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Corporate Crime & Compliance UK
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May 06, 2024
British National Admits To Coworking Business Ponzi Scheme
A British citizen pled guilty Friday in Manhattan federal court to participating in a scheme to solicit investments using fraudulent misrepresentations about a coworking company where he was a principal.
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May 03, 2024
SRA Warns Law Firms On Improper Practices In Mass Claims
The Solicitors Regulation Authority voiced concerns on Friday about law firms and legal professionals that handle mass claims involving financial services or products, saying that some are running up costs before they have even been instructed to act.
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May 03, 2024
Ex-Post Office Lawyer Denies Concealing IT Bug From Court
A Post Office lawyer was told of a bug in the accounting system used to prosecute an innocent sub-postmistress days before her trial but did not disclose this to the court, according to documents submitted Friday to the inquiry into the Horizon IT scandal.
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May 03, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen rapper Ivorian Doll hit with a copyright claim, private members club Aspinalls file a claim against a Saudi sheikh, and Motorola Solutions file a claim against the British government on the heels of its dispute over losing a £400 million ($502 million) government contract. Here, Law360 looks at these and other new claims in the U.K.
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May 03, 2024
EU Regulators To Report AML Suspects To Central Database
The European Union's banking watchdog has said that national regulators can start reporting information on named individuals to the bloc's centralized anti-money laundering database from May, in a step further strengthening the fight against financial crime.
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May 03, 2024
Cable Makers Must Face Class Action From UK Energy Customers
Britain's antitrust court gave the go-ahead Friday for the former director of the U.K. gas regulator to lead a class action for millions of electricity customers in Britain against manufacturers of high-voltage power cables that are accused of fixing prices.
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May 03, 2024
Financial Adviser Convicted In Axiom Legal Fund Fraud Case
A former financial adviser was convicted on Friday of siphoning £5.8 million ($7.3 million) from an investment fund using secret commission payments as part of a legal financing fraud.
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May 02, 2024
Whistleblower Claims Would 'Destroy' Autonomy, GC Was Told
Autonomy's former U.S. general counsel testified Thursday in the criminal fraud trial of former CEO Michael Lynch that the company's chief operating officer didn't want a whistleblower's claims to get into court, telling him that while the "law" was on their side, "the facts look bad" and would "destroy Autonomy."
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May 02, 2024
HMRC Asked To Investigate Firm On Dodging Sanctions
HM Revenue & Customs should investigate a German-owned garage door manufacturer for violating sanctions by importing products from Belarus into the U.K., but instead authorities brushed off the case and now the company might receive a license, a U.K. lawmaker said.
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May 02, 2024
Mastercard Appeals Jurisdiction Ruling In £10B Class Action
Mastercard argued to a London appellate court Thursday that a £10 billion ($12.5 billion) class action over its swipe fees should be governed by the law of the jurisdiction covering the bank that processed the payment, rather than the jurisdiction of the customers who suffered the loss.
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May 02, 2024
BofA Beats Whistleblower Claim Without Settlement Defense
An employment judge has ruled a whistleblower working for Bank of America did not breach the terms of a settlement when he brought fresh litigation against the bank — but still dismissed his claims for filing them too late.
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May 02, 2024
Insurers Don't Have To Cover Deal Soured Over Bribery Woes
A London appeals court on Thursday rejected a holding company's bid to overturn a ruling that found its insurers were not liable for losses it suffered when its acquisition of a construction contractor went south after bribery and corruption allegations.
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May 02, 2024
Financial Watchdog Boss Summoned Over Plan To ID Targets
The head of the Financial Conduct Authority has been summoned to explain to lawmakers why he has not responded to their request to pause the watchdog's controversial plan to name the firms it probes amid mounting criticism that doing so could harm those later found innocent.
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May 09, 2024
Dentons Hires Disputes Partner With Green Expertise
Dentons has hired an environmental litigation guru, who spent over a decade at Freshfields Bruckhaus Deringer LLP, to take up a partner position in its disputes team.
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May 02, 2024
PPF Says Norton's Pensions Top-Up Payments Starting Soon
The pensions compensation program has confirmed that former employees of Norton Motorcycles will get top-up payments soon, after they were left financially disadvantaged when an executive siphoned off funds from a staff retirement savings plan.
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May 02, 2024
Europol Helps Bust 12 Fraudulent Call Centers
Police have raided 12 call centers in several countries for making thousands of investment scam calls and other telephone fraud, Europol said Thursday, as the agency revealed the cost to victims could have been more than €10 million ($10.7 million.
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May 02, 2024
Stalker Ex-BBC Presenter Must Pay Libel Damages To Cop
A former BBC radio presenter imprisoned for stalking broadcaster Jeremy Vine must pay "substantial" compensation to the police officer who investigated him after she settled her libel claim on Thursday over false allegations that he posted about her online.
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May 02, 2024
Uber Hit With £250M Claim From London's Black Cab Drivers
Uber was hit on Thursday with a multimillion-pound claim brought by more than 10,500 drivers of London's black cabs, who say the ride-hailing app operates unlawfully in the capital.
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May 01, 2024
Autonomy CEO's Atty Says Judge 'One-Sided' Against Client
A Steptoe LLP partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial accused the judge overseeing the case of making comments to the jury that are "one-sided" in a way that prejudices the defense.
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May 01, 2024
Teacher Argues Ban Over Pronoun Use Violates Human Rights
A teacher banned from the profession for misgendering a transgender pupil argued Wednesday that the prohibition unjustifiably interfered with his rights as a Christian.
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May 01, 2024
FCA Opposes Paying Ex-Julius Baer Manager's Legal Costs
The U.K.'s Financial Conduct Authority urged a London appellate court Wednesday to overturn a tribunal's decision to make it pay part of a former Julius Baer employee's legal costs, saying the tribunal unfairly ruled that the FCA had unreasonably not called witnesses who were overseas.
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May 01, 2024
Pension Scam Group's Future Hit By Lack Of Volunteers
A voluntary body that works against pensions scams said on Wednesday that it is considering winding up its operations and is concerned that a fall in volunteer numbers might jeopardize its effectiveness.
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May 01, 2024
FCA's Investigation Regime May Tarnish Unnamed Individuals
Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.
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May 01, 2024
Ex-Cartwright King Lawyer Denies Post Office Stalling Tactic
A former Cartwright King lawyer who prosecuted people for the Post Office based on faulty IT data denied there was a "tactic" to delay the disclosure of vital evidence to the defense, as he gave evidence to the inquiry into the Horizon scandal on Wednesday.
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May 01, 2024
Boris Becker Gets UK Bankruptcy Order Lifted
Boris Becker is no longer bankrupt after a London court released the multiple Grand Slam tennis champion on Wednesday from any further liability arising from his bankruptcy debt in the U.K.
Expert Analysis
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A Consequential Moment For Sanctions Activity
It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.
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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.
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Economic Crime Act Offers Welcome Reform To AML Regime
The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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Key Litigation Funding Rulings Will Drive Reform In 2024
Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.
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10 Global Antitrust Trends To Anticipate In 2024
Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.
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Breaking Down The New Rules For High Net Worth Individuals
Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.
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How Data Privacy Law Cases Are Evolving In UK, EU And US
To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.
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Misleading Airline Ads Offer Lessons To Avoid Greenwashing
Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.
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CMA Guidance Can Help Businesses Act On Climate Change
Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.
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Supreme Court Ruling Is A Gift To Insolvency Practitioners
As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.
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How FCA Listing Regime Reform Proposals Are Developing
The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.