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Corporate Crime & Compliance UK
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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May 23, 2024
Tory Donor Charged In UK With Bribing Foreign Official
An entrepreneur and political donor appeared at a London court on Thursday charged with bribing a public official in the Caribbean to secure contracts for his solar power company, the National Crime Agency said.
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May 23, 2024
UK Antitrust Watchdog To Investigate Veterinary Market
The antitrust regulator said on Thursday it had launched a full investigation into the veterinary sector, after it had provisionally raised concerns about poor competition in pricing and access to medicine for pets.
Expert Analysis
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Cos. Must Monitor Sanctions Regime As Law Remains Unclear
While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.
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Unpacking The UK's Proposals To Regulate Crypto-Assets
Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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Proposed Amendment Would Transform UK Collective Actions
If the recently proposed amendment to the Digital Markets Bill is enacted, the U.K.'s collective action landscape will undergo a seismic change that will likely have significant consequences for consumer-facing businesses, say lawyers at Linklaters.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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EU GDPR Ruling Reiterates Relative Nature Of 'Personal Data'
The Court of Justice of the European Union recently confirmed in Gesamtverband v. Scania that vehicle identification number data can be processed under the General Data Protection Regulation, illustrating that the same dataset may be considered "personal data" for one party, but not another, which suggests a less expansive definition of the term, say lawyers at Van Bael.
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How The UK Smart Regulatory Strategy Fuels AI Innovation
Eight months after the U.K. government published its artificial intelligence white paper, the Communications and Digital Lords Committee considered regulators' role regarding large language models, illustrating that the government is ramping up efforts toward solidifying the U.K.'s position as a global leader in AI regulation and development, say attorneys at Akin Gump.
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How 'Copyleft' Licenses May Affect Generative AI Output
Open-source software and the copyleft licenses that support it, whereby derivative works must be made available for others to use and modify, have been a boon to the development of artificial intelligence, but could lead to issues for coders who use AI to help write code and may find their resulting work exposed, says William Dearn at HLK.
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Russia Ruling Shows UK's Robust Jurisdiction Approach
An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.
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How New Loan Origination Regime Will Affect Fund Managers
Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.
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How EU Sustainability Directive Will Improve Co. Reporting
The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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Extradition Ruling Hints At Ways Around High Burden Of Proof
The U.K. Supreme Court's recent ruling in Popoviciu v. Curtea De Apel Bucharest confirmed that, in a conviction extradition case, the requested person must establish a flagrant violation of their right to a fair trial, but the court's reasoning reveals creative opportunities to test this boundary in the U.K. and Strasbourg alike, says Rebecca Hughes at Corker Binning.
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What Lawyers Can Learn From FDI Screening Report Findings
The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
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Why Law Firms Should Heed Calls To Put ESG Over Profit
According to Deloitte’s recent survey, the majority of Gen Z and millennials remain unimpressed with businesses’ societal impact, and junior lawyers in particular are increasingly expecting the legal profession to shift to a business model that prioritizes sustainability above profitability, says Dana Denis-Smith at Obelisk Support.