Court blocks Mastercard’s bid to exclude three million dead people from collective action lawsuit November 30, 2022 A UK appeals court has blocked Mastercard’s bid to prevent three million dead people from participating in a £10bn class action lawsuit against the credit card company. The UK’s Court of Appeals refused to exclude three million individuals who died after the class-action lawsuit was first filed against Mastercard in September 2016. The decision comes [...]
Law Society backs calls to smash City’s ‘class ceiling’ by boosting social mobility November 30, 2022 The Law Society today backed calls to break the “class ceiling” by boosting social mobility in the City. The solicitors’ body came out in support of the City of London’s push towards 50 per cent of senior leaders in the financial and professional services sector coming from non-professional backgrounds. The Law Society said it [...]
BDO partners see payouts drop following £70m hiring spree November 30, 2022 BDO’s managing partner today said the firm will continue investing in long-term growth after partners saw their payouts drop 15 per cent as the result of a £70m spending spree. Speaking to City A.M. Paul Eagland also refused to rule out a firm-wide split as he signaled BDO may follow EY in separating its audit [...]
Private bank Julius Baer fined £18m over ‘corrupt’ dealings with Yukos Oil November 30, 2022 The UK’s financial watchdog has fined private bank Julius Baer more than £18m over its “corrupt” dealings with Russian oil company Yukos Group. The UK’s Financial Conduct Authority (FCA) today fined Julius Baer’s international business £18,022,500 and sanctioned three of its executives, over the private bank’s use of third-party agents in carrying out business with [...]
City workers are ignoring ‘ego driven’ calls to return to offices November 29, 2022 City workers are ignoring calls from ‘C Suite’ executives for staff to come into the office for a minimum number of days each week, according to a new report. Workers and managers in the financial and professional services sectors are instead employing their own “bespoke” working models that align with their specific operational needs, the [...]
Use artificial intelligence to navigate volatile economy, audit body says November 29, 2022 Artificial Intelligence (AI) and data analytics tools will play a “key” role in helping auditors navigate the volatile economic conditions the world is facing in the wake of Covid and the war in Ukraine, one of the UK’s largest audit trade bodies has said. The Chartered Institute of Internal Auditors (CIIA) said auditors should “embrace” [...]
KPMG’s failings led to Carillion’s collapse, High Court lawsuit says November 28, 2022 KPMG’s incompetence in its audits of Carillion played a core part in the construction giant’s 2018 collapse, Carillion’s liquidators have said, as part of a £1.3bn lawsuit against the Big Four accounting firm. KPMG’s 2016 audit of Carillion lulled the construction firm’s board into a false sense of security that saw the firm make a [...]
Birketts strikes merger deal with Batchelors Solicitors amid forecasts of upcoming M&A boom November 28, 2022 UK law firm Birketts has struck a deal to merge with its London rival Batchelors Solicitors amid forecasts of a surge in consolidation in the UK’s legal sector. The deal will see the two firms join forces in a merger that is set to combine their long-standing social housing practices to create a market-leading team. [...]
Nexo sued by investors prevented from withdrawing £107m crypto holdings in full November 21, 2022 A family of fintech entrepreneurs are suing a leading crypto exchange over claims it blocked them from withdrawing funds and then intimidated them into selling them back to the company at a discount. The three crypto investors have filed a High Court lawsuit against London headquartered Nexo over claims it stopped them from withdrawing more [...]
City’s top legal minds sound alarm over impact of Raab’s Bill of Rights on businesses November 19, 2022 Some of the City’s brightest minds have expressed “considerable concern” about the unintended consequences of the Bill of Rights on businesses. Stephen Denyer, the Law Society’s director of strategic relationships, warned that there is a “widespread feeling amongst businesses that the Bill presents an unnecessary risk and problem”. The Bill of Rights will return to [...]