‘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.’
The Guardian, 13th June 2022
Source: www.theguardian.com
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.’
BBC News, 6th June 2022
Source: www.bbc.co.uk
‘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.’
New Square Chambers, 13th May 2022
Source: www.newsquarechambers.co.uk
‘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.’
UKSC Blog, 26th April 2022
Source: ukscblog.com
‘Two traders jailed for rigging interest rates were the original whistleblowers of the scandal, the BBC has learned.’
BBC News, 1st March 2022
Source: www.bbc.co.uk
‘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.’
The Guardian, 28th February 2022
Source: www.theguardian.com
‘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.’
Each Other, 4th February 2022
Source: eachother.org.uk
‘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.’
The Guardian, 18th January 2022
Source: www.theguardian.com
‘The Bank of England has fined banking giant Standard Chartered £46.55 million for misreporting its liquidity position and controls failures.’
The Independent, 20th December 2021
Source: www.independent.co.uk
‘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.’
BBC News, 14th December 2021
Source: www.bbc.co.uk
‘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.’
The Guardian, 13th December 2021
Source: www.theguardian.com
‘Banks will be forced to refund fraud victims who transfer money to scammers under Government-backed plans to make repayments compulsory.’
Daily Telegraph, 19th November 2021
Source: www.telegraph.co.uk
‘London firm Mishcon de Reya has been fined £25,000 by the Solicitors Disciplinary Tribunal for failing to prevent payments being made into and from the client account to pay third parties involved in football transfers.’
Law Society's Gazette, 29th October 2021
Source: www.lawgazette.co.uk
‘City giant Hogan Lovells only achieved partial success in a bid for summary judgment over complaints that it had multiple conflicts of interest while acting for a Ukrainian tycoon.’
Legal Futures, 25th October 2021
Source: www.legalfutures.co.uk
‘Banks need to do more to treat people fairly when they are the victim of scams, according to the UK financial sector’s official complaints body, which is finding in the customer’s favour in three-quarters of such cases.’
The Guardian, 24th September 2021
Source: www.theguardian.com
‘The 2007-2008 financial crisis and the devastating reminder that banks were not immune from failure, brought about a raft of regulatory changes designed to protect customers and the wider economy. These included, if all else failed, bespoke administration procedures for banks, building societies and investment banks contained within the Banking Act 2009 (“BA 2009”).’
Radcliffe Chambers, 22nd July 2021
Source: radcliffechambers.com
‘An ad campaign telling the public that “it’s time to buy” bitcoin has been banned after the advertising watchdog ruled that it was irresponsible and misleading.’
The Guardian, 26th May 2021
Source: www.theguardian.com
‘The Court of Appeal has dismissed an appeal made on the basis that the ruling in question was handed down 34 months after the conclusion of the trial.’
Law Society's Gazette, 21st May 2021
Source: www.lawgazette.co.uk
‘A report prepared by magic circle firm Freshfields into the alleged rape of a bank employee was not covered by legal privilege, according to an employment tribunal ruling that has now been made public.’
Law Society's Gazette, 21st April 2021
Source: www.lawgazette.co.uk
‘Financial services businesses should review the way they procure, manage and use data, and consider whether specific new processes need to be developed, to implement artificial intelligence (AI) systems in a way that customers trust, is effective and meets legal and regulatory standards.’
OUT-LAW.com, 14th April 2021
Source: www.pinsentmasons.com
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