Corporate Crime & Compliance UK

  • November 20, 2024

    Pfizer, Flynn Still Face Fines Over Epilepsy Drug Sale To NHS

    Britain's competition tribunal issued a ruling Wednesday imposing £69 million ($87.2 million) in fines on Pfizer Ltd. and Flynn Pharma Ltd. for claims they overcharged for an epilepsy drug, after setting aside a decision from enforcers and finding its own violations.

  • November 20, 2024

    Irish Social Democrats Run On Wealth Tax For Millionaires

    Ireland's Social Democrats are campaigning for this month's general election on a 0.5% tax on individuals' assets over €1 million ($1.1 million) — excluding homes, family businesses, art and pensions — and 1% for assets over €2 million, according to its manifesto.

  • November 20, 2024

    Teacher Stern Breached Regs With Payments, SRA Alleges

    The English solicitors regulator accused commercial firm Teacher Stern LLP and two partners of effectively providing banking services to two clients by allowing them to transfer money that was not related to an underlying legal transaction or service.

  • November 20, 2024

    ICO Compliance Officer Loses 'Character Assassination' Claim

    The Information Commissioner's Office has beaten a claim by a compliance officer that his manager discriminated against him by trying to sway the outcome of a probe into his alleged misconduct, as a tribunal found there was limited evidence that his allegations were true.

  • November 20, 2024

    Watchdog Censures Insurance Agency Over Breaches In Sales

    The Competition and Markets Authority censured Prima Insurance on Wednesday for failing to properly explain the costs over more than a year of a policy add-on to thousands of consumers.

  • November 20, 2024

    Marsh Says Greensill Bank Can't Add It To Australian Dispute

    Marsh urged a court Wednesday to maintain an order banning Greensill Bank AG from dragging it into litigation in Australia linked to the collapse of the wider group, arguing that the lender is bound by an English jurisdiction clause in its contract with the insurance broker.

  • November 20, 2024

    All Eyes On The SFO After LC&F Ponzi Scheme Ruling

    Damning findings in civil litigation that the directors of London Capital & Finance ran the bonds company as a Ponzi scheme could foreshadow the Serious Fraud Office's parallel criminal investigation into the failed £237 million ($300 million) investment business, lawyers say.

  • November 20, 2024

    Top UK Court Rejects Bedzhamov Russian Bankruptcy Order

    The U.K. Supreme Court refused Wednesday to recognize a Russian bankruptcy order against two properties owned by banker Georgy Ivanovich Bedzhamov in Britain, confirming a legal principle that foreign courts do not have jurisdiction over English land.

  • November 19, 2024

    EU Sanctions Bite Russian Patent Holders At EPO

    The European Patent Office has rolled out fresh restrictions on patent requests made by Russian or Russian-affiliated entities, as it looks to bring the patent authority in line with the European Union's latest round of sanctions.

  • November 19, 2024

    Cuban Bank Can't Block Fund's €72M Debt Claim

    Cuba's former central bank can't block an offshore fund from suing it for over €72 million ($76.2 million) of unpaid sovereign debt because the lender authorized the assignment of the debt to the fund, a London appeals court ruled Tuesday.

  • November 19, 2024

    Court Staffer Fired For Bad Performance, Not Race

    An usher who left an East London courtroom unattended, allowing a member of the public to enter and "violently throw a holy book on the court floor," has lost her race discrimination case after a tribunal found that she was dismissed because of her performance.

  • November 19, 2024

    Airbnb Ireland Puts Aside $1B For Tax Investigations

    Airbnb has put aside €950 million ($1 billion) in Ireland during talks with the Italian Revenue Authority over a tax audit, according to company accounts reported in Irish media.

  • November 19, 2024

    Russian Pipeline Giant Fights Oligarch's Conspiracy Claim

    Lawyers for Russian pipeline giant PJSC Transneft urged a London court Tuesday to toss out a claim by a jailed oligarch accusing it of foul play in a sale of shares, saying the deal was above board and approved by shareholders.

  • November 19, 2024

    FCA Charges 4 Men With Fraud Over Collapse Of Credit Union

    The Financial Conduct Authority has charged four men with fraud over the collapse of a credit union for cab drivers that required a £21 million ($26.6 million) payout to more than a thousand customers from a government bailout scheme six years ago. 

  • November 19, 2024

    Trader Can't Get Sentence Cut For £1.2M Boiler Room Fraud

    A man imprisoned over a plot to trick his victims out of £1.2 million ($1.5 million) failed to get his sentence cut as a court ruled Tuesday that a judge had earlier correctly assessed his culpability in the boiler room fraud.

  • November 19, 2024

    FCA Updates Insider-Trading Detection Measure

    The financial watchdog said Tuesday that it has changed the way it calculates its market cleanliness statistic, a tool that detects insider trading by tracking unusual stock price movements before takeover announcements.

  • November 18, 2024

    EU Members Face Choice Over Trump Tax Stance, Group Says

    Member states of the European Union will have to pick a side if President-elect Donald Trump's incoming administration abandons global tax reform, the Tax Justice Network said Monday.

  • November 18, 2024

    Panama Foundations Fight Jurisdiction In $3.7B Asset Row

    Two Panama-based foundations caught up in an international dispute over a late Russian oligarch's $3.7 billion fortune urged a London court to reject arguments they defrauded his daughter out of ownership of a company, arguing Panamanian courts had ruled against her.

  • November 18, 2024

    SFO Closes Bombardier Bribery Probe, Will Help US, Canada

    The U.K.'s Serious Fraud Office announced Monday that it was closing a four-year bribery and corruption probe into Bombardier Inc. over sales to Indonesia's national carrier but said it would continue to assist U.S. and Canadian authorities.

  • November 18, 2024

    Pinsent Masons Launches AI Tool, Hires Transformation Head

    Pinsent Masons LLP on Monday expanded its artificial intelligence offerings and the firm's ability to deliver services to customers, announcing the launch of an AI-backed anti-money laundering tool and the addition of a transformation director with experience at Barclays.

  • November 18, 2024

    FCA Bans Director Following Wounding Conviction

    The U.K.'s financial regulator said Monday that it has banned a man from working in financial services after he told them he was looking for business opportunities overseas while he was serving a prison sentence for stabbing a man in the neck.

  • November 18, 2024

    HMRC's £167M Charges To Reuters Group Deemed Lawful

    A London court backed HM Revenue & Customs in a case over more than £167 million ($212 million) in diverted profits tax charges issued to U.K. companies in the Thomson Reuters media group.

  • November 18, 2024

    Aldermore Analyst Loses Bid For Pay Over Alleged IP Breach

    A bank analyst can't get compensation as she accuses Aldermore Bank of punishing her for whistleblowing about a data breach, after an employment tribunal ruled that her claims would likely fail at trial.

  • November 18, 2024

    Over 5,000 Woodford Investors Sue Hargreaves Lansdown

    More than 5,000 investors in a fund run by stock picker Neil Woodford are suing Hargreaves Lansdown over the fund's collapse, a group claim that is expected to exceed £200 million ($253 million), according to claims manager RGL.

  • November 18, 2024

    Retailers Passed On Swipe Fees To Shoppers, Visa Says

    Retailers suing Visa over charging unlawful interchange fees should get only limited damages because they mitigated their losses by passing on the cost of the fee to consumers, the card company told a tribunal on Monday.

Expert Analysis

  • How Sustainability Directive Will Contribute to EU Regulation

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    The EU Sustainability Directive, in potentially enhancing certain obligations and setting a new benchmark for environmental and human rights due diligence practices, is a significant piece of legislation that will likely support the broader legal framework of other laws in a developing legal puzzle, say Rebecca Chin and Silke Goldberg at HSF.

  • Experian Ruling Helps Cos. Navigate GDPR Transparency

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    In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.

  • Clarity Is Central Theme In FCA's Greenwashing Guidance

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    Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.

  • What The EU Sustainability Directive Will Mean For Companies

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    The European Parliament’s recent approval of the landmark Corporate Sustainability Due Diligence Directive provides welcome clarity for small and midsize enterprises regarding human rights and environmental due diligence expectations, forming part of a growing pressure on companies around the world to operate ethically and sustainably, say lawyers at Jenner & Block.

  • What Can Be Learned From CMA's Green Claims Investigation

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    The Competition and Markets Authority's recent investigation into retailers' allegedly misleading environmental claims demonstrates that all consumer-facing businesses must exercise caution and ensure their green credentials are genuine, say Charlotte Kong and Stephen Sidkin at Fox Williams.

  • The Art Of Corporate Apologies: Crafting An Effective Strategy

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    Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.

  • AI Tools Could Enhance UK Gov't Public Services Strategy

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    The government’s recently announced intention to pilot artificial intelligence tools in routine policy work is part of a wider strategy to revolutionize the delivery of public services, and could improve productivity and create efficiencies, provided it is mindful of the potential risks involved, say attorneys at Akin.

  • Taking Stock Of The Latest Criminal Court Case Statistics

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    The latest quarterly statistics on the type and volume of cases processed through the criminal court illustrate the severity of the case backlog, highlighting the need for urgent and effective investment in the system, say Ernest Aduwa and Jessica Sarwat at Stokoe Partnership.

  • ICO Data Protection Guidance Offers Clarity On Fining Powers

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    New guidance from the Information Commissioners' Office is designed to offer transparency about its fining powers, and, combined with the office's wide-ranging enforcement authority, clearly intends to ensure breaching companies concentrate on the external harm they cause and not only internal changes, say Robert Allen and Amelia Handoll-Clark at Simmons & Simmons.

  • Hugh Grant Case Raises Questions About Part 36 Offers

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    Actor Hugh Grant's recent decision to settle his privacy suit by accepting a so-called Part 36 offer from News Group — to avoid paying a larger sum in legal costs by proceeding to trial — illustrates how this legal mechanism can be used by parties to force settlements, raising questions about its tactical use and fairness, says Colin Campbell at Kain Knight.

  • Investment Security Act Fine-Tune May Help Businesses

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    Although the government’s recent response to feedback on the National Security and Investment Act regime makes it clear that its approach is one of fine-tuning and substantial reforms will have to wait, there is still room to ease the burden on businesses by issuing guidance and refining the terms of mandatory area definitions, say lawyers at Linklaters.

  • How New FCA Rules Strengthen Borrower Protections

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    The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.

  • How Cos. Can Prepare For EU's Forced Labor Regulation

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    Before a new European Union regulation takes effect banning products made with forced labor from the internal market, economic operators will need to get their supply chain compliance functions ready, familiarizing themselves with international standards and case law, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.

  • Opinion

    New Property Category Not Needed To Regulate Digital Assets

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    The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.

  • FTSE Draft Rules Show Impact Of FCA Listing Reforms

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    FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.

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