Santander, Lloyds face £1bn car finance claim for pushing customers into pricey deals August 6, 2023 Santander and Lloyds face a new UK lawsuit over alleged “anti-competitive agreements” they had with car dealerships that pushed customers towards more expensive finance options when they were buying second-hand cars. The claim, filed at the Competition Appeal Tribunal last month, targets three of the largest motor finance providers: Santander UK, Black Horse, which is [...]
New SFO director has ‘a massive mountain to climb’ as the anti-fraud agency looks to rebuild July 26, 2023 The new director of the Serious Fraud Office (SFO) faces a herculean task in rebuilding the agency’s reputation after a number of failures over the last few years, top City lawyers have warned. Earlier this month Nick Ephgrave, the former assistant commissioner of the Metropolitan Police, was appointed as the next director of the agency [...]
Clifford Chance revenues top £2bn for the first time as firm rules out merger July 19, 2023 Law firm Clifford Chance today reported annual revenues of over £2.06bn, surpassing the £2bn mark for the first time. Annual profit, however, came in slightly lower at £781m, down from £783m the previous year. Profit per equity partner was £2m. Charles Adams, Global Managing Partner at Clifford Chance, said the firm delivered another “strong” set [...]
Macquarie plans to take full ownership of National Grid’s gas unit after increasing stake July 19, 2023 An investor-consortium led by Australia’s Macquarie Asset Management has upped its stake in the National Grid’s gas transmission business and plans to take full ownership “in due course”. Macquarie, along with British Columbia Investment Management Corporation, snapped up an additional 20 per cent in the gas business, the company said today. The investment takes the [...]
Financially weak energy suppliers could be penalised for paying out dividends, Ofgem boss warns July 16, 2023 Energy suppliers that are not financially resilient but continue to pay out dividends could be penalised by the UK’s energy regulator. Jonathan Brearley, the head of Ofgem, wrote to suppliers last week asking them to ensure that falling energy prices are passed onto consumers and that they step up their customer service levels. But he [...]
Allen & Overy profits dip as it battles headwinds ahead of Shearman & Sterling merger July 13, 2023 Law firm Allen & Overy has reported a slight dip in its annual pre-tax profits as it battled “intensifying headwinds” ahead of its merger with Shearman & Sterling. Pre-tax profits came in at £892m for the year ending 30 April, down from £900m the previous year. Average profit per equity partner came in at £1.82m. [...]
Quintessentially: Firm founded by Queen Camilla’s nephew switches auditor amid accounts delays June 27, 2023 Quintessentially, the members-only concierge service founded by the nephew of Queen Camilla, Ben Elliot, has switched its auditors amid severe delays to the company’s accounts. BDO officially resigned as the auditor for Quintessentially (UK), the parent company, yesterday, according to an update on Companies House. A spokesperson for Quintessentially confirmed the change to City A.M., but [...]
Labour now 25 points clear of Tories as mortgage rates batter Rishi Sunak’s party June 25, 2023 Labour has posted its biggest lead over the Conservatives since March, new polling data has revealed, as the public grows increasingly tired of the government’s perceived mismanagement of the economy. Labour’s vote share jumped four points to 47 per cent, giving the opposition party a 25 point lead over the Tories, according to fresh polling [...]
Stripe: It’s a mistake for tech firms to get too hung up on valuations June 25, 2023 Tech firms shouldn’t worry so much about valuations, the co-founder of Stripe has said, after the payments firm’s valuation was cut earlier this year. Stripe cut its valuation to $50bn (£39bn) in March this year, which is well below its peak of $95bn back in 2021. The valuation was slashed as it announced a new [...]
Privatbank’s $1.9bn UK fraud claim returns for trial after Russia’s invasion of Ukraine delays case June 5, 2023 One of the UK’s largest High Court claims in history is set to return to court next week as the trial commences in Privatbank’s $1.9bn (£1.54bn) fraud lawsuit against its former owners. Ukrainian lender Privatbank is suing the bank’s founders Igor Kolomoisky and Gennadiy Bogolyubov over allegations they embezzled billions of dollars from the bank [...]
