07/31/2014
High Court delivers landmark ruling on staff poaching in broker row
Sunrise agreed to reduce his notice to six months followed by a further six month restrictive covenant
Legal, Regulation & Compliance
07/31/2014
Sidley Austin and Linklaters lead on Bank of Cyprus €1bn capital raise
Sidley acted as international legal counsel to the Bank as it raised the mammoth sum through a private placement, which includes international fund managers led by US billionaire Wilbur Ross and the European Bank for Reconstruction and Development.
07/31/2014
FCA finds firms fail to deliver best execution
Retail and professional clients are being failed by firms that don’t properly apply the rules on best execution when trading on their behalf, according to a review by the Financial Conduct Authority.
07/31/2014
EU watchdog gives warns banks on retailing CoCos
Banks are under regulatory pressure to issue so-called contingent convertible bonds (CoCos) that can be converted to equity in a crisis to help provide a capital cushion and avoid calling on taxpayer help.
07/30/2014
Brodies, Eversheds, Norton Rose Fulbright lose out as Clydesdale cuts panel
A group of six firms including Eversheds, Harper Macleod and Norton Rose Fulbright have lost their places on the combined Clydesdale Bank and Yorkshire Bank national panel.
07/30/2014
Fortis successor Ageas must compensate misled shareholders -court
The court did not say how much Fortis should pay.
07/30/2014
Boiler room conspirator ordered to pay £109k
All defendants were found guilty of conspiracy to defraud apart from Coleman who pleaded guilty to three counts of money laundering.
07/30/2014
Financial Incentives for Whistleblowers - FCA
This note sets out our agreed conclusions.
07/30/2014
Banking Regulators want bankers to accept criminal liability under new plans
Main City watchdogs want a new licensing regime for bankers, which could also see bonuses deferred by up to seven years
07/30/2014
U.K. Ban Upheld on Hedge Fund Manager Alberto Micalizzi
Mr. Micalizzi was chief executive of hedge fund firm Dynamic Decisions Capital Management Ltd. and ran hedge fund DD Growth Premium Master Fund
07/29/2014
European Central Bank’s opaque-asset review seen aimed at Deutsche Bank
As part of its review of 128 lenders, the European Central Bank is studying lessactively traded loans
07/29/2014
Lloyds fined £218m over Libor rate rigging scandal
The firms were a significant beneficiary of financial assistance from the Bank of England through the SLS
07/28/2014
Wragge Lawrence Graham & Co achieves turnover of £172 million
Wragge Lawrence Graham & Co's chief executive David Fennell said: "The merger consolidates our position among the UK’s top 25 firms and creates a strong platform for further growth and success.
07/27/2014
Deutsche Bank, HSBC Accused of Silver Fix Manipulation
Deutsche Bank AG (DBK), HSBC Holdings Plc (HSBA) and Bank of Nova Scotia were accused in a lawsuit of rigging the price of billions of dollars in silver, an allegation similar to earlier suits involving the London gold fix.
07/27/2014
London asset manager takes UBS to court
“The financial stakes in this dispute are very high, the parties having contemplated annual revenues of circa $200m once their venture was up and running,” Decura said in its written legal argument filed in court.
07/25/2014
Lloyds to pay up to £300m Libor fines
Lloyds Banking Group is preparing to announce early next week that it will pay fines of £200m-£300m to US and UK regulators to settle allegations that the British bank manipulated major interest rate benchmarks.
07/25/2014
Ex-boss of stricken Banco Espirito Santo arrested
Mr Salgado had been a voluntary witness in the probe and said in January 2013 that he had always paid his taxes and was not a suspect
07/25/2014
Barclays attempts to have 'dark pool' fraud lawsuit thrown out of court
The British bank files rebuttal to serious allegations made by New York Attorney General over promotion of its electronic trading platform
07/25/2014
UBS Wins Case Over Firing of Drug Analyst in Front-Running Probe
A London judge said UBS AG had the right to fire a senior analyst who discussed rumors about a Sanofi drug with a friend at a hedge fund who may have bet against the company before publishing a report causing its shares to drop.
07/24/2014
UBS charged with tax fraud in France: judicial source
The bank will now have to pay a total bail of 1.1 billion euros ($1.5 billion), the source said.