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Corporate Crime & Compliance UK
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August 29, 2024
Chicago Museum Clinging To Nazi-Looted Art, NY Court Told
A prosecutor in the Manhattan District Attorney's Office argued in court Thursday that the Art Institute of Chicago is ignoring the horrors of the Nazi regime as it "desperately" attempts to hold onto a Holocaust victim's stolen Egon Schiele drawing.
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August 29, 2024
Fight Against Dirty Money Should Target Lawyers, Report Says
Britain's use of foreign aid to fund the fight against dirty money overseas falls short of what is needed, an anti-corruption charity warned Thursday, as it urged law enforcement authorities to take action against those who help perpetrators.
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August 29, 2024
Feds Say Ex-BigLaw Atty Can't Shake OneCoin Conviction
Federal prosecutors have told the Second Circuit that former Locke Lord LLP partner Mark S. Scott has "greatly exaggerate[d]" the importance of testimony from a government witness, some of which was later shown to be perjury, in a bid to have his money laundering conviction reversed.
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August 29, 2024
UK Man Hid Yacht Fraud During Green Card Bid, Feds Say
A U.K. man was charged with lying on a green card application when he failed to mention that he had served three years in prison for numerous fraud schemes and reportedly attempted to flee after being arrested, Boston prosecutors announced Thursday.
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August 29, 2024
Ex-Cooley Solicitor To Face Disciplinary Tribunal For Stalking
The Solicitors Regulation Authority has referred a former solicitor at Cooley LLP to a disciplinary tribunal after he was convicted by a criminal court of stalking a woman for more than three months.
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August 29, 2024
Oil Execs Get 13 Years For $1.8B 1MDB Fraud
Two former PetroSaudi executives have been sentenced at a Swiss court to a combined 13 years in prison for embezzling more than $1.8 billion from Malaysia's state-backed investment fund in what prosecutors said was one of the biggest frauds ever perpetrated.
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August 29, 2024
EU Warns That Greenwashing Risk Could Hit Investment
The European Union's markets watchdog said Thursday in its latest risk monitoring report that greenwashing and related malpractices are undermining investor trust and the credibility of green finance.
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August 29, 2024
Ombudsman Reports 70% Surge In Financial Complaints
Users of financial products lodged 70% more complaints in the first quarter of the 2024/25 financial year compared with the corresponding previous period, the Financial Ombudsman Service reported on Thursday, a jump from almost 44,000 to approximately 75,000.
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August 28, 2024
Nutrition Biz Says UK Co. Used 'Nutramax' TM For Scam Site
A supplements provider has sued a British company and its director in a London court for allegedly using the provider's "Nutramax" trademark on a scam business that targets "vulnerable and elderly" shoppers.
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September 04, 2024
Cooley Hires Disputes Pro From Bird & Bird In London
Cooley LLP said Wednesday that it has recruited an expert in technology and data privacy disputes from Bird & Bird LLP to strengthen its commercial litigation practice in London.
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August 28, 2024
Ex-Weightmans Pro Struck Off Over Lies And False Emails
A former Weightmans LLP and Capsticks LLP solicitor was struck off by a tribunal on Wednesday after she admitted lying to her boss about completing work, falsifying emails and concealing the fact she was fired over the dishonesty.
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August 28, 2024
Collapsed Forex Broker To Pay Whistleblowing Exec £564K
A compliance director at a foreign exchange brokerage who reported the firm to the financial services watchdog over its alleged illicit activities has won more than £560,000 ($740,000) after a tribunal ruled the company had unlawfully sacked him.
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August 28, 2024
HP's $4B Problem: Fight, Or Leave Lynch's Family Alone?
Legal troubles created by the sale of Mike Lynch's business to Hewlett Packard are unlikely to end with his death — the technology giant has refused to rule out pursuing the tycoon's estate for $4 billion as it weighs the risk of upsetting shareholders against the damage to its reputation, lawyers say.
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August 28, 2024
FCA To Launch Probe Into 'Pure Protection' Insurance Market
The financial watchdog said Wednesday that it plans to investigate competition within the pure protection insurance market in the U.K. amid concerns that consumers might not be getting fair value from these products.
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August 27, 2024
Forsters, Ex-Bank Lawyer Try To Duck Property Deal Case
Forsters LLP and a former Bank of Tokyo-Mitsubishi lawyer who was convicted of a multimillion-pound fraud are seeking to avoid being dragged into a philanthropist's £3.5 million ($4.6 million) legal battle over a collapsed property deal.
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August 27, 2024
Money Laundering Cases Surge At Crown Courts, KPMG Says
The overall value of fraud cases involving money laundering heard at crown courts has risen nearly fourfold in the first half of this year, according a report issued by KPMG on Wednesday.
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August 27, 2024
Ex-Barclays Exec Loses Appeal Over FCA Ban On Senior Job
Former Barclays wealth boss Thomas Kalaris has lost his appeal against the Financial Conduct Authority's decision banning him from holding a regulated senior management position at the firm he founded, as a London tribunal found in a judgment made public Tuesday he had given false evidence during interviews with the regulator.
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August 27, 2024
Hong Kong Woman's Asset Freeze Extended Over Fraud Case
A London judge on Tuesday allowed a freezing order to be extended against a woman accused of defrauding her former employers of 164 million Hong Kong dollars ($21 million).
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August 27, 2024
25 Banks To Adopt Tool For Survivors Of Economic Abuse
Twenty-five banks and building societies have committed to working with a new tool designed to help survivors of economic abuse, Britain's banking trade body said on Tuesday.
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August 26, 2024
Uber Hit With €290M Dutch Fine For EU Data Transfers To US
The Netherlands' data protection authority has fined Uber €290 million ($324 million) on allegations it failed to use a valid mechanism for sending European drivers' personal data to the U.S. for more than two years, a penalty that the ride-sharing provider has vowed to appeal.
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August 24, 2024
Italian Prosecutors Open Criminal Probe Into Yacht Sinking
Italian prosecutors said Saturday that they have opened a criminal investigation into the sinking of a superyacht that claimed the lives of seven people including a partner at Clifford Chance LLP and his client, British technology mogul Mike Lynch.
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August 23, 2024
Google Faces £1B Antitrust Claim Over App Store Practices
Google was hit Friday with a £1.04 billion ($1.37 billion) claim at the U.K.'s competition regulator over alleged anticompetitive practices on its app store, adding to the tech giant's legal troubles.
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August 23, 2024
Bribery Suspect Can't Dodge Extradition Over Mental Health
A London court on Friday dismissed a bribery suspect's challenge to his extradition to South Africa, finding there are appropriate measures in place to cope with the 76-year-old's mental condition and suicide risk.
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August 23, 2024
Ex-Iraqi Minister Foils Reporting Org.'s Defense In Libel Case
An Iraqi politician has successfully persuaded a judge to throw out an investigative reporting organization's qualified privilege defense to his defamation claim, with the judge ruling Friday that an article about alleged corruption in the Iraqi oil business did not accurately reflect court proceedings.
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August 23, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Google sue several Russian media outlets in response to challenges to the tech giant's response to international sanctions, easyGroup bring an intellectual property claim against delivery company Easycargo, and e-money business Nyavo challenge action by the Financial Conduct Authority.
Expert Analysis
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
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.
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Dissecting Recent Developments Against The Misuse Of NDAs
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.
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What UK Energy Charter Treaty Exit Would Mean For Investors
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.
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Assessing The FCA Data Study's Response To User Concerns
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.
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Uber Payout Offers Employer Lessons On Mitigating Bias
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.
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Apple Ruling Offers Morsel Of Certainty On Litigation Funding
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.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
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.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
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.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
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.
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Companies House False Filings Raise Issues Of Integrity
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.
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Gov't Probe Highlights Computer-Based Evidence Issues
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.
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UK Courts Continue To Struggle With Crypto-Asset Cases
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.
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Why Computer Evidence Is Not Always Reliable In Court
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.
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Comparing The UK And EU Approaches To AI Regulation
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.