J&J and three other drug distributors settle opioid crisis lawsuits for $26bn February 25, 2022 US pharma giant Johnson & Johnson, and three of America’s largest medical distributors, have agreed to pay $26bn (£19bn) to settle more than 3,000 lawsuits over the role they played in fuelling America’s opioid crisis. New Jersey drugmaker J&J, and medicine distributors Cardinal Health, AmerisourceBergen, and Distributors McKesson, finalized a deal through which they will [...]
UK-based Chinese companies suffered from global instability last year, new research shows February 25, 2022 Revenues generated by Chinese companies working in Britain have dropped by almost a third, due to global instability and the impacts of Covid-19, according to new research. Chinese companies employed 61,000 UK residents contributed £63bn to the British economy in 2021, according to new figures from the Tou Ying Tracker. The £63bn in revenues generated [...]
UK government seeking to give courts new powers to track down crypto assets February 25, 2022 The UK government is drawing up new rules to tackle crypto fraud, with a view to making it easier for courts to trace crypto assets. Speaking at a legal conference yesterday, Sir Geoffrey Vos, one of Britain’s most senior judges, said a sub-committee of the body that writes the rules for civil courts, is seeking [...]
Exclusive: World’s biggest litigation funder Harbour strikes £2m deal with sports lawyers to fund ‘no win, no fee’ FIFA lawsuits February 24, 2022 Private litigation funder Harbour has struck a £2m deal with specialist law firm Morgan Sports Law, through which Harbour plans to cover footballers’ legal costs in employment disputes put forward on a “no win, no fee” basis. Harbour will cover any legal costs in disputes between professional footballers and their employers, and take a cut [...]
1MDB Scandal: Trial of former Goldman Sachs banker Roger Ng put on hold after US fails to disclose documents February 24, 2022 The trial of former Goldman Sachs banker Roger Ng, over his involvement in the multi-billion-dollar 1MDB scandal, has been put on hold, after it emerged the US Department of Justice (DoJ) had failed to hand over some 15,500 documents. The decision to pause the trial comes after US prosecutors admitted that a DoJ team had [...]
Lloyd’s of London chairman to helm TheCityUK’s leadership council February 24, 2022 TheCityUK has appointed the chairman of Lloyd’s of London to the helm of its leadership council. Bruce Carnegie-Brown, an insurance broker and also vice chairman of Banco Santander, will head the forum that hauls in financial and professional services figureheads to develop the organisation’s strategy in the City. Succeeding Sir Adrian Montague, who will step [...]
St James’s Place ups its dividend as bulging share prices bolster wealth manager’s coffers February 24, 2022 British wealth manager St James’s Place today posted record results, as bulging share prices saw the sums of money it manages grow by 19 per cent, to record heights of £154bn. The firm, which was established by South African financier Mark Weinberg and British banker Mike Wilson in 1991, after the pair received backing from [...]
UK fraudsters extend their reach after taking advantage of two-thirds more victims during Covid February 24, 2022 The number of UK fraud cases worth more than £100,000 jumped by two-thirds (66 per cent) between 2020 and 2021, according to new figures from KPMG’s UK Fraud Barometer. The figures show fraudsters took a splatter-gun approach to financial crime last year, in defrauding a larger number of victims for smaller sums of money than [...]
Clifford Chance tech lawyer says London law firm should adopt Silicon Valley work culture February 23, 2022 A rising star lawyer at Magic Circle law firm Clifford Chance has called on the Canary Wharf headquartered firm to appoint a “Chief Happiness Officer” after submitting a manifesto to his colleagues calling on the firm to create a Californian style work culture. Clifford Chance partner Jonathan Kewley, who is standing for the position of [...]
Exclusive: Most UK businesses failing to offer employees workplace pension support February 23, 2022 Most British businesses do not offer their employees adequate support in understanding their workplace pension plans, according to the results of a survey shared exclusively with City PM In a poll of 365 decision makers from financial services company Mintago, 60 per cent said they do not believe their businesses provide sufficient support to employees [...]
