Advertise

The Future Lawyer Weekly Update – w/c 19th November 2018

The Future Lawyer Weekly Update – w/c 19th November 2018

Your round-up of the stories that you should discuss at interview this week:

Fraud

Reported by Laura Clarke

Noel Edmonds to File Pre-Action Letter in £30m Lloyds Claim as he Enters the Jungle

The deal-or-no-deal star has pledged to use a portion of any money gained from the pending lawsuit to fund a charity for banking victims.

Edmonds’ lawyers at commercial firm Keystone Law, are expected to serve Lloyds Bank with a ‘pre-case letter this Wednesday’. A formal claim may not be filed until early December.

Edmonds seeks redress for misconduct at HBOS, acquired by Lloyds at the height of the financial crisis, which he alleges pushed his firm ‘Unique Group’ into failure. Therium Capital Management has stated it will provide over £1m to fund Edmonds’ claim.

Keystone Law has stated earlier in the week, that after 18 months of meticulous preparation, the claim is now ready to proceed. The firm justified the length of preparations due to the complex and sophisticated nature of the fraud, the number of years and number of individuals and companies involved. It is believed the initially estimated figure of £30m in damages has the potential to double.

A spokesperson for Lloyds stated if Edmonds files a claim it will be contested. They also said ‘we continue to make good progress compensating the approximately 70 customers’ affected by the fraud at the HBOS Reading office.

Edmonds wishes to fund a charity to help people navigate litigation options and access financial support systems to aid their cases. The charity will offer ‘intelligence and contacts’ as opposed to direct funding for lawsuits themselves.

Read more here.

Banking/Brexit

Reported by Dan James

Bank of England’s Governor backs Theresa May

Mark Carney, the Governor of the Bank of England, has voiced his support for the Prime Minister’s draft Brexit agreement.

Carney went onto warn that a no-deal outcome would cause the UK serious issues such as triggering large numbers of job-losses, lower pay for workers and the rise of inflation. The Governor then went onto say that May’s proposed agreement would “support economic outcomes”, providing Britain with more time to prepare for the final deal which will be agreed between Westminster and Brussels.

“We welcome the transition arrangements in the withdrawal agreement. It’s at the heart [of the deal],” he told MPs on the Treasury select committee this week.

These comments may bolster May’s position both within Parliament and the wider public after a tough week where she has faced tough opposition across the political spectrum and within her own cabinet.

Labour has promised to vote down the draft agreement.

Carney went on to warn that a failure to agree a deal with Brussels before the March 2019 deadline would deliver a “large negative shock” to the UK economy that would have a persistent effect.

“It wouldn’t be a happy situation to be in,” he said.

Such an outcome would deliver an “unprecedented supply shock” to the UK economy with few historical or international comparisons.

Carney did however go on to drop the broadest possible hint yet that interest rates might rise in the event of a no-deal Brexit. Stating the Bank’s actions would be dependent on how businesses, consumers and financial markets react, he said the economy was in a position of excess capacity, meaning that current demand for goods and services is outstripping supply.

Although the chancellor, Philip Hammond, suggested a Brexit deal will trigger a “deal dividend” for the economy as businesses begin to invest again, it is unlikely to recover all of the lost investment since the EU referendum.

For more information, see The Guardian.

Journalism/Technology

Reported by Anna Flaherty

Facebook Unveils Scheme to Train Reporters to Work in Local Areas Across the UK

Facebook, which has been deemed as being a significant factor in relation to the decline of local newspapers, has now announced a scheme to train reporters to work in local communities around the UK. The scheme has been designed “to encourage more reporting from towns which have lost their local newspaper and beat reporters”.  A representative of the company said that “we want communities to be informed and I don’t think you can do that without strong local journalism”. Facebook will hire approximately 80 people and spend 2 years training them to be community reporters. The company has given £4.5m to local newspaper groups to achieve this goal, however there does not seem to be a clear plan as to how the scheme will continue after this 2-year period of training.

It is also relevant to note that this decision has been made by Facebook, only after the company has scooped up much of the advertising revenue that local papers relied upon. This scheme is therefore more likely to be a response to the questions Facebook has received in reference to its relationship with, and impact on, the media than it is to be an altruistic contribution towards “strong journalism”.

Read more at the BBC and The Guardian.

Get these updates straight to your inbox every week by signing up here or if you are an existing member, ensure you receive these emails by changing your preferences here.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Exclusive email insights, members-only careers events, insider tips and more.