Banks are in the dock as litigation lawyers look for soft City targets November 9, 2009 LAUNCHING a lawsuit against a major bank has never been easy. As anyone who has been involved in heavyweight litigation knows, the process of bringing a claim of any kind is expensive, hazardous and distracting. Regardless of the merits, no bank is likely to roll over very easily when faced with legal action. In order [...]
Why insider trading is hard to prove November 3, 2009 LAST month, the FBI smashed an alleged $20m insider trading scheme centring on the New York hedge fund Galleon, when they raided its offices and arrested billionaire financier Raj Rajaratnam and five accused accomplices. In the wake of criticism of the Financial Services Authority (FSA) in this country over its percveived toothlessness, the regulator is [...]
The long arm of US litigation is reaching over the Atlantic October 27, 2009 A COURT case launched in New York this month by shareholders from England, France and the Netherlands against French media company Vivendi, alleging fraud, has struck fear into European executives worried that they too might find themselves on the receiving end of US litigation. It is rare for the American courts to allow foreign shareholders [...]
Be aware of the law if you are setting up on your own October 27, 2009 WHETHER or not the recession has come to an end is still up for debate but it is clear that, for some, the phoenix is already rising from the ashes. The latest stats indicate that the number of new applications for FSA authorisations in London over the last quarter equalled the number of cancellations, so [...]
Why next year will be critical for London’s army of M&A dealmakers October 18, 2009 WHEN Tim Jones, the London managing partner of global law giant Freshfields Bruckhaus Deringer, walks into a room, one is immediately struck by the fact that he still looks every inch the Wales B rugby prop forward he used be. However, as he settles down in one of his firm’s sixth-floor, oak-panelled meeting room, he [...]
Class action lawsuit hits BoA bosses September 28, 2009 INVESTORS in a class-action lawsuit against Bank of America (BoA) over the Merrill Lynch takeover are trying to collect “billions of dollars” in damages, Ohio’s attorney general said yesterday. Attorney General Richard Cordray spoke after filing a 155-page complaint in Manhattan federal court that accuses BoA of fraudulently concealing Merrill’s soaring losses even as it [...]
CITY MOVES WHO’S SWITCHING JOBS September 20, 2009 Land SecuritiesThe property group has appointed Robert Noel, 45, as managing director of its London portfolio, effective from next January. Noel, who will also join the group’s board, has been property director at rival Great Portland Estates since 2002. He also currently holds positions as chairman of the Westminster Property Association and as a non-executive [...]
City Moves who’s switching jobs September 7, 2009 ActantLars Hjaltman has joined the exchange trading solutions firm as head of development, based in the UK but operating in the firm’s major markets across Europe and the US. Hjaltman has over 20 years of experience in technology and software development, having most recently been chief operating officer of Electronic Shipping Solutions. He has also [...]
CITY MOVES WHO’S SWITCHING JOBS August 4, 2009 Ernst & YoungErnst & Young is expanding its London and Bermuda business with the promotion of three staff. The insurance practice has admitted Richard Battersby and Jeff Soar as partners and promoted Andy Worth to director. Battersby will become the transactions advisory partner, Soar (pictured) will be providing tax services to Lloyd’s and London market [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 19, 2009 THE SUNDAYSThe Sunday TelegraphENGINE IN DRIVE FOR EXPANSIONThe advertising agency that created the 118 directory enquiries runners is seeking £50m to fund an international expansion drive that will take it to the US and the Far East. The Engine Group has appointed advisers at Jefferies and the corporate finance arm of Ingenious Media to secure [...]