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Corporate Crime & Compliance UK
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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.
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August 23, 2024
Lynch's Death Puts UK-US Extradition Under The Microscope
The death of technology tycoon Mike Lynch has triggered calls by a lawmaker to scrap Britain's extradition agreement with the U.S. amid proposals that U.K. citizens should be prosecuted at home, although lawyers say the status quo is unlikely to change.
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August 23, 2024
Oligarch Denied Bid To ID Client Linked To $20M Transfer
A judge refused Friday to let an imprisoned Russian oligarch force a group of companies to disclose the identity of a client who requested a $20 million transfer, saying that revealing the person's identity runs the risk of violating criminal law in Liechtenstein.
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August 23, 2024
HMRC Can Be Liable For Damage To Biz Shut Over £7.4M Debt
The tax authority cannot lift a court order that requires it to repay a payroll business damages for losses suffered after it was put into provisional liquidation, as a court found on Friday that it had failed to pursue that action for law enforcement purposes.
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August 22, 2024
UK Antitrust Arm Pauses Google, Apple Probes For New Law
United Kingdom antitrust authorities hit pause on investigations into Google and Apple policies allegedly locking app developers into their in-app payment systems, preferring to wait until new powers come online even as officials said commitments offered by Google aren't enough to address their concerns.
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August 22, 2024
Fidelis Denies Liability For $238M Over Stranded Planes
Fidelis has argued it should not be liable for paying out claims totaling more than $238 million over planes stranded in Russia, arguing the lessors had not been irretrievably deprived of the aircraft under the terms of the policies.
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August 22, 2024
Mike Lynch's Path From Tech Founder To DOJ Target
Friends and colleagues paid tribute to Mike Lynch following his death in a yachting accident on Thursday, hailing the British tech entrepreneur for the decades he spent furthering the industry despite the legal troubles that threatened to overshadow his career.
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August 22, 2024
'Beloved By Everyone': Attys Recall Clifford Chance's Morvillo
Clifford Chance LLP partner Christopher Morvillo, who died this week after a luxury yacht he was on sank off the coast of Sicily, is being remembered not only as a lion of the legal community but also as an "extraordinary human being" and a "Renaissance man" who was devoted to his family.
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August 22, 2024
Over 3M UK Pensioners To Be Dragged Into Higher Tax Rates
Government data shows 3.1 million U.K. pensioners will be dragged into paying higher taxes in the next four years due to the freeze on income thresholds, financial firm Quilter PLC said Thursday.
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August 22, 2024
Mike Lynch's Body Recovered From Yacht Wreck
Mike Lynch, founder of technology company Autonomy, died when a yacht he was aboard sank off the Sicilian coast, his family confirmed Friday, after a trip the entrepreneur had reportedly chartered with his legal team to celebrate their victory in a U.S. fraud case.
Expert Analysis
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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.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.
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Compliance Points To Know About The EU Digital Services Act
Online service providers in the European Union should prioritize understanding the scope of the recently implemented Digital Services Act, their specific legal obligations under it and the practical steps they must take to comply with the new law while obeying a raft of overlapping EU digital reforms, say Leo Moore and Róisín Culligan at William Fry.
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Independent Regulator Could Chip Away At FIFA Autonomy
After the U.K.'s recent proposal for an independent football regulator, FIFA's commitment to safeguarding football association autonomy remains unwavering, despite a history of complexities arising from controversies in the bidding and hosting of major tournaments, say Yasin Patel at Church Court Chambers and Caitlin Haberlin-Chambers at SLAM Global.
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A Look At The Latest EU Alternative Investment Regulation
Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.
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Unpacking The Law Commission's Digital Assets Consultation
The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.
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Legal Sector Will Benefit From New Data Security Standard
The U.K. Information Commissioner's Office-approved new privacy certification scheme for the legal profession will inevitably become the default for law firms, chambers and vendors to prove their U.K. General Data Protection Regulation compliance, says Orlagh Kelly at Briefed.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EU Inquiry Offers First Insight Into Foreign Subsidy Law
The European Commission's first in-depth investigation under the Foreign Subsidies Regulation into a public procurement process, and subsequent brief on regulatory trends, sheds light on the commission's approach to such cases, as well as jurisdictional, procedural and substantive issues under the regulation, says Matthew Hall at McGuireWoods.
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Opinion
PACCAR Should Be 1st Step To Regulating Litigation Funders
Rather than reversing the U.K. Supreme Court's well-reasoned judgment in PACCAR v. Competition Appeal Tribunal, imposing a regulatory regime on litigation funders in parity with that of lawyers, legislators should build upon it to create a more transparent, competitive and fairer funding industry, says Rosa Curling at Foxglove.
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EEA Equivalence Statement Is Welcomed By Fund Managers
The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.