The multibillion pound court battle keeping the City’s law firms busy December 21, 2023 Aircraft leasing companies immediately turned to their insurers after their planes were stranded in Russia. But their refusal to cough up has set up a multi-billion pound court showdown.
UK law firms hold back on layoffs as legal sector revenues continue to soar February 12, 2023 The UK’s legal sector continued to grow in the final months of 2022 despite a downturn in the wider professional services sector. Legal sector revenues increased six per cent from November to December 2022, to heights of £4bn, figures from the UK’s Office for National Statistics show. The uptick came as the UK’s wider services [...]
Russian tycoon’s ‘anti-anti-suit injunction’ succeeds as Transneft to face $14bn English claim February 26, 2024 The English High Court has ordered Russian state-owned oil pipeline company Transneft to adjourn its legal proceedings in a Moscow court. The oil company is facing a $14bn lawsuit in London after Russian tycoon Ziyavudin Magomedov launched the case last year against the oil company, DP World and Russian state-owned agencies. Magomedov launched the legal [...]
Government backs SLAPPs bill to stop gagging of press amid warning it needs more work February 23, 2024 The UK Government has backed a bill that will crack down on SLAPPs that will prevent wealthy or corrupt people from gagging journalists by using the legal system. Strategic Lawsuits Against Public Participation (SLAPPs) is a term given to defamation cases and legal threat that are generally brought against journalists and campaigners as a form [...]
Wells Fargo reaches £800m settlement with shareholders over recovery from scandals May 16, 2023 Wells Fargo has agreed to pay $1bn (£798m) to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. A preliminary settlement of the proposed class action was filed late Monday night with the federal court in Manhattan, and requires a judge’s [...]
London Metal Exchange names new chief executive for clearing house as court verdict looms July 25, 2023 The London Metal Exchange has made fresh changes to its senior team, announcing a new chief executive for its clearing house.
Credit Suisse hit with record £87m fine by UK bank regulator for Archegos failings July 24, 2023 Credit Suisse has been hit with a record £87m fine by the Prudential Regulation Authority (PRA) for its failures relating to the collapsed hedge fund Archegos Capital. The PRA criticised Credit Suisse’s “significant failures in risk management and governance” between the start of 2020 and the end of March 2021. “This is the PRA’s highest [...]
Home REIT to publish long-delayed accounts despite struggling to access houses February 5, 2024 Home REIT is set to publish its long-delayed accounts in the second quarter of the year despite still struggling to access scores of properties in its portfolio, the firm announced today.
US Fed fines Deutsche Bank $186m over failure to improve money laundering checks July 20, 2023 The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186m for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the U.S. central bank. The new penalty for lingering issues marks the latest blow for the German lender, which has struggled for years to get on [...]
Boohoo settles £156m court case over fake discount claims May 4, 2023 Boohoo has settled a staggering $197m (£156m) US court case in which the fast fashion giant was accused of faking discounts for customers. The pure-play online retailer, which also owns Pretty Little Thing and Nasty Gal, was accused of engaging in a “deceptive pricing scheme”, with the court filing claiming Boohoo would falsely raise the [...]