Barclays faces £40m lawsuit over breast implant scandal September 16, 2022 Barclays is facing a £40m High Court lawsuit over claims it dishonestly transferred assets, owned by one of Britain’s largest cosmetic surgery providers, to prevent women who were given dangerous breast implants from receiving compensation. The High Court lawsuit, which is scheduled to be heard this October, claims Barclays’ Business Support Unit helped restructure Hospital [...]
Auditor to Sanjeev Gupta’s metals empires cuts ties to at least two key firms September 15, 2022 The little-known firm responsible for audits the accounts of Sanjeev Gupta’s metals empire has resigned from at least two of the embattled magnate’s core firms, following the launch of a probe in May. Two-office accounting firm King & King has resigned as auditor from Liberty Specialty Steels and Liberty Steel Dalzell, Companies House filings show. [...]
Lloyd’s of London closes underwriting room to remember Queen Elizabeth II September 15, 2022 Lloyd’s of London today closed its underwriting room to hold a memorial to Queen Elizabeth II and mark the accession of King Charles III. The centuries-old insurance marketplace closed the underwriting room in its iconic City headquarters, as it held a ceremony to remember Her Majesty and express support for the new King. The ceremony [...]
Lawyers should be ‘ethically obliged’ to inform clients of climate risks, open letter says September 15, 2022 Lawyers have said the legal sector should be forced to inform their clients of the legal risks of investing in projects that are inconsistent with efforts to keep global warming below 1.5˚C In an open letter, more than 100 top lawyers called on regulators to ensure solicitors and barristers are “ethically obliged” to advise their [...]
Keystone Law ready to poach lawyers hit by downturn, firm chief James Knight says September 15, 2022 Keystone Law’s head has said the listed law firm is readying itself to profit on the looming economic downturn, with a view to poaching lawyers laid off from other firms. Speaking to City A.M. Keystone chief executive James Knight said the remote-first law firm is ready to pick up those lawyers facing heightened pressure to [...]
Queen’s death: Top lawyers called KC’s for first time in 70 years September 15, 2022 The death of the UK’s longest reigning monarch, and the coronation of King Charles III, will mean lawyers forced to familiarise themselves with a series of semantic shakeups in Britain’s court system as all references to the Queen are switched out for references to the country’s new King. The UK’s top advocates and barristers [...]
UK’s financial sector faces new wave of brute force DDoS attacks September 14, 2022 The UK’s financial sector is experiencing a wave of brute force Distributed Denial of Service (DDoS) attacks, new data obtained through a freedom of information request shows. Hackers are increasingly using brute force tactics to launch cyberattacks against the UK’s financial sector, as they pivot away from using phishing and malware scams, the Financial Conduct [...]
Legal sector hits back at EU calls for regulation of third-party litigation funders September 14, 2022 Lawyers and litigation funders have hit back at EU plans to regulate the third-party litigation financing industry in claiming new rules could limit access to justice. The clashes come after the EU parliament on Tuesday voted overwhelmingly in favour of adopting a report by German MEP Axel Voss calling for new regulation of Europe’s [...]
Legal sector wage inflation expected to slow, Gateley chief executive says September 13, 2022 The head of UK listed law firm Gateley Plc has said he expects “pay inflation” in the legal sector to slow over the coming year. Speaking to City A.M. Gateley chief executive Rod Waldie said “wage inflation has been the single biggest issue we’ve had to confront” as he noted the law firm’s payroll costs [...]
JP Morgan’s investment banking fees could drop 50 per cent, executive says September 13, 2022 JP Morgan Chase’s investment banking revenues could drop by as much as 50 per cent in the third quarter of 2022, one the Wall Street bank’s most senior executives has warned. The bank’s president and chief operating officer Daniel Pinto said he expects JP Morgan’s investment banking fees to be 45-50 per cent lower than [...]