Corporate Crime & Compliance UK

  • June 06, 2024

    EU Watchdog Specifies New Rules For Crypto-Asset Issuers

    The European Union's banking regulator Thursday published detailed rules for many stablecoin issuers to comply with its bloc-wide crypto-assets regime in force, including to have the remuneration framework used in investment firms.

  • June 06, 2024

    Ex-Fuel Trader 'Has Nothing To Hide' In SFO Fraud Case

    Former fuel trader Gianni Rivera testified at his fraud trial on Thursday that he fully cooperated with Serious Fraud Office investigators, saying he handed over trading documents, bank statements and underwent interviews because he had nothing to hide.

  • June 06, 2024

    Retailers Filing £1B Data Misuse Class Action Against Amazon

    Retailers said Thursday they are set to file a £1 billion ($1.3 billion) class action against Amazon in London, accusing it of illegally misusing their data to boost its sales and profits.

  • June 05, 2024

    DLA Piper Atty, Ex-UK Official On Practicing Across The Pond

    In returning to the United States after nearly two decades in London, former Serious Fraud Office official Judy Krieg says DLA Piper was the ideal place to serve clients and leverage the skills she has gained from working on both sides of the Atlantic.

  • June 05, 2024

    Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison

    A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.

  • June 05, 2024

    Saudi Investor Bids To Revive Legal Costs Claim Against RLS

    A Saudi Arabian property investor urged a London judge Wednesday to revive his claim against a law firm to recover the costs of investigating and litigating an alleged £35 million ($44.6 million) fraud by a former property business partner that settled mid-trial.

  • June 05, 2024

    Binance Fights To Ax Crypto Investors' £9B Delisting Claim

    The cryptocurrency exchange Binance asked a U.K. tribunal on Wednesday to strike out a £9 billion ($11.5 billion) claim brought by investors who say the exchange illegally colluded with other trading platforms to delist the Bitcoin Satoshi Vision cryptocurrency.

  • June 05, 2024

    Trafigura Settles Nickel Fraud Suit With Reuben Brothers Co.

    Trafigura has settled a London legal claim allegedly linked to a major ongoing nickel fraud scandal, the commodities trader confirmed Wednesday.

  • June 05, 2024

    EU Financial Watchdogs Team Up With Cybersecurity Agency

    The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.

  • June 05, 2024

    Google Must Face £14B Class Action Over Advertising

    Google must face a £13.6 billion ($17.4 billion) class action brought on behalf of website publishers which run advertisements over alleged anticompetitive practices, Britain's antitrust tribunal said Wednesday.

  • June 04, 2024

    Microsoft Failing To Protect Students' Data, EU Watchdog Told

    A prominent Austrian advocacy group is urging the country's data protection authority to take a closer look at how Microsoft is protecting children's personal information, arguing the tech giant is unfairly trying to "shift" its responsibility under European Union privacy law to the schools that use its educational software and is secretly tracking minors' online activities.

  • June 04, 2024

    HP Fraud Charges Against Ex-Autonomy Execs Head To Jury

    Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."

  • June 04, 2024

    Art Dealer Can't Block Qatari Sheikh's $3M Forgery Claim

    A London judge on Tuesday refused to strike out a claim brought by a Qatari sheikh and his investment fund that a Swiss antiques dealer falsified the provenance of a $3 million marble head of Alexander the Great, ruling it is not abusive relitigation.

  • June 04, 2024

    Ex-Clarke Willmott Lawyer Suspended For Sexual Misconduct

    A former Clarke Willmott LLP partner was suspended on Tuesday after a disciplinary tribunal found he was guilty of sexual misconduct for refusing to leave a female partner's hotel room, trying to pull her on to a bed and asking for sex.

  • June 04, 2024

    NHS Hospitals Hit By Major Cyberattack In London

    Hospitals in London have been hobbled by a "major" cyberattack that has disrupted procedures and hampered services, including blood tests and transfusions, as patients are diverted to other sites.

  • June 04, 2024

    Payments Biz Can't Revive Anti-Fraud Tech Patent On Appeal

    A payments compliance company cannot restore its patent over software designed to limit fraud in call centers because the idea is obvious in light of two earlier U.S. patents covering similar technology, an appeals court ruled Tuesday.

  • June 04, 2024

    IT Review Would Be Disclosed To Court, Post Office Warned

    An internal Post Office report warned that any independent review of the faulty IT system used to prosecute innocent people would have to be disclosed in court, according to documents disclosed to the inquiry into the scandal on Tuesday.

  • June 04, 2024

    EU Watchdogs Demand Tighter Greenwashing Controls

    The European Union's financial regulators on Tuesday called on national regulators across the bloc to take tougher steps to combat greenwashing, using more resources and stepping up enforcement.

  • June 04, 2024

    Austrian Authorities Reveal Spike In Fake Companies

    The number of fake companies in Austria is increasing, according to data from the Finance Ministry, which said that it hoped a new law would aid in combating the trend.

  • June 03, 2024

    Ex-Autonomy CEO 'Had 500M Reasons' For Fraud, Jury Told

    Autonomy's ex-CEO Michael Lynch "had 500 million reasons to defraud HP," since he reaped $500 million by selling his company to the tech giant at an inflated price, a federal prosecutor argued Monday during closings for the businessman's criminal trial, while Lynch's lawyer told jurors, "HP was not a victim."

  • June 03, 2024

    Broker Blames Mexican Insurance Co. In $18.7M Fraud Row

    A London-based insurance broker has denied responsibility for the $18.7 million claimed by a Mexican reinsurance broker and one of its clients, saying the North American company was the "author of its own misfortune" and to blame for not spotting fraud that caused the losses.

  • June 03, 2024

    Mammoth Swipe Fees Cases Joined Together In Pass On Trial

    Two mammoth class actions against Mastercard and Visa will be heard together at a trial in November to resolve common issues about whether retailers passed on the credit and debit card giants' fees to consumers, a London tribunal has ruled.

  • June 03, 2024

    Energy Exec Would Have Axed Trader If Told Of Side Hustle

    The founder of an energy company has denied knowing that a biodiesel trader accused of pocketing £5.2 million ($6.6 million) in secret commissions had a side business trading in alternative fuel, testifying on Monday that the employee would have been sacked if he had been aware.

  • June 03, 2024

    Director Fined For Withholding Info From Pensions Regulator

    The director of a shooting range has been ordered by a crown court to pay a total of £15,000 ($19,000) for withholding information from The Pensions Regulator as it investigated his company, the watchdog has said.

  • June 03, 2024

    Geale Takes Helm At Payments Watchdog, Hemsley Resigns

    The Payment Systems Regulator said on Monday that its managing director Chris Hemsley has resigned and Financial Conduct Authority Director David Geale will replace him temporarily with almost immediate effect.

Expert Analysis

  • Audit Regulator Review Has Tips On Climate Metric Reporting

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    The U.K. Financial Reporting Council’s recent review of climate-related metrics and targets in listed companies’ annual reports is an extremely useful guide for issuers considering the quality of their disclosure reporting, with a number of key areas identified as central to further improvement, say lawyers at Bryan Cave.

  • What Russia Case Reveals About UK Sanctions Enforcement

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    The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.

  • Breaking Down The UK's Draft Updates To Prospectus Regime

    While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.

  • Italy's Bank-Profits Tax Plan May Become Model For Eurozone

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    If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.

  • Accountability Is Key To Preventing Miscarriages Of Justice

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    The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.

  • 4 Compliance Considerations Under FCA Consumer Duty

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    Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.

  • Unpacking The Govt.'s Definition Of 'Professional Enablers'

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    A new U.K task force, which pursues lawyers who knowingly facilitate illegal immigration, may provide a preview of how the government intends to answer whether merely negligent legal professionals can also be charged as professional enablers of organized crime, says Kathryn Westmore at RUSI.

  • 6 Key Factors For Successful Cross-Border Dispute Mediation

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    The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.

  • Understanding EU's AI Act And Its Enforcement Mechanisms

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    Companies wishing to use or market AI technology in the EU will need to become familiar with the risk-based regulatory framework and strict enforcement mechanisms of the draft EU Artificial Intelligence Act, which may be effective as early as next year, say Matthew Justus at AT&T and Wade Barron at Kilpatrick Townsend.

  • Operational Resilience Considerations In Financial Services

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    A recent letter from the Financial Conduct Authority reminds CEOs of U.K. wholesale banks of their role in the safety and soundness of markets, but all firms can draw lessons and consider their own operational resilience for longer-term security and commercial benefit, says Richard Tall at Faegre Drinker.

  • UK Tech Cases Warn Of Liability Clause Drafting Pitfalls

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    The recent U.K. High Court cases Drax Energy Solutions v. Wipro and EE v. Virgin Mobile Telecoms indicate a more literal judicial approach to construing limitations of liability, even when this significantly limits a claimant's recoverable damages, highlighting the importance of carefully drafted liability provisions, say Helen Armstrong and Tania Williams at RPC.

  • UK Report Clear On Pro-Innovation Approach To AI Regulation

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    A recent U.K. government report focuses on the benefits and challenges of artificial intelligence, highlighting an opportunity for the U.K. to be an international leader, but unless it acts soon the EU will dominate and flexibility is likely to be helpful only at the margin, say Caroline Raul, Patrick O’Connell and Greg Palmer at Linklaters.

  • How The UK Investment Screening Regime Is Taking Shape

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    A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.

  • Consultations Underpin Mandatory Fraud Victim Repayment

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    The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.

  • EU Directive Implementation Facilitates Class Action Shift

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    Lawyers at Faegre Drinker discuss the increase in class and consumer action filings leading up to the implementation of the EU's Collective Redress Directive, and predict that certain aspects of the directive will result in a pro-claimant landscape that may mirror that of the U.S. and other common law countries.

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