Corporate Crime & Compliance UK

  • July 18, 2024

    Law Firm Did Not Think SRA Alerts Applied To Former Client

    Matthew & Matthew Solicitors has told liquidators for a now-defunct group of companies that it did not believe that warnings about investment schemes by the English solicitors' regulator applied to its client, arguing that the businessman's care home scheme appeared legitimate.

  • July 18, 2024

    Post Office Execs 'Lied To Me,' Ed Davey Tells Inquiry

    Ed Davey told an inquiry on Thursday into the miscarriage of justice at the Post Office that senior officials at mail service, including its former chief executive, "lied" to him about the IT system used to prosecute innocent people.

  • July 18, 2024

    Justice Secretary Looks To Fire Head Of Criminal Review Body

    The U.K.'s justice secretary said Thursday she will seek to remove the head of the body that investigates miscarriages of justice because of concerns that she is "unfit to fulfill her duties" after a report exposed failings in the handling of the review of a historical conviction. 

  • July 18, 2024

    Treat Politically Exposed People Better, FCA Tells Firms

    The Financial Conduct Authority told all financial services companies on Thursday to do more to ensure that high-profile individuals and their families are not treated unfairly after it found widespread deficiencies in a review of the sector.

  • July 18, 2024

    Attorney General Puts Gerrard Contempt Case On Backburner

    Britain's attorney general is not pursuing contempt of court proceedings "at this stage" against former Dechert partner Neil Gerrard for lying under oath while testifying about his work for mining company ENRC.

  • July 17, 2024

    Retired Couple Seek To Override Ex-Solicitor's Deceit Win

    A financial advisor and his wife battled to reverse a ruling finding them liable to a former solicitor for his investment in a now-defunct forex trading scheme, arguing they had wrongly been found to be partners.

  • July 17, 2024

    Ex-Minister Admits Failing To See Post Office Injustice Sooner

    A former junior business minister in place when the Post Office was fighting wrongly convicted subpostmasters in court told the government inquiry into the scandal on Wednesday that she "absolutely" should have recognized a possible injustice sooner.

  • July 17, 2024

    UK Gov't Moves Ahead With Accounting Reform Bill

    The new Labour Government said on Wednesday that it will push ahead with draft legislation to toughen up regulation of auditors to help to reduce the risk of corporate failures.

  • July 17, 2024

    Gov't Sets Out 'Duty Of Candor' Law For Public Officials

    Britain will introduce a legal duty of candor for officials and authorities to prevent perceived cover-ups of public scandals, part of a wider package of legislation that the government said Wednesday it will pursue in the coming parliamentary session.

  • July 17, 2024

    TikTok Loses 1st Challenge Against EU Big Tech Law

    TikTok lost its bid to escape European Union digital market rules on Wednesday, when the bloc's General Court found the social media platform's global market value shows the company has significant potential to make money from European users.

  • July 17, 2024

    EU Financial Watchdogs Set Up Cyber-Risk Info Exchange

    European Union financial watchdogs said Wednesday that they will establish a framework for authorities in the bloc and international bodies to share information on cyberthreats and incidents that pose a risk to financial stability.

  • July 16, 2024

    Tycoon's Pilot Says Feds' Stock Tip Claims Don't Add Up

    A private pilot who used to work for convicted insider trader and U.K. billionaire Joe Lewis is arguing federal prosecutors can't use allegations that his own trades were suspicious to ramp up a sentence for a separate tax evasion charge.

  • July 16, 2024

    Ex-Goldman Banker Denies Bribe Charges After Extradition

    A former Goldman Sachs banker pled not guilty Tuesday before a Brooklyn federal magistrate judge to charges that he bribed Ghanaian officials, after losing an extradition battle in British courts.

  • July 16, 2024

    Ex-Mozambique Official Accused Of $2B Fraud As Trial Opens

    Federal prosecutors told a Manhattan jury Tuesday that Mozambique's former finance minister took $7 million in bribes in a "corrupt" plot to enrich himself and defraud investors after $2 billion in state-backed development projects flopped.

  • July 16, 2024

    Atty Seeks Protection From 'Swords Of Damocles' In $4B Fight

    A private wealth solicitor fought Tuesday in a London court to remove "Swords of Damocles" hanging over him after he was appointed as the representative of a late Russian billionaire's estate in the latest chapter of a $1 billion dispute over the businessman's $3.7 billion fortune.

  • July 16, 2024

    Self-Styled Bitcoin Founder Could Face Criminal Prosecution

    A London judge referred Craig Wright to prosecutors on Tuesday for potential perjury charges after concluding that the Australian computer scientist had repeatedly lied about inventing bitcoin for financial gain.

  • July 16, 2024

    Nurse Who Lied About Qualifications Guilty Of Fraud

    A nurse who lied about her qualifications and work experience while applying for a senior role at a neonatal unit in Wales was convicted of nine counts of fraud on Tuesday.

  • July 16, 2024

    Ex-Armstrong Teasdale Solicitor Fined £20K Over AML Failure

    A former Armstrong Teasdale compliance officer has been fined over £19,600 ($25,400) for failing to ensure her firm had policies to prevent money laundering and terrorist financing, the Solicitors Regulation Authority has said.

  • July 16, 2024

    Nigerians Claim Right To Sue Leigh Day For Oil Spill Victims

    A Nigerian argued to the High Court on Tuesday that he can sue Leigh Day for negligence on behalf of oil spill victims in his country after a judge refused to adjourn the trial for a second time over the claimants' lack of counsel.

  • July 16, 2024

    Lawyer Faces Tribunal Over 'Fraudulent' £1M Gov't Loan

    The solicitors' watchdog accused a lawyer on Tuesday of entering into a fraudulent loan agreement when she allegedly falsely claimed that her corporate client had secured £1 million ($1.3 million) in private investment that was being held in her law firm's client account.

  • July 23, 2024

    Disputes Boutique Hires Fladgate Insolvency Pro As Partner

    Alius Law has hired an insolvency and restructuring partner from Fladgate LLP as it looks to build up its financial services practice in London — and the disputes boutique wants to tempt more senior litigators to leave behind the "constraints" of larger firms.

  • July 16, 2024

    Fraudster Allegedly Used COVID Loans For PA's Legal Fees

    A British businessman imprisoned for theft and false accounting scammed the government-backed pandemic funding scheme to repay the legal costs of an associate after she became embroiled in efforts to claw back his assets, prosecutors said Tuesday.

  • July 15, 2024

    SEC Says German Flouting Discovery In $150M Fraud Probe

    A German national suspected of receiving proceeds of a $150 million "pump and dump" scheme from his son can't pick and choose when to avail himself of U.S. legal processes, the U.S. Securities and Exchange Commission said Monday as it seeks to recover funds.

  • July 15, 2024

    Care Workers' Vaccine Preference Can't Top Residents' Safety

    An employment appeals panel has affirmed that a healthcare provider's mandatory COVID-19 vaccine policy did not infringe a group of care home workers' human rights, ruling that they were justifiably sacked because the company had a right to protect its residents.

  • July 15, 2024

    Nigerian Oil Spill Victims Can't Put Off Leigh Day Trial

    A judge declined on Monday to adjourn the case of Nigerian villagers suing Leigh Day over the negotiation of a £55 million ($71 million) settlement with a Shell subsidiary, saying that the claimants had failed to explain why they were not ready on the first day of trial.

Expert Analysis

  • Factors For London Cos. To Consider If Adding US Listings

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    Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.

  • Behind The Stagecoach Boundary Fare Dispute Settlement

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    The Competition Appeal Tribunal's recent rail network boundary fare settlement offers group action practitioners some much-needed guidance as it reduces the number of remaining parties' five-year dispute from two to one, says Mohsin Patel at Factor Risk Management.

  • Assessing The Energy Act 2023, Eight Months On

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    Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.

  • Decoding Arbitral Disputes: Spanish Judicial Oversight

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    The recent conviction of arbitrator Gonzalo Stampa underscores the critical importance of judicial authority in the realm of international arbitration in Spain, and emphasizes that arbitrators must respect the procedural frameworks established by Spanish national courts, says Josep Galvez at 4-5 Gray’s Inn.

  • Opinion

    Why Timing Makes UK Libor Judgments Controversial

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    The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.

  • Tips For Orgs Using NDAs In Light Of New UK Legislation

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    The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.

  • Comparing UK, EU Digital Products Cybersecurity Approaches

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    New U.K. and EU legislation impose different cybersecurity requirements on manufacturers of connectable products, but despite its higher overall standard and holistic approach, organizations should be aware that compliance with the EU act does not necessarily mean satisfying the U.K. regime, says Christopher Foo at Ropes & Gray.

  • Lessons From Epic's Dutch Fine For Unfair Marketing To Kids

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    Dutch regulators' imposition of a €1.1 million fine on Epic Games for unfair commercial practices targeting children marks a significant moment in the ongoing scrutiny of digital market practices, and follows an increased focus on children's online safety in the U.S. and European Union, say attorneys at Crowell & Moring.

  • Risks And Promises Of AI In The Financial Services Industry

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    Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.

  • EU Anti-Greenwashing Guide Analyzed For Fund Managers

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    Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.

  • FCA 'Finfluencer' Trial Exposes Social Media Promo Risks

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    The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.

  • Appeal Ruling Clarifies 3rd-Party Contract Breach Liability

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    The Court of Appeal's recent decision in Northamber v. Genee World serves as a warning to parties that they may be held liable for inducing another party to breach a contract, even if that party was a willing participant, say Neil Blake, Maura McIntosh and Jennifer O'Brien at HSL.

  • How Law Firms Can Handle Challenges Of Mass Claims

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    With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.

  • EU Directive Significantly Strengthens Enviro Protection

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    The recently revised European Union directive on environmental protection significantly strengthens its prior legislation and broadens the scope of environmental crime through the introduction of offenses for conduct resulting in severe damage, say Katharina Humphrey and Julian Reichert at Gibson Dunn.

  • How Revision Of The EU Works Directive May Affect Cos.

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    The European Union’s proposed revision of the Works Councils Directive, motivated by perceived shortcomings of existing legislation and the transformation of the world of work, includes significant changes that would increase workers' rights, including through strengthened enforcement and confidentiality provisions, says Thomas Player at Eversheds Sutherland.

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