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Baker & Partners to Hold Breakfast Briefing on Financial Institutions Caught Up in Fraud Litigation

September 2016

Baker & Partners will be holding a Breakfast Briefing on fraud and asset recovery cases involving financial institutions on 22nd September, 8.00-9.30am, at The Royal Yacht Hotel.

Advocate Charlie Sorensen and Director of Regulatory Services, Ed Shorrock, and will focus on a recent, real-life case study of a cross-border asset recovery action which involved several offshore financial institutions.

The briefing will illustrate how institutions such as banks, insurers and corporate service providers can become involved in fraud litigation and will provide insights into the legal and regulatory issues that are engaged when this happens. The event will cover:

  • How to respond to requests for information/injunction applications
  • How to balance duties to a client and assist an aggrieved party
  • What material a financial services company should be prepared to disclose
  • When a financial services company should be concerned about opening itself up to a liability
  • When to engage with the regulator
  • Whether costs will be recovered

Advocate Charlie Sorensen commented:

“I’m delighted to be delivering first-hand insights into this topic to Jersey’s financial services community. Fraud is a permanent threat to financial systems and institutions can find themselves embroiled in legal proceedings at very short notice. Key decisions often need to be made quickly and it is crucial for financial service businesses to be able to understand their position and respond appropriately.”

Director of Regulatory Services, Ed Shorrock, commented:

“Multi-jurisdictional fraud and asset recovery cases are often incredibly complex and, given their nature, it’s often difficult for institutions to gain insights into such cases to understand the best courses of action should they find themselves embroiled in fraud. This breakfast briefing presents a unique opportunity to local businesses to both understand what can go wrong and clarify their own obligations to ensure they’re acting in accordance with regulation.”

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