Welcome back to the Fides Weekly Update, a selection of all the latest legal and business news compiled by our Researchers during the week.
1.) The start of US-style class action?
Yesterday saw the introduction of enhanced powers under the Consumer Rights Act providing a procedure for US-style class actions in the UK. This makes it easier for groups of consumers to seek compensation from firms that have fixed prices and formed cartels. However, the extent to which such action will take off remains to be seen as explained in this article by The Law Society Gazette.
2.) Clifford Chance and RBS in hot water
News emerged on Monday that Clifford Chance and RBS potentially face further questioning from a Treasury Select Committee after the bank’s attempt to remove a report written by the magic circle firm into its global restructuring group (GRG) from a £30m Libor defence claim. The Lawyer provided further details in this article.
3) M&A worldwide deal rankings were released
Data released by Thompson Reuters showed Skadden retaining its lead in this year’s worldwide M&A legal rankings, The Lawyer reveals. Other movers include Gibson Dunn who jumped 14 places to take eighth place, whilst Cravath moved from sixth to second. On the other hand, Fried Frank missed out completely on this quarters top ten.
4) A&O’s Toronto office is no more
It was announced on Tuesday that A&O are to close their Canadian office after only one year as the firm’s only Toronto partner Francois Duquette decides to move in-house. A&O were the first magic circle firm to establish a representative office in Canada, which handled outbound investment work for Canadian clients. Legal Business provides the full story here.
5) We’re still talking about emissions…
After Volkswagen admitted to rigging diesel engine emission tests in the US and Europe last week, law firms both sides of the Atlantic are preparing to represent thousands of VW owners reports Legal Business. In the US, Quinn Emanuel has teamed up with consumer rights firm Hagens Berman to file a class action complaint in LA, whilst in German prosecutors have already launched an investigation into the former CEO.
Until next week!