Terra Firma’s Guy Hands drops EMI lawsuit against Citigroup June 10, 2016 Guy Hands has backed down in his lawsuit with Citigroup today. Hands, who brought his case to the High Court in London earlier this week, had been suing the bank for £1.5bn worth of damages over his private equity firm Terra Firma's failed takeover of music group EMI. Hands claimed that Citigroup had misled him throughout the bidding process [...]
Law firm CMS revenues break €1bn mark, although notes the potential for Brexit has caused some uncertainty in its UK market June 10, 2016 International law firm CMS revealed it had raced past a particular milestone today, brining in over €1bn in revenue, despite being slightly shaken by the possibility of a Brexit in its UK market. The figures Revenues for the firm increased to €1.01bn (£735.2m) in 2015, up 8.4 per cent on the prior year's €934.5m. Meanwhile, net profits had grown [...]
Accused ex-Barclays banker likely kept in the dark about any supposed Libor conspiracy by boss, court told June 9, 2016 An ex-Barclays submitter currently standing trial accused of Libor-rigging offences was likely kept in the dark about the full extent of any fixing activity by his boss, a court was told today. Jonathan Mathew, along with former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, has been charged with conspiracy to defraud on allegations [...]
HMRC tells accountants it’s business as usual for routine tax planning June 8, 2016 The taxman has written to a leading accountancy firm to reassure it that it's business as usual for routine tax planning. Accountancy firm RSM, which has offices in the City, previously wrote in its weekly tax bulletin that it was concerned about a report that HM Revenue & Customs (HMRC) had published in May. The report [...]
Accountancy watchdog launches probe into Deloitte over Serco audit off back of fraud squad investigation June 8, 2016 The accountancy watchdog today launched an investigation into Deloitte over the audit of Serco Group, off the back of information uncovered by an ongoing investigation by the Serious Fraud Office (SFO). The Financial Reporting Council (FRC) has said it will be investigating the big four firm in relation to the preparation, approval and audit of the outsourcing company’s [...]
How The Beatles sent Terra Firma’s Guy Hands back to court to confront Citigroup June 8, 2016 Those who have been walking by the Strand recently may have spotted a familiar face, as Guy Hands and his legal team have returned to court for the latest phase in the legal battle over his ill-fated EMI deal. Hands is suing Citigroup for £1.5bn worth of damages in the High Court over Terra Firma's – the private [...]
French court orders Societe Generale to pay Jerome Kerviel €450,000 for unfair dismissal June 7, 2016 Societe Generale has today been ordered to pay €450,000 (£350,171) to former employee Jerome Kerviel on the grounds the ex-trader was unfairly dismissed, according to various reports. Kerviel has previously been found guilty for breach of trust and fraud, with his unauthorised trades losing the bank €4.9bn in 2008 in an incident that is one of the largest of its kind. The French [...]
Tom Hayes’ crowdfunding campaign breaks £20,000 mark June 6, 2016 Tom Hayes' crowdfunding campaign is gaining pace, having recently broken the £20,000 mark. The former UBS and Citigroup trader has turned to Fundrazr in an attempt to raise £150,000 to pay towards his legal costs of appealing to the Criminal Cases Review Commission. At time of writing, the campaign had raised £21,110, having previously been stalled around the [...]
Former Deutsche Bank trader Christian Bittar given green light to pursue civil case against FCA June 6, 2016 A former Deutsche Bank trader has been given the go ahead to continue with a civil case against the City watchdog. Christian Bittar is suing over the manner he was depicted in a penalty notice issued by the Financial Conduct Authority (FCA), which levied a fine on his former employers for its role in the rate rigging [...]
Shell mulls offshoring its legal eagles to cut costs June 6, 2016 Shell is considering offshoring its legal centre in a bid to cut costs and improve efficiencies, it was revealed today. "We are operating in the reality of a 'lower for longer' oil price environment and to remain competitive, Shell is taking essential steps towards building a more sustainable and resilient company," said Donny Ching, Shell's legal director. "Shell's [...]