Corporate Crime & Compliance UK

  • May 28, 2024

    Autonomy Founder Says HP 'Panicked,' Tried To Unwind Deal

    Autonomy founder Michael Lynch testified Tuesday in a California federal criminal trial over claims he conned HP into overpaying for his company that HP's board "panicked" after news of the acquisition leaked and HP's stock dropped 20%, that HP fired its CEO and that it attempted to back out of the deal.

  • May 28, 2024

    RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement

    A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.

  • May 28, 2024

    Property Firm Fined £12K For Anti-Money Laundering Failures

    The Solicitors Regulation Authority fined a London property solicitors £12,777 ($16,300) after the firm carried out transactions for partners and their family members without appropriate anti-money laundering policies.

  • May 28, 2024

    Major Insurers Face £472M Claim For Russia-Stranded Planes

    An aircraft lessor has brought a £472 million ($604 million) claim against dozens of major insurers over planes stranded since the invasion of Ukraine, following a landmark London court ruling that blocked attempts to move similar cases to Russia.

  • May 28, 2024

    Police To Expand Criminal Probe Into Post Office Scandal

    The criminal investigation into the Post Office IT scandal will be expanded to examine whether senior executives should be charged with per­jury and perverting the course of justice, the Metropolitan Police said Tuesday, the latest chapter in the major miscarriage of justice.

  • May 28, 2024

    UK Gov't Faces Threat Of Fresh Infected-Blood Litigation

    Lawyers representing victims of the infected blood scandal have said they could restart civil litigation against the government unless it accepts findings that officials failed to warn the public of the risks of treatment and keep patients safe. 

  • May 28, 2024

    EU Investment Firms Told To Upgrade Marketing Reports

    The European Union's financial markets regulator has said that investment firms should improve their marketing disclosures to investors, calling on national watchdogs to act against rule-breakers.

  • May 24, 2024

    The UK Laws That Will Pass Or Fail As Election Looms

    Prime Minister Rishi Sunak's decision to call an early general election to be held on July 4 has left several pieces of legislation hanging in the balance during the so-called "wash-up" period before Parliament is formally dissolved, while others have been pushed through. 

  • May 24, 2024

    UK's 2nd CPO Settlement Points To More Scrutiny On Payouts

    Britain's competition tribunal scrutinized how the U.K.'s second-ever class action settlement will be handed out to rail passengers before approving the deal, shedding light on what information it will expect to see before signing off on future settlements.

  • May 24, 2024

    Labour Gov't Could Force Big Tech Into Fraud Repayments

    A potential new Labour government means a turning point in tackling financial fraud if it should force big tech companies like Meta and Google to join banks in having to reimburse customers duped into sending fraudsters money, according to lawyers.

  • May 24, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.

  • May 24, 2024

    Banking 'Selfie' Fraudster Gets 3 Years In Prison

    A fraudster was handed a three-year prison sentence for making fake applications to obtain loans and pensions potentially losing banks around £178,000 ($227,000), the Crown Prosecution Service announced Friday.

  • May 24, 2024

    FCA Bans Two Advisers Accused Of Misleading Clients

    The Financial Conduct Authority has banned two advisers from working in financial services for "recklessly" exposing pension holders to high-risk investments, the regulator said Friday.

  • May 24, 2024

    Ex-Post Office Boss Blames Scandal On Bad Legal Advice

    Paula Vennells blamed the advice of her senior lawyers for not becoming aware of the wrongful prosecutions by the Post Office of innocent people based on faulty IT data, as she gave evidence to the inquiry into the scandal Friday.

  • May 24, 2024

    PE Firm, Pharma Cos. Overturn £31M Drug Price-Fixing Fines

    Private equity group Cinven and three pharmaceutical companies have successfully overturned a decision by the U.K. antitrust regulator to fine them £31 million ($39 million) for allegedly fixing the price of drugs sold to the National Health Service.

  • May 24, 2024

    Woman Imprisoned For Laundering From $5B Bitcoin Fraud

    A British-Chinese woman was imprisoned for more than six years on Friday at a London court for laundering bitcoin converted from an alleged £5 billion ($6.3 billion) investment fraud.

  • May 24, 2024

    Plans To Cut Crown Court Backlog 'Can't Be Achieved'

    Proposals to cut the Crown Court backlog to 53,000 cases by March 2025 are no longer attainable as the number has ballooned to the highest level ever recorded, a damning report by the public sector spending watchdog revealed on Friday.

  • May 23, 2024

    EU Fines Mondelez €338M For Curbing Snack Competition

    The European Commission on Thursday fined U.S.-headquartered multinational snack company Mondelez International Inc. €337.5 million ($365.74 million) for entering into anticompetitive trade agreements with resellers and abusing its position as a chocolate giant to maintain high prices.

  • May 23, 2024

    Ex-Post Office Boss Told Reviewing Cases Would Be Bad PR

    Former Post Office boss Paula Vennells denied that avoiding becoming "front page news" influenced her decision to limit a review of past convictions based on faulty IT data in her evidence to the inquiry into the Post Office scandal on Thursday.

  • May 23, 2024

    Insurer Warns Of Surge In 'Crash For Cash' Fraud

    Insurer Allianz UK has urged motorists to watch out for dangerous scams, as it warned of a 6,250% rise in 2023 of "crashes" involving motorbikes and scooters.

  • May 23, 2024

    Investec Sets Aside £30M For FCA Motor Finance Review

    Investec PLC has put aside £30 million ($38 million) as the banking group faces the Financial Conduct Authority's industry-wide motor finance review, according to the company's report for financial year 2024 published Thursday.

  • May 23, 2024

    Trader Denies Using 'Magic Money Tree' At £1.4B Fraud Trial

    Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), denied using a "magic money tree" in his trading at a London court Thursday.

  • May 23, 2024

    Struck-Off Lawyer Loses Bid To Challenge Contempt Sentence

    A struck-off solicitor lost her attempt on Thursday to get a second shot at reviving her appeal against a prison sentence for contempt of court as the appeals court found that she had failed to argue that she had been medically unfit to argue at her first appeal.

  • May 23, 2024

    Tech Resilience Regime Ambiguous, European Banks Say

    A trade body representing banks in Europe warned on Thursday that new regulations requiring finance firms to prevent risks arising from cyberattack or systems failure are ambiguous and could create differing approaches to compliance.

  • May 23, 2024

    FCA Fines HSBC £6.2M For Mistreating Customers In Arrears

    The Financial Conduct Authority said Thursday that it has fined HSBC £6.2 million ($7.9 million) for inadequate treatment of customers in financial difficulty. 

Expert Analysis

  • Pharma Remains A Key Focus Of EU Antitrust Enforcement

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    The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.

  • Dissecting Recent Developments Against The Misuse Of NDAs

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    The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.

  • What UK Energy Charter Treaty Exit Would Mean For Investors

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    While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.

  • Assessing The FCA Data Study's Response To User Concerns

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    The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.

  • Uber Payout Offers Employer Lessons On Mitigating Bias

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    Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.

  • Apple Ruling Offers Morsel Of Certainty On Litigation Funding

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    An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.

  • Cum-Ex Prosecutions Storm Shows No Sign Of Abating

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    The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    FCA Greenwashing Rules Need To Be Stronger To Be Effective

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    The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • Gov't Probe Highlights Computer-Based Evidence Issues

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    A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

  • Why Computer Evidence Is Not Always Reliable In Court

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    Recent challenges to the admissibility of encrypted communication from the messaging tool EncroChat highlight the flawed presumption in the U.K. common law framework that computer evidence is always accurate, and why a nuanced assessment of such evidence is needed, say Sam De Silva and Josie Welland at CMS Legal.

  • Comparing The UK And EU Approaches To AI Regulation

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    While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.

  • Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases

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    The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.

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