The Financial Services Authority (FSA) handed out its last penalty before being split up after fining companies in the Prudential Group (Prudential) a total of £30m. According to the watchdog, the fine relates to Pru’s failure to inform the regulator that it was seeking to acquire AIA, the Asian subsidiary of AIG, in early 2010. …
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Three female judges have been appointed to the Court of Appeal (CoA) in the latest round of promotions, which has seen 10 new justices appointed. The promotions, as made by the Queen, include Mrs Justice Gloster, Macur and Sharp, and take the total number of CoA judges to seven from four. Gloster J was appointed …
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The software firm’s legal head shares his unique viewpoint after a temporary stint as chief executive. Tom Kilroy stands out in several notable regards from the ranks of prominent general counsel (GC). For one, the down-to-earth legal head of software firm Misys is one of a very select band of senior in-house counsel who have …
BT and Carillion have separately extended their legal arms recently to offer more external legal services. BT Law launched in early March after the telecoms giant received an alternative business structure (ABS) licence from the Solicitors Regulation Authority (SRA). BT Law will provide services to customers in the motor claims market and will expand into …
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DWF acquired Cobbetts’ work in progress (WIP) from KPMG in February for £3.8m as details emerge of the Manchester firm’s fire sale. KPMG was instructed on 17 January to start administration proceedings, although Cobbetts’ lender, Lloyds TSB, had engaged KPMG in September to formulate contingency plans as the firm was beginning to falter. Continued trading …
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Scotland’s Semple Fraser has gone into administration, with Tom MacLennan and Kenny Craig, partners with accountants RSM Tenon, appointed joint administrators. The move comes less than a week after the firm announced its intention to appoint administrators on 6 March. Although a raft of firms have stepped in to take over parts of Semple Fraser’s …
Media boutique Wiggin has officially opened its doors in Brussels, as the firm’s pursuit of sustainable alternative revenue streams sets a benchmark for non-legal services for law firms. The Brussels office, which launched in February, is key to developing a distinct arm of the firm’s business, Incopro, into Europe. Incopro was launched in March 2012 …
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Addleshaw Goddard and Nabarro have confirmed that they were in merger talks at the start of the year but the former is understood to have called the talks off. In separate statements released by both firms, Addleshaws and Nabarro said that discussions would not progress any further. Nabarro said: ‘Nabarro and Addleshaw Goddard did hold …
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White & Case has launched its first office in Spain, recruiting Latham & Watkins’ Spanish corporate head Juan Manuel de Remedios to joint lead its new Madrid office as an executive partner. The Spanish launch comes as the firm concentrates on strengthening its global footprint to take advantage of Spain’s strong links to Latin America. …
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Linklaters and Davis Polk & Wardwell have won a settlement agreement in the long-running Lehman Brothers bankruptcy that ‘unlocks’ $9bn of assets and sees them returned to the bank’s customers. Linklaters acted for administrators PwC, an instruction the firm has enjoyed since Lehman collapsed in 2008, on all English law matters. The Magic Circle firm …
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