Robert Tchenguiz fought against an investment platform's claim over an alleged £7.9 million ($10 million) spread-betting debt at a London court on Tuesday, arguing that he has not run up the bill because the company failed to properly categorize him as a professional investor.
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June 04, 2024
EU Watchdogs Demand Tighter Greenwashing Controls
The European Union's financial regulators on Tuesday called on national regulators across the bloc to take tougher steps to combat greenwashing, using more resources and stepping up enforcement.
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June 04, 2024
Nearly A Third Of Over 55s Dipping Into Pensions Early
Almost three in 10 retirees over the age of 55 have said they had withdrawn money from their pension before retirement as savers continue to feel squeezed by rising living costs, Just Group said Tuesday.
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June 04, 2024
UK Finance Firms 'Triple Clean Energy Investment' To $2.3B
Britain's financial firms tripled their investments in clean energy projects to $2.3 billion in 2023, up from $800 million the year before, according to a new study published Tuesday.
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June 04, 2024
Enviro Assets Investor To Launch £10M Share Buyback
Green assets investor Octopus said on Tuesday that it is launching a share buyback worth up to £10 million ($12.8 million) — the first chunk of a wider program that aims to reduce outstanding share capital amid concerns its stock is undervalued.
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June 03, 2024
Ex-Autonomy CEO 'Had 500M Reasons' For Fraud, Jury Told
Autonomy's ex-CEO Michael Lynch "had 500 million reasons to defraud HP," since he reaped $500 million by selling his company to the tech giant at an inflated price, a federal prosecutor argued Monday during closings for the businessman's criminal trial, while Lynch's lawyer told jurors, "HP was not a victim."
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June 03, 2024
Mammoth Swipe Fees Cases Joined Together In Pass On Trial
Two mammoth class actions against Mastercard and Visa will be heard together at a trial in November to resolve common issues about whether retailers passed on the credit and debit card giants' fees to consumers, a London tribunal has ruled.
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June 03, 2024
UK Voters Want Pension Reform In Election Manifestos
Three in four workers with a defined contribution pension are more likely to vote for a political party that reforms workplace pensions, research from a retirement savings company shows.
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June 03, 2024
Squire Patton Steers WH Ireland On £5M Asset Sale
Wealth manager WH Ireland Group PLC said Monday it has conditionally agreed to sell its capital markets arm and some of its assets to Zeus Capital Ltd. for up to £5 million ($6.4 million).
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June 03, 2024
IT Biz To Buy Tech Consultant's Banking Software For €330M
Franco-American information technology company Axway said Monday that it will buy most of the banking software activities of Sopra Steria Group, in a deal that values the platform at €330 million ($358 million).
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June 03, 2024
Geale Takes Helm At Payments Watchdog, Hemsley Resigns
The Payment Systems Regulator said on Monday that its managing director Chris Hemsley has resigned and Financial Conduct Authority Director David Geale will replace him temporarily with almost immediate effect.
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May 31, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.
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May 31, 2024
UK Insurers Sign Cooperation Deal With Gibraltar
The Association of British Insurers has said it has penned an agreement with the Gibraltar Insurance Association it hopes will promote better cooperation between the two trade bodies on areas of common interest.
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May 31, 2024
Investor Sues Wealth Managers, Lawyers For Negligence
A real estate investor has sued a law firm and two finance companies in a London court, claiming they negligently advised her on an investment worth almost £20 million ($25.5 million).
Expert Analysis
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How Changes To 'Acting In Concert' Will Affect UK Takeovers
The recent changes made to the rules by the U.K. Takeover Panel on who is presumed to be acting in concert will be of most interest to parties proposing to make a bid for a U.K. listed company, and give welcome clarity as to how the U.K. takeover regime operates, say attorneys at Herbert Smith.
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Crypto And The Potential For Insider Dealing Offense
Recent cases have raised concerns about crypto providing new opportunities for insider dealing, and while it isn't more vulnerable to schemes than any other security, the lack of regulation and the newness of the technology exasperate its susceptibility to insider trading and potential criminal offense, say Adam Craggs and Alice Kemp at RPC.
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UK Ruling Guides On Appropriation Of Financial Collateral
While a London court’s recent ruling in ABT Auto Investments v. Aapico sets out practical guidelines for enforcement of security over financial collateral by appropriation — particularly amid a breakdown of relations with the collateral provider — a recently proposed bill could mean the future of this method is in question, say Bruce Johnston and Paul Denham at Morgan Lewis.
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How Lenders And Borrowers Can Prepare For Libor's End
While the end of Libor in just over three months isn't expected to greatly affect the syndicated loan market, borrowers and lenders should check their agreements for fallback provisions and references to Libor in order to implement the applicable benchmark replacement, say attorneys at Cahill Gordon.
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Key Points In Draft EU Foreign Subsidies Regulation
The draft implementing regulation on EU foreign subsidy control provides eagerly awaited guidance on the submission of mandatory notifications, but there are still many open questions, say Paul van den Berg and Merit Olthoff at Freshfields.
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Sanctions Enforcement Around The G-7: View From The US
The recent creation of the G-7 Enforcement Coordination Mechanism, to be chaired by the U.S. in its first year, signals that companies should prepare for increased enforcement of Russia sanctions and better coordination of such efforts among member nations, say attorneys at Baker McKenzie.
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Danske Bank Deal Offers Corporate Compensation Warning
The recent Danske Bank settlement opens doors for aggressive prosecution of fraud committed against U.S. banks that maintain correspondent relationships and instructs companies to implement compensation systems restricting executive bonuses in response to misconduct, say Michael Volkov and Alexander Cotoia at The Volkov Law Group.
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Why UK Bitcoin Ruling Is Important To The Digital Asset World
The recent U.K. Court of Appeal decision in Tulip Trading v. Van der Laan, as the first to consider the scope of fiduciary duty in cryptocurrency software development, is a significant ruling with wide-ranging implications for the international crypto community, say Ellen Keenan-O'Malley and Mark Lubbock at EIP.
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Key Aspects Of UK Proposal On 'Buy Now, Pay Later' Lending
HM Treasury is consulting on draft legislation that will bring "buy now, pay later" within the Financial Conduct Authority's regulatory perimeter, and firms will need to consider whether the proposed temporary permissions regime gives sufficient time to get to grips with the requirements, say James Black and Virginia Montgomery at Hogan Lovells.
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What EU Cookie Consent Report Means For Website Owners
The European Data Protection Board’s recent report on website cookie banner practices provides a useful overview of what authorities consider to be problematic, and with more enforcement actions to be expected this year, website owners may use it to review their own policies, say Thibaut D'Hulst and Defne Örnek at Van Bael & Bellis.
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Volatile Energy Prices Complicate Int'l Arbitration Damages
In the turbulent global energy market, international arbitration is a crucial tool for resolving cross-border disputes — but determining how, if at all, to account for recent energy price spikes when quantifying damages presents many challenges for tribunals, say attorneys at White & Case.
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Navigating Adjudication And Insolvency After St. Philips Case
The U.K. Technology and Construction Court's recent judgment in J A Ball v. St. Philips Homes contains useful guidance on the enforcement of adjudicators' decisions by companies in administration and insolvent companies generally, say Michael Sadler and Gavin Hoccom at Browne Jacobson.
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5 Crypto Considerations For UK Policymakers
A recent consultation paper from the U.K.'s HM Treasury about digital asset regulation has been touted as a cause for celebration, and while the wheels have been put into motion, there is still a lot of work to do when it comes to correctly regulating the U.K.'s cryptocurrency industry, says Oliver Linch at Bittrex Global.
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Crypto-Asset Consultation Sets Out Direction Of Travel For UK
HM Treasury's phased approach in its recently published consultation on extending the U.K.'s future financial services regulatory regime for crypto-assets, although in many ways differing from parallel developments in the EU, is likely to be conducive to thoughtful policymaking, say attorneys at Cleary.
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A Breakdown Of The SRA's Proposed New Fining Powers
Thanks to the Solicitors Regulation Authority's pending new fining framework, which includes guidance on unsuitable fines and a fixed penalties scheme for low-level breaches, firms can expect to see more disciplinary findings leading to an SRA fine rather than referral to the Solicitors Disciplinary Tribunal, say Graham Reid and Shanice Holder at RPC.