Criminals turn to cross-blockchain tools to hide billions in cryptocurrencies October 4, 2022 Criminals are using complex new blockchain technologies to hide and launder billions in ill gotten gains. At least $4bn (£3.6bn) worth of illicit crypto-assets has been laundered via various “cross-chain” technologies, that let both legitimate and illegitimate users move funds between blockchains, analytics firm Elliptic said. Decentralised exchanges (DEXs), cross-chain bridges, and coin-swap services are [...]
Gateley bolsters patent practice by snapping up biotech specialist law firm Symbiosis IP October 4, 2022 Gateley has acquired specialist biotech patent attorney firm Symbiosis for c.£2.5m as the listed law firm pushes forwards with plans to bolster its intellectual property (IP) offerings. The AIM-listed company’s acquisition comes just months after it snapped up Nottingham patent and trademark specialist Adamson Jones in January. The £2.5m deal will see Gateley pay £1.5m [...]
Deloitte to let UK staff cash in on pensions with new flexibility policy October 3, 2022 Deloitte is set to let its UK staff take their pensions contributions as cash payments on top of their salaries as part of a new “flexible pensions” policy announced by the firm today. The accounting firm today told 22,000 of its UK staff it will let them receive cash payments on top of their pay [...]
UK blocks Russia from buying professional services following annexation of Ukrainian regions October 3, 2022 The UK has placed new sanctions on Russia, blocking its citizens and businesses from purchasing an array of services from British firms, over the Kremlin’s decision to annex four regions of Ukraine. The new sanctions seek to further damage Russia’s economy by hindering the country’s access to IT consultancy, architectural, engineering, accounting, and commercial legal [...]
Hurricane Ian set to cost insurers £27-36bn October 3, 2022 The category 4 storm Hurricane Ian that hit the southwest coast of Florida earlier this month is set to cost insurers $30- 40bn (£27- £36bn), according to new analysis from S&P Global. However, US insurers are currently well positioned to absorb losses in having sufficient reserves to weather any financial hit, the ratings agency said [...]
Ashurst seeks to capitalise on consulting boom with launch of UK advice business October 3, 2022 City law firm Ashurst is set to expand its services offering by launching a UK consulting business. The Silver Circle firm plans to build on the successes it has had in Australia by launching a London based risk advisory business. Ashurst’s new consulting business will be led by a trio made up of current Ashurst [...]
Socially conscious insurer Lemonade makes first entry into UK market October 3, 2022 New York insuretech company Lemonade Inc today launched in the UK market with a view to disrupting Britain’s centuries-old insurance sector with its socially-conscious, AI-driven business model. The digital insurer aims to break the “cycle of distrust that plagues the insurance industry” with its pledge to cap its margins at 25 per cent by donating [...]
Barristers ambivalent about MoJ’s pay hike offer October 1, 2022 Criminal barristers have shown ambivalence towards the government’s offer to apply the 15 per cent legal aid fee hike to the “vast majority” of current cases. Barristers speaking to City A.M. said they welcomed the government’s positive movement, but raised concerns the pay hike alone may not go far enough. Members of the Criminal Bar [...]
P&O Ferries settles with laid-off chef following unlawful firing of 800 staff September 30, 2022 P&O Ferries has settled an employment lawsuit brought forward by one of the nearly 800 seafarers it unlawfully fired in March. The ferry operator settled a case with one of its former chefs for an undisclosed sum after the Dubai-owned company admitted breaking the law by firing 800 staff, without consultation, over a pre-recorded video [...]
Luxury resort developer jailed for 12 years over £226m fraud September 30, 2022 A “thrice bankrupt fraudster”, who lost investors almost £400m through a “fatally flawed” Caribbean property scheme, was jailed at Southwark Crown Court today. David Ames, 70, a former double-glazing seller from Essex, was sentenced to 12 years in prison today, after being convicted of defrauding investors of £226m. Ames’ Harlequin property development company collapsed in [...]