As banks remain in the crosshairs of regulators and claimants, Legal Business teamed up with Stephenson Harwood to seek the views of the in-house banking community on attitudes to disputes and risk.
If you needed confirmation of just how challenging the litigation climate is for many of the world’s banks, then JPMorgan Chase’s results for the third quarter provided it, in all their billion-dollar detail. Announcing a $400m loss for Q3 in October, the bank revealed that it had set aside $23bn for litigation costs arising from a series of regulatory investigations, resulting litigation and economic crisis-related suits.
Continue reading “Hunting titans – the disputes outlook as watchdogs and claimants target banking giants”
An online dispute resolution (ODR) technology business spun out of eBay is setting up in the UK after receiving a $5m investment from venture capitalists.
Silicon Valley-based Modria, which provides technical solutions for the resolution of around 60 million disputes a year, will be launching its European arm following investment led by early-stage IT venture capital firm Foundry Group. Continue reading “Vision of the future? Former eBay dispute resolution team heads to Europe”
Reed Smith has received nearly a million pounds in legal fees as a result of assisting in the BBC’s investigation into the Jimmy Savile sex abuse scandal as the corporation comes under criticism for spending a total of £5m of licence fee payers’ money on three reviews.
The BBC’s annual report today (17 July) revealed that the cost of the Pollard Review – one of three reviews set up in the wake of the Savile scandal – was £2.8m, of which £893,500 went to Reed Smith. Continue reading “Reed Smith set to earn nearly £1m from Savile mandate as BBC criticised for £5m bill”