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Chancellor Rachel Reeves will not introduce new freeports in the UK in her upcoming budget, according to a report by the Financial Times. Instead, she will focus on further developments for the existing five freeports. The government had mistakenly announced the approval of five new freeports, but this was clarified as a communication error. The UK government will not be adding to the existing 12 freeports, which were reintroduced as part of economic policy after Brexit. [Extracted from the article]

Russian billionaire Dmitry Rybolovlev has been cleared by Swiss investigators in connection to the arrest of art dealer Yves Bouvier in Monaco. The Office of the Attorney General of Switzerland closed the criminal proceedings against Rybolovlev, who was accused of acting illegally for a foreign state. This decision comes after a long-standing feud between Rybolovlev and Bouvier over alleged overcharging for works of art, with Bouvier's arrest in 2015 eventually being thrown out by a Monaco judge in 2019. Bouvier and his lawyers have maintained that he was never Rybolovlev's broker and that the Russian billionaire was simply a repeat customer willing to pay top prices. [Extracted from the article]

Illiquidx Ltd. has sued Altana Wealth Ltd., accusing the hedge fund of misusing trade secrets to establish a lucrative fund after a failed joint venture in 2019. The dispute, currently in London's High Court, highlights the high stakes involved in trading Venezuela's defaulted notes, with potential for significant profits. Altana, Brevent, Robinson, and Kastner deny all allegations and are contesting the claim, emphasizing that the information shared was not confidential or unique. The case sheds light on the fiercely guarded business secrets in the financial industry, with courts often hosting such disputes to protect valuable information. [Extracted from the article]

BHP Group Ltd. is facing a $47 billion class action lawsuit in London over a dam collapse at a Brazilian iron ore mine that occurred almost nine years ago. The collapse resulted in significant environmental damage, loss of life, and destruction of villages. The trial will test the extent to which multinational companies can be held accountable for such incidents in English courts, with implications for future lawsuits of a similar nature. Negotiations for a settlement are ongoing, with the outcome expected to impact the UK litigation. [Extracted from the article]

BHP Group Ltd. is facing a £36 billion UK class action lawsuit over a dam collapse at a Brazilian iron ore mine that occurred almost nine years ago. The collapse resulted in significant environmental damage, loss of life, and destruction of villages. The trial will test the extent to which multinational companies can be held accountable for such incidents in English courts, with implications for future lawsuits of a similar nature. The case has been ongoing for six years and involves a large number of claimants seeking compensation. [Extracted from the article]

A Chinese woman, Zhimin Qian, also known as Yadi Zhang, pleaded not guilty to charges of laundering Bitcoin at a London court. She was arrested in April and charged with two counts of money laundering, with the Criminal Prosecution Service alleging that she possessed and transferred illegal cryptocurrency. A man, Seng Hok Ling, was also charged alongside her and pleaded not guilty to a charge of entering into a money laundering arrangement. The trial is set to begin on September 29, 2025, at Southwark Crown Court, with Ms. Zhang's lawyers stating that she denies all allegations of criminal conduct and intends to vigorously contest the case. [Extracted from the article]

Aon UK Ltd. has filed a lawsuit against Howden Group Holdings Ltd., accusing the insurance rival of poaching its employees and soliciting its clients. Aon claims that Howden used the hiring of senior executives to lure other employees, obtain confidential information, and cause mass resignations in Brazil and London. Howden's lawyers argue that the case should be scrutinized by Brazilian courts since it involves recruitment in Latin America. Aon is seeking compensation for its losses and is also investigating another team move to Howden from its marine and construction team. [Extracted from the article]

Joseph El Khouri, a trader with dual Lebanese-British citizenship living in London, is fighting extradition to the US where he is accused of making nearly $2 million from insider trading. US prosecutors claim that El Khouri traded on inside information and gave lavish gifts to middlemen in exchange for tips. El Khouri's lawyers argue that the alleged wrongdoing took place primarily in the UK and that the allegations should be tried there. The UK and US both have jurisdiction to prosecute the case, and El Khouri's lawyers are attempting to prevent his extradition. [Extracted from the article]

Citigroup Inc. has settled an employment suit with a former trader, Ian Weir, who was unfairly dismissed by the bank. Weir claimed that he was made a scapegoat for the bank's regulatory failures in executing stock trades for clients in Asia. The details of the settlement were not disclosed. Citigroup was previously fined HK$348 million ($44.8 million) by Hong Kong's securities regulator for failures in stock trades between 2008 and 2018. Weir's lawyer had sought compensation for the unfair dismissal and had previously stated that he would apply to get his job back at Citigroup. [Extracted from the article]

Citigroup Inc. has settled an employment suit with a former trader, Ian Weir, who was unfairly dismissed by the bank. Weir claimed that he was made a scapegoat for the bank's regulatory failures in executing stock trades for clients in Asia. The details of the settlement were not disclosed. Citigroup was previously fined HK$348 million ($44.8 million) by Hong Kong's securities regulator for failures in stock trades between 2008 and 2018. Weir's lawyer had sought around £100,000 ($131,120) in compensation for the unfair dismissal. [Extracted from the article]

Insurance companies are facing a multibillion-dollar dispute over claims for hundreds of aircraft seized by Russia. Aircraft leasing companies, including AerCap Holdings NV, have sued insurers such as AIG and Lloyd's after Russia refused to return leased jets following the invasion of Ukraine and the imposition of sanctions. The initial case for $3.4 billion has been reduced to over $2 billion after settlements, but claims by other lessors also amount to hundreds of millions of dollars. Insurers are contesting the claims, citing exceptions and exclusions in their policies. The trial is ongoing and a ruling is expected in the coming months. [Extracted from the article]

Tesco Plc's "fire and rehire" policy, which involved firing employees and then rehiring them with lower pay, has been ruled unlawful by the UK's top court. The Supreme Court overturned a previous decision in favor of Tesco, stating that the company cannot use its right to dismiss employees to deprive them of retained pay. This ruling comes at a time when employee rights at large employers are being closely examined, with other grocers such as Asda, J Sainsbury, and WM Morrison also facing similar claims from retail workers. The "fire and rehire" policy has been criticized in the UK, and the Labour government has issued a code of practice to address these tactics. [Extracted from the article]

The ex-wife of Hui Ka Yan, the founder of China Evergrande Group, has been allowed by a UK court to spend up to £20,000 ($26,187) per month after her assets were frozen in a case brought by the developer's liquidators. This is part of an effort to recover approximately HK$2.8 billion ($359 million) that was paid to Ding Yu Mei through her corporate vehicles as dividends between 2018 and 2020. Ding, who held a 5.99% stake in Evergrande, has over $4 million in her UK bank account and resides in a luxury London apartment. The lawsuit is part of broader attempts to recover $6 billion in dividends and remuneration from Hui, Ding, and other former executives. Hui, once Asia's second-richest person, lost most of his fortune as Evergrande faced financial difficulties. The liquidators have obtained injunctions to prevent Hui, Ding, and others from disposing of their assets. [Extracted from the article]

An ex-Deutsche Bank credit trader, Shikha Gupta, has lost a UK court case in which she sued the bank for unpaid bonuses. Gupta claimed that she was promised the money before losing her job, even after the bank's non-core operating unit was closed. However, the UK High Court rejected her case, stating that she failed to prove she was deceived by the bank. Gupta's lawyers argued that she was instrumental in unwinding high-risk assets and that the bank knowingly deceived her by denying the bonus. The bank's lawyers denied all allegations, stating that the bank's performance in 2016 was poor and there was no bonus pool available. [Extracted from the article]

Ticketmaster is under investigation in the UK over the sale of tickets for Oasis concerts. The Competition and Markets Authority (CMA) is examining whether the sale breached consumer protection laws and if Ticketmaster fairly used dynamic pricing, where ticket prices change based on demand. The CMA will gather evidence from those involved and the public to determine if fans were misled or pressured to buy more expensive tickets. The investigation is ongoing, and Ticketmaster has not yet commented on the matter. [Extracted from the article]

Chinese suspects Wenjun Tian and his wife are facing a British investigation into their acquisition of a multi-million pound property portfolio in the UK. The UK's National Crime Agency is examining whether the couple's student rental properties were purchased using money from criminal activities. Tian and his wife are accused in China of being involved in a 14-year fraud worth $1.6 billion, which utilized shell companies to obtain fraudulent loans and manipulate the stock market. The couple will be allowed to keep their UK real estate assets if they can prove they were legitimately purchased. The investigation is based on information provided by Chinese authorities, although the couple's lawyers argue that the Chinese authorities acted out of political motivation. The couple moved to the UK in 2019 using the investor visa program, facilitated by Dolfin Financial UK Ltd., which is now under investigation for allegedly helping clients unlawfully obtain investor visas. The money used for the property purchases was reportedly a gift from Tian, obtained from selling his shares in a Chinese company. The Chinese authorities issued arrest warrants against the couple in 2021, while the UK investigation began in 2022. [Extracted from the article]

TikTok, owned by ByteDance Ltd., is facing a lawsuit in the UK from a content moderator named Olivia Anton Altamirano. Altamirano alleges disability discrimination and a toxic work environment that caused her stress and pregnancy complications. She claims that the targets given to her were impossible to meet and that she was discriminated against because of her multiple sclerosis. TikTok denies all allegations. The case has been allowed to proceed to the next stage by a judge. Altamirano is seeking compensation for the injury to her feelings and health insurance. [Extracted from the article]

A British national, Michael Lomas, has lost his bid to block extradition to South Africa where he faces charges of bribery related to a deal with state-owned power utility Eskom Holdings. Lomas, a former Eskom contractor, argued that he would be at high risk of suicide if sent to South Africa, but a London judge dismissed this claim. Lomas was arrested in 2021 for Eskom's payment of 745 million rand ($41.5 million) to Tubular Construction Projects, and he could face up to 15 years in prison if found guilty. South African prosecutors obtained the right to extradite him in December 2022 as part of their efforts to address corruption scandals under former President Jacob Zuma. [Extracted from the article]

A former Barclays banker has lost a discrimination and harassment lawsuit against the bank. Khilna Morjaria, a former vice president at Barclays Execution Services Ltd., claimed that she experienced discrimination related to her mental health and was harassed and victimized. However, the employment tribunal dismissed all of her allegations, stating that the bank treated her fairly and did not violate her contract. Morjaria sought over £250,000 in damages, but the judge ruled in favor of Barclays. [Extracted from the article]

A former equities broker at Vantage Capital Markets in the UK has lost her unfair-dismissal claim after alleging discrimination upon her return from cancer treatment. The employment tribunal ruled that the firm's requirement for a medical assessment before her return to work was unfair, but the broker failed to prove that it was intended to make her resign. The tribunal stated that Vantage Capital could have reinstated her pay after she expressed her readiness to work pending the assessment, but there was no evidence that she resigned in response to that breach. This case is part of a growing number of discrimination lawsuits in the UK financial industry. [Extracted from the article]

The UK court system is facing challenges in handling the large number of cases related to recent riots. Over 70 individuals have already been convicted or pleaded guilty, with more arrests and charges expected. However, the court system is already overwhelmed with backlogs and a shortage of criminal lawyers. The Prime Minister has promised swift justice, but concerns have been raised about the capacity of the system to handle the influx of cases. Additionally, overcrowded prisons pose another challenge, with the current prison population at 98.3% of capacity. [Extracted from the article]

The recent riots in the UK have led to a surge in arrests and convictions, with over 700 arrests and almost 300 people charged by August 9th. Prime Minister Keir Starmer has promised swift justice for the rioters, but the overloaded court system and lack of resources pose significant challenges. The UK's justice system has been plagued by chronic underfunding, leading to backlogs and an exodus of lawyers. The overcrowded prisons also present a problem, as they are already at 98.3% capacity. Starmer's plan to address these issues will require careful management and resource allocation. [Extracted from the article]

Banca Generali, an Italian wealth manager, has won a UK court ruling in a dispute over €344 million worth of securitizations it purchased from a trade finance firm. The court ruled that Banca Generali has the authority to replace CFE Advisory Services as the agent in charge of dealing with the noteholders. The dispute arose from attempts by Banca Generali to appoint its own agent. The securitizations in question have not been fully discharged, and a previous ruling in favor of Banca Generali was kept on hold pending the outcome of the appeal. [Extracted from the article]

Mozambique has won a fraud case against Credit Suisse over a $2 billion bond scandal that caused a financial crisis for the country. A London judge ruled that Mozambique was defrauded in a maritime project that was meant to finance the construction of a coastal patrol and tuna fishing fleet. The fundraising was plagued by corrupt deals, with hundreds of millions of dollars stolen, and much of the debt was hidden from bondholders and lenders. Mozambique is entitled to $825 million from shipbuilder Privinvest and must also be compensated for a $1.5 billion payment to holders of refinanced Eurobonds. The scandal had a significant impact on Mozambique's economy, and the country is committed to eradicating corruption and holding those involved responsible. [Extracted from the article]

Mozambique has won a fraud case against Credit Suisse over a $2 billion bond scandal that caused a financial crisis for the country. A London judge ruled that Mozambique was defrauded in a maritime project intended to finance the construction of a coastal patrol and tuna fishing fleet. The government-backed fundraising was marred by corrupt deals, with hundreds of millions of dollars stolen, and much of the debt was hidden from bondholders and lenders. Credit Suisse settled with Mozambique before the trial, leaving the country to pursue shipbuilder Privinvest and its founder, Iskandar Safa. The ruling has significant implications for both Mozambique and Credit Suisse, which has already faced legal troubles and paid millions in settlements. [Extracted from the article]

Lloyds Bank is being sued by two female employees who claim they were discriminated against after posting criticism of Israel on the bank's internal chat platform. The employees argue that they were disciplined and reported to the Financial Conduct Authority for gross misconduct based on their political and religious beliefs. Lloyds denies the allegations of discrimination, stating that the comments were inappropriate and against the FCA conduct rules. This case highlights the challenge for employers in navigating divisive geopolitical events, and British companies cannot fire employees based on their political views unless they express them in a discriminatory or offensive manner. [Extracted from the article]

Lloyds Bank is facing a lawsuit from two female employees who claim they were discriminated against after posting criticism of Israel on the bank's internal chat platform. The employees argue that they were disciplined and reported to the Financial Conduct Authority for gross misconduct based on their political and religious beliefs. Lloyds denies the allegations of discrimination, stating that the comments were inappropriate and against the FCA conduct rules. This case highlights the challenge for employers in navigating divisive geopolitical events, such as the Israel-Palestine conflict, while respecting employees' rights to express their political views. [Extracted from the article]

Banks in the UK are currently facing a record number of lawsuits, with almost three new cases involving financial services firms filed every day on average at the UK High Court last year. This surge in litigation is attributed to increased instances of payment frauds, economic hardship faced by customers, and disputes around Russian sanctions. The banking sector is more likely to be involved in fresh litigation than any other sector, and experts suggest that banks need to manage both historic and new risks. Lawsuits related to race and sex discrimination, misselling of car loans, and fraud are also expected to continue. Additionally, there is a risk of litigation against banks regarding the country's new anti-greenwashing rules. The increase in claims during economic downturns is a common trend, as market shifts and expectations around long-term interest rates trigger disputes. [Extracted from the article]

Archbishop Edgar Pena Parra, Pope Francis' chief of staff, testified in a London court regarding a controversial €350 million London real estate deal. The deal involved a false invoice and a payment of £5 million to an agent linked to the Vatican. The Vatican sold the property at a significant loss in 2022. The case is part of a larger dispute that led to criminal charges against multiple individuals. The former banker involved in the deal claimed that the property was turned into an office building due to fears that the church would not want to be associated with a luxury residential development. [Extracted from the article]

A trade union representing civil servants has lost its bid to challenge the UK's deportation policy to Rwanda. The policy, which was a key part of former Prime Minister Rishi Sunak's election campaign, aims to deport asylum seekers to Rwanda. The trade union argued that the government's guidance to civil servants to ignore human rights law was unlawful, but the High Court judges disagreed. This case is one of two key cases against the policy, with another case brought by asylum seekers still pending. The legislation allows ministers to waive certain elements of international human rights law in the UK, but does not disapply the European Convention on Human Rights. The trade union expressed disappointment with the ruling, stating that no government should put the civil service in this position. [Extracted from the article]

Moderna Inc. has achieved a partial victory in its legal battle against Pfizer Inc. and BioNTech SE over the profits made from the sale of Covid-19 vaccines. A London judge ruled that one of Moderna's two patents for its Spikevax vaccine is valid, while the second patent was deemed invalid. Pfizer and BioNTech had filed a lawsuit seeking to invalidate both of Moderna's patents. The judge stated that the validity of the patents was not influenced by the pandemic, and both sides were accused of using the events of the pandemic for their own benefit. Pfizer and BioNTech plan to appeal the decision. [Extracted from the article]

The Vatican is involved in a trial over a controversial London real estate deal worth hundreds of millions of dollars. The deal, which took place in 2018, involved the Vatican investing €350 million in a former Harrods warehouse. The property was later sold at a significant loss to Bain Capital. Former banker Raffaele Mincione, who was accused of being involved in a fraud to inflate the property's price, is suing the Vatican's secretariat for damaging his professional reputation and business. The trial is part of a larger scandal that led to charges against 10 individuals, including financial brokers, an Italian cardinal, and a lawyer. The Vatican's lawyers argue that Mincione and others were not acting in good faith. The scandal prompted Pope Francis to reform the financial investments of the Vatican's institutions and prioritize transparency and accountability. Mincione is scheduled to appear as a witness in the trial. [Extracted from the article]

Apple Inc. has been found to have unfairly fired an employee in the UK for making racist comments in a toxic workplace culture. The employee, Timothy Jeffries, was dismissed after making a comment to a colleague of Chinese heritage. The judge ruled that Apple's investigation was inadequate and that the company did not have a zero tolerance policy in place for discrimination and harassment. The judge also stated that there was evidence that the comment was taken as a joke by Jeffries' colleagues. Apple must now implement a clear zero tolerance policy and outline the consequences of its violation. [Extracted from the article]

A UK judge has ruled in favor of a fresh valuation of Greek payments firm Viva Wallet, which is at the center of a dispute between JPMorgan Chase and its joint venture partner, Haris Karonis. The judge's decision could potentially lead to the sale of Viva Wallet. JPMorgan had previously offered a valuation that was deemed "manifestly wrong" by Karonis, the founder and CEO of Viva Wallet. The court also rejected JPMorgan's alleged attempts to depress Viva's value and confirmed that the firm is subject to US legal restrictions. [Extracted from the article]

Argentina has lost its appeal in a UK court to overturn a $1.5 billion order to compensate investors for losses in the country's growth-linked securities. The investors, including Palladian Partners LP, alleged that the losses were a result of a change in the method of calculating Argentina's gross domestic product. This ruling is a setback for Argentina, which is already facing high inflation and a worsening recession. The country's lawyers argued that paying out $1.5 billion in this case would make it difficult for Argentina to service its debt. The case stems from Argentina's default on $95 billion of debt in 2001, and the dispute arose after the country changed the base year for calculating growth in 2013. [Extracted from the article]

Netflix is facing a $170 million defamation lawsuit from a woman named Fiona Harvey who claims to be the inspiration behind a character in the hit series Baby Reindeer. Harvey alleges that the creators of the show exposed her identity and ruined her life. The character in question, named Martha, is portrayed as a convicted stalker who sexually assaulted the main character. Harvey's lawyers argue that Netflix failed to verify lies told about her in the series, leading social media users to identify her as the stalker. The lawsuit seeks to recover $50 million in profits made by the show and over $120 million in damages. Netflix has stated that they intend to vigorously defend the matter. [Extracted from the article]

A class action lawsuit against Google has been given the go-ahead by London judges. The suit alleges that Google abused its dominance in digital advertising and seeks billions of pounds in damages. If the claimants can prove that Google favored its own advertising services over competitors between January 2014 and November 2022, damages could reach £13.6 billion ($17.4 billion). Google's ad tech business has faced regulatory scrutiny in recent years, including fines from France and threats of breakup from the European Union. Google plans to vigorously oppose the lawsuit. [Extracted from the article]

Lawyers argued in a London court that a UK minister's order to send asylum seekers to Rwanda, overriding a ruling by the European Court of Human Rights, would be unlawful. The FDA, a trade union representing civil servants, stated that government workers are obligated to comply with orders from the Strasbourg-based court, and a minister's instruction cannot disregard this obligation. The policy to deport asylum seekers to Rwanda is a key part of Prime Minister Rishi Sunak's election campaign, and the first flights are scheduled for July 24 if the Conservative Party is re-elected. The judicial review aims to clarify the legal obligations of civil servants, rather than frustrate the government's policy. [Extracted from the article]

The UK government plans to begin sending asylum seekers to Rwanda in late July, pending the outcome of the general election. The controversial policy is part of Prime Minister Rishi Sunak's tough stance on migration. The UK's highest court had previously ruled the plan unlawful, but legislation passed earlier this year declared Rwanda a safe country for migrants. Critics argue that the policy violates international human rights laws. [Extracted from the article]

The article reports on efforts to administer COVID-19 vaccines in India. It mentions the difficulties that rural health services face in distributing the vaccine, the issues with vaccine hesitancy, and the efforts that public health personnel go through to give people their shots.

A woman has been sentenced to six years and eight months in jail for laundering a large amount of Bitcoin connected to a $5.6 billion investment fraud in China. Jian Wen, a former fast food worker, was found guilty of one count of money laundering for a Chinese woman between 2017 and 2022. The police seized over 61,000 Bitcoin, now worth over $4 billion, as part of the wider operation. Wen denies all allegations and claims she was a victim who followed instructions from the alleged "mastermind." The trial also revealed the involvement of intermediaries and professionals in London and Dubai in the money laundering scheme. [Extracted from the article]

A Russian tycoon, Ziyavudin Magomedov, who is currently in jail, has won a UK court ruling that blocks a sanctioned Russian entity from receiving $7.5 billion in a lawsuit related to the control of a strategically important port in the Black Sea. Magomedov had sued Transneft PJSC, a sanctioned pipeline operator, and others for $13.8 billion in the UK, alleging a conspiracy to take control of his assets, including the Novorossiysk Commercial Sea Port. The ruling aims to prevent Transneft from enforcing penalties against Magomedov until November, when the UK court will decide whether to hear the case. [Extracted from the article]

Argentina has warned that it may struggle to repay its debt if it is required to pay $1.5 billion in damages awarded to investors by a UK court. The court ruling, which is being challenged at the Court of Appeal in London, states that Argentina must compensate investors for losses in the country's growth-linked securities after it changed the method of calculating GDP. Argentina argues that the ruling unfairly ties the securities to an outdated measure of GDP and could jeopardize its ability to service its debt. The case stems from Argentina's default on $95 billion of debt in 2001, and the country is currently facing another recession. [Extracted from the article]

Uniserve Ltd., a logistics firm that received over £1 billion in UK government contracts during the pandemic, is currently involved in a trial over whether it was justified in breaking off a contract with a supplier during the first wave of Covid-19. The Jordanian supplier, Hitex, is seeking $23 million in compensation from Uniserve after the company found a cheaper Chinese supplier and canceled the deal. Uniserve denies the claim and alleges that Hitex overstated their production capacity and delayed delivery. The UK government awarded contracts to firms with little experience in manufacturing or procuring medical equipment, including Uniserve, in their rush to meet the high demand at the start of the pandemic. [Extracted from the article]