Libor retrial of ex-Barclays traders set for next February July 12, 2016 Two ex-Barclays bankers were today handed a metaphorical save the date card to head back to court, where they'll face accusations of Libor-rigging. Stylianos Contogoulas, 44, and Ryan Reich, 34, who have been charged with conspiracy to defraud, will be tried at Southwark Crown Court on 13 February 2017. The prosecution alleges that the pair played [...]
Begbies Traynor swings into profit by pinpointing property to overcome lacklustre insolvency market July 12, 2016 Begbies Traynor revealed a reverse in fortunes today, swinging into a profit in its most recent financial year. The figures The business recovery and property services consultants reported a profit before tax from continuing operations of £558,000 for the year to April, up from a loss of £723,000 the year before. Meanwhile, the company brought in [...]
Phones 4u co-founder set to face off against former business partner in court tomorrow, but defendant claims she was bullied into signing a false statement July 11, 2016 A co-founder of Phones 4u will be heading to court tomorrow over a business deal turned incredibly sour. Signia Wealth, a wealth management business ultimately owned by Phones 4u's John Caudwell, is suing Nathalie Dauriac-Stoebe, alleging that she fraudulently claimed around £33,000 in expenses over a three-year period while working for the company, including claims for [...]
Law firm Clyde & Co confirms faith in Europe by launching first German office July 11, 2016 Clyde & Co is taking its first steps onto German soil, announcing today that it will be launching an office in Dusseldorf. The Dusseldorf office, which will open in the autumn, is the firm's 15th in Europe and 46th worldwide. The new office will initially be populated by a five-strong team from European law firm Noerr, which Clyde [...]
SThree half-year profits sputter on banking hiring slowdown ahead of Brexit vote July 11, 2016 Less hiring in the banking sector in the run-up to the EU referendum has taken its toll on SThree's profits, the staffing company revealed in its interim results today. The figures The company, which is focused on finding staff to fill STEM roles, reported profits before tax of £12.8m for the half year to May, down seven per [...]
Lawyers call for safeguards to protect legal professional privilege in Investigatory Powers Bill July 11, 2016 Lawyers are today calling on the House of Lords to do more to protect their clients' "fundamental" rights under the Investigatory Powers Bill. The Law Society is urging the House of Lords to ensure the Bill contains provisions that will protect legal professional privilege and allow clients to communicate confidentially with their lawyers. "Legal professional privilege [...]
Now Tom Hayes’ crowdfunding campaign has broken the £25,000 mark July 10, 2016 A campaign to raise legal fees for former trader Tom Hayes has recently broken the £25,000 mark. At time of writing, the Fundrazr campaign for the former UBS and Citigroup trader had raised £26,705 – or 18 per cent – of its £150,000 target, with a number of four-figure donations coming in over the last week. [...]
European Parliament votes for a tax haven blacklist and better support for whistleblowers July 6, 2016 Members of the European Parliament have today voted through measures to make corporation tax fairer, which include drawing up a blacklist of tax havens. Proposed punishments for appearing on the list of so-called uncooperative jurisdictions include reviews and potential suspensions of free trade agreements and prohibiting access to EU funds. Sanctions were also proposed for companies, banks, [...]
DAC Beachcroft unlocks the path to profit growth July 6, 2016 A focus on improving its cash position has helped profits per member to rocket at international law firm DAC Beachcroft, its provisional results revealed today. The figures The firm's total turnover for the year to April came in at £202m, up two per cent on the year before, while profit before tax rose to £35m, an increase of nine per cent. [...]
Clifford Chance celebrates a record breaking year, with revenues reaching a new high July 6, 2016 Clifford Chance has a reason to crack open the champagne this afternoon, after the magic circle outfit revealed its highest levels of revenues for a financial year yet. The figures The law firm announced revenues for its years to April of £1.39bn, up three per cent on the year before. Meanwhile partnership profit hit £494m [...]