Court can enter judgment in favour of sanctioned Russian party – Legal Futures

Posted February 1st, 2023 in banking, dispute resolution, fraud, news, Russia, sanctions, Ukraine, war by sally

‘The UK sanctions regime does not block the courts from entering judgments in favour of a party on the sanctions list, the High Court has ruled.’

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Legal Futures, 1st February 2023

Source: www.legalfutures.co.uk

Court orders judge’s recusal due to “business association” with defendant – Legal Futures

Posted January 23rd, 2023 in banking, bias, judges, news, recusal by tracey

‘The High Court has ruled that a circuit judge should not hear any more of a claim against HSBC because his own relationship with the bank raised the risk of apparent bias.’

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Legal Futures, 23rd January 2023

Source: www.legalfutures.co.uk

FCA fines show focus remains on AML compliance – OUT-LAW.com

Posted January 16th, 2023 in banking, financial regulation, financial services ombudsman, fines, news by tracey

‘Recent fines issued to two banks by the Financial Conduct Authority (FCA) highlight the regulator’s continued focus on driving compliance with anti-money laundering (AML) requirements in UK financial services, an expert has said.’

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OUT-LAW.com, 13th January 2023

Source: www.pinsentmasons.com

Bank’s solicitor “may have owed duty of care” to third party – Legal Futures

Posted January 16th, 2023 in appeals, banking, conveyancing, duty of care, land registration, news, solicitors by tracey

‘A bank’s solicitor may owe a duty of care to the seller of the property when filling in Land Registry paperwork to change the register, the Court of Appeal has ruled.’

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Legal Futures, 16th January 2023

Source: www.legalfutures.co.uk

Class actions focusing on banks and competition law breaches – Legal Futures

Posted January 13th, 2023 in banking, class actions, competition, news by tracey

‘The UK’s biggest banks are facing 109 class actions across different jurisdictions, 41 of them relating to interest rate swaps, research by City law firm RPC has shown.’

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Legal Futures, 13th January 2023

Source: www.legalfutures.co.uk

Santander UK fined £108m over anti-money laundering failings – The Guardian

Posted December 9th, 2022 in banking, fines, money laundering, news, ombudsmen by michael

‘Santander UK has been fined more than £100m after an investigation by the British financial watchdog found “serious and persistent gaps” in its money laundering controls, resulting in hundreds of millions of pounds of suspicious transactions through customer accounts.’

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The Guardian, 9th December 2022

Source: www.theguardian.com

Mastercard fails to throw out class of ‘dead claimants’ – Law Society’s Gazette

Posted November 30th, 2022 in appeals, banking, class actions, competition, news by sally

‘Court of Appeal judges today unanimously dismissed an appeal against the landmark decision this year to allow about three million now deceased people to continue to be part of a mammoth group action against Mastercard. The ruling concludes a six-year struggle to get the collective proceedings certified in the Competition Appeal Tribunal.’

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Law Society's Gazette, 29th November 2022

Source: www.lawgazette.co.uk

HSBC climate change adverts banned by UK watchdog – BBC News

‘The UK’s advertising regulator has banned two HSBC advertisements for being “misleading” about the company’s work to tackle climate change.’

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BBC News, 19th October 2022

Source: www.bbc.co.uk

Victims of one of UK’s biggest banking frauds ‘to be offered £3m compensation’ – The Guardian

Posted June 15th, 2022 in banking, compensation, fraud, news, victims by sally

‘Victims of one of Britain’s biggest banking frauds will each be offered £3m compensation packages, according to a source familiar with the proposed deal expected to be announced later this week.’

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The Guardian, 13th June 2022

Source: www.theguardian.com

London Metal Exchange sued for $456m over cancelled nickel trades – BBC News

Posted June 6th, 2022 in banking, compensation, financial regulation, news, Russia, Ukraine, war by tracey

The London Metal Exchange (LME) has been sued for $456m (£365m) by fund manager Elliott Associates following the suspension and cancellation of nickel trades earlier this year. The claim was filed in the English High Court against the trading platform and its subsidiary LME Clear.’

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BBC News, 6th June 2022

Source: www.bbc.co.uk

Legal remedies for victims of investment scams: the decision in Hamblin v World First – New Square Chambers

Posted May 23rd, 2022 in assets recovery, banking, chambers articles, Commercial Court, fraud, news by sally

‘The case of Hamblin v World First 2020 EWHC 2383 (Comm), decided by His Honour Judge Pelling QC, “the Judge”, in the London Circuit Commercial Court, is topical because it represents a claim made by the victim of a scam, Mr Hamblin, to recover his losses not directly from the fraudsters as the direct beneficiaries of the scam, but from the payment service provider, here World First, the company that received the monies from Mr Hamblin into an account set up by the fraudsters, and which, acting on instructions from those fraudsters, arranged for the onward payment of those monies. No allegation of dishonesty was made against the payment service provider nor was it suggested that the payment service provider had actual knowledge of the scam.’

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New Square Chambers, 13th May 2022

Source: www.newsquarechambers.co.uk

Case Preview: Stanford International Bank Ltd (In Liquidation) v HSBC Bank Plc – UKSC Blog

Posted April 27th, 2022 in appeals, banking, damages, debts, insolvency, liquidators, news, Supreme Court by sally

‘On 19 January 2022, the Supreme Court heard the appeal in Stanford International Bank Ltd (In Liquidation) v HSBC Bank Plc. The appeal turns on whether a company in liquidation can be considered to have suffered loss where, while it is still trading, its bank pays money out of the company’s accounts to discharge debts owed by the company. It is likely that this case will further set out the limits of the Quincecare duty, following a spate of recent high-profile cases in this area.’

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UKSC Blog, 26th April 2022

Source: ukscblog.com

The whistleblowing bankers who were sent to jail – BBC News

Posted March 1st, 2022 in banking, fraud, interest, news, whistleblowers by sally

‘Two traders jailed for rigging interest rates were the original whistleblowers of the scandal, the BBC has learned.’

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BBC News, 1st March 2022

Source: www.bbc.co.uk

Russian oligarchs in UK face new laws tackling ‘dirty money’ – The Guardian

‘Boris Johnson has said that Russian oligarchs will no longer have a hiding place for their “ill-gotten gains” in the UK under legislation being introduced in parliament this week.’

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The Guardian, 28th February 2022

Source: www.theguardian.com

Sex Worker Wins Anonymity In Landmark Case – Each Other

Posted February 4th, 2022 in anonymity, banking, employment, equality, human rights, news, privacy, prostitution by sally

‘A member of United Sex Workers (USW), the union for sex workers, has been granted anonymity in her case against SumUp, a major card-payment machines provider. This is a significant win in a landmark case challenging financial discrimination against sex workers.’

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Each Other, 4th February 2022

Source: eachother.org.uk

Treasury plans crackdown on ‘misleading’ cryptocurrency ads – The Guardian

‘The government has unveiled plans to crack down on misleading cryptocurrency ads by making them subject to the same regulations as marketing for other financial products such as shares and insurance.’

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The Guardian, 18th January 2022

Source: www.theguardian.com

Standard Chartered fined £46.5m by Bank of England for misreporting liquidity – The Independent

Posted December 20th, 2021 in banking, fines, news, ombudsmen by sally

‘The Bank of England has fined banking giant Standard Chartered £46.55 million for misreporting its liquidity position and controls failures.’

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The Independent, 20th December 2021

Source: www.independent.co.uk

National Lottery scratch card fraud: Men jailed over £4m jackpot claim – BBC News

Posted December 15th, 2021 in banking, fraud, imprisonment, news, sentencing by tracey

‘Two men who bought a National Lottery scratch card using stolen debit card details and then tried to claim the £4m jackpot they revealed have been jailed.’

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BBC News, 14th December 2021

Source: www.bbc.co.uk

Natwest fined £264m after taking deposits of laundered cash in bin bags – The Guardian

Posted December 14th, 2021 in banking, fines, money laundering, news by tracey

‘NatWest has been fined more than £264m for anti-money-laundering failures that involved black bin liners stuffed full of cash being deposited, and sums so large that one branch’s two floor-to-ceiling safes proved “inadequate” for storing it all.’

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The Guardian, 13th December 2021

Source: www.theguardian.com

Banks forced to refund fraud victims – Daily Telegraph

Posted November 19th, 2021 in banking, compensation, consumer protection, financial regulation, fraud, news by tracey

‘Banks will be forced to refund fraud victims who transfer money to scammers under Government-backed plans to make repayments compulsory.’

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Daily Telegraph, 19th November 2021

Source: www.telegraph.co.uk