The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Legal & General (L&G) is claiming a moral victory after the Financial Services Authority (FSA) was ordered to halve the £1.1m fine imposed on the company for the alleged mis-selling of mortgage endowments.
The Financial Services and Markets Tribunal ruled on 26 May that the fine imposed on L&G should be cut to £575,000. As first reported on www.thelawyer.com (27 May), although the tribunal criticised the FSA's enforcement procedures, it did not order the City regulator to pay L&G's costs, forcing the company to foot the £2m legal bill.
Freshfields Bruckhaus Deringer partner David Scott, who led the team advising L&G, said: "It's not about money. It was a case about mis-selling mortgage endowments, and [L&G] have been vindicated of widespread mis-selling."
Scott also argued that, although L&G ended up spending almost £2.5m on the high-profile battle, it was necessary for the life assurer to appeal to the tribunal. "The FSA was seeking to damage the L&G brand. What value can you put on that," added Scott.
In January the tribunal cleared L&G of mis-selling endowments, providing that only eight out of 152 were mis-sold. In that judgment, the tribunal criticised some of the FSA's past disciplinary processes and the lack of independence of the regulatory decisions committee.
Since the January judgment, the FSA has launched a review of its enforcement procedures.