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 [...]
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 [...]
Michael Gove’s housing department hands £1.9bn back to the Treasury in ‘blow to developers’ July 12, 2023 Michael Gove’s department returned £1.9bn of housing money to the Treasury claiming it was unable to spend it, leaving industry insiders baffled. The sum comprised money to pay for new house building projects, including affordable homes, and to conduct building safety remediations. Joshua Bond, founder and managing director of Bond Land, called Gove’s move “the [...]
FCA urges Woodford’s burnt investors to ‘seriously consider’ £235m redress deal June 1, 2023 The Financial Conduct Authority has urged Neil Woodford’s burnt investors to “seriously consider the offer on the table” after it struck a redress deal with the fund’s administrator earlier this year.
Ed Warner: Football should offer players amnesty in wake of Ivan Toney betting ban May 25, 2023 This week Ed Warner examines what Ivan Toney’s betting ban means for football, the eye-watering cost of tickets for the Paris 2024 Olympics, and a nuanced take on the trans debate in sport. If you stick a betting company logo on a young man’s shirt, beam his image around the world for 90 minutes every [...]
Treasury Committee’s call for digital assets to be regulated same way as gambling industry is slammed by crypto leaders May 17, 2023 Crypto leaders in the UK have branded a government body’s calls for unbacked digital assets to be regulated in the same way as the gambling industry as 'an appalling backwards step'.
Sir Frederick Barclay’s ex-wife ‘astonished’ over £1m legal spending, court told May 16, 2023 A barrister representing Sir Frederick Barclay’s ex-wife has expressed astonishment at the amount spent on the retired businessman’s lawyers. Sir Frederick, 88, and Lady Hiroko Barclay, who is also in her 80s, are featuring in the latest stage of a fight over money at a hearing in the Family Division of the High Court in [...]
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 [...]
Get your firm on a firm legal footing May 15, 2023 If you own a small or medium enterprise (SME), then congratulations — you’re part of the backbone of the economy and the wellspring of so much of the energy and innovation this country needs right now. Part of helping your SME thrive in the long term is having good-quality legal advice. That’s where Holborn-based boutique [...]
We have to speak out, so we can build up April 27, 2023 In his debut column for Crypto AM, Philip Vasquez - co-founder of Damex.io - introduces The Damlex Journals - an honest view of digital assets.