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Corporate Crime & Compliance UK
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July 30, 2024
ENRC Founder's Daughter Poised To Quash SFO Conviction
The Serious Fraud Office said Tuesday that it will not contest an appeal by the daughter of one of the founders of Eurasian Natural Resources Corp. against her conviction for failing to hand over documents in the agency's corruption investigation into the Kazakh mining company.
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July 30, 2024
FCA Could Extend Deadline On Motor Finance Complaints
Britain's financial watchdog is considering whether to extend the deadline for motor finance companies to deal with complaints from customers about commission arrangements while the regulator investigates whether past deals were compliant with a 2021 ban.
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July 30, 2024
Katie Price Faces Arrest For Not Attending Bankruptcy Hearing
A London judge issued a warrant on Tuesday for the arrest of Katie Price after the former model failed again to attend a court hearing in connection with her bankruptcies.
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July 29, 2024
BofA, Citi Among Banks In $80M Deal To End Bond-Rig Suit
Units of Bank of America, Citigroup and other banking giants have agreed to pay $80 million to settle investor claims accusing them of conspiring to fix European government bond prices.
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July 29, 2024
Crypto Investors Get Provisional OK For £9B Binance Claim
Binance Holdings Ltd. must face a £9 billion ($11.5 billion) proposed class action brought by investors after a tribunal dismissed the cryptocurrency exchange's bid to strike out the claim, finding the evidence "just about" shows the case has a realistic chance of success.
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July 29, 2024
News Group Agrees To Seek 'Fake Security Threat' Evidence
The U.K. arm of Rupert Murdoch's news empire agreed in a London court Monday to search for more information related to an alleged "fake security threat" used to destroy evidence of unlawful information gathering techniques by journalists in a disclosure battle with two senior politicians.
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July 29, 2024
Top Corporate Crime Cases To Watch For The Rest Of 2024
The Serious Fraud Office's intention to charge individuals with bribery over Glencore's dealings in Nigeria, a major bitcoin money laundering trial and the ongoing legal battles between ENRC and the SFO are some of the major white-collar crime cases on the horizon.
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July 29, 2024
Bahrain Revives Immunity Bid In Dissident Spyware Case
Bahrain told an appeals court Monday that state immunity prevents two dissidents from suing the Gulf state in England to claim it infected their computers with malware to spy on them, because not all the alleged acts took place in the U.K.
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July 29, 2024
Saudi Investor Revives $5M Legal Costs Claim Against RLS
A London court has revived a negligence claim brought by a Saudi Arabian property investor against a law firm for the costs of investigating and litigating an alleged £35 million ($45 million) fraud, finding that an earlier settlement does not block him bringing the allegations.
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July 29, 2024
Zurich Invests $60M In Cyber Insurance Provider For SMEs
Swiss insurance giant Zurich has invested $60 million in Cowbell, a provider of cyberinsurance for small businesses, the digital risk company said, amid growing industry concerns over cyberthreats.
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July 29, 2024
FCA Weighs Taking Protection From Some Insurance Clients
The Financial Conduct Authority proposed on Monday a change to the criteria of classifying a small business as a commercial insurance client by removing consumer protection rules from some firms when they buy insurance products.
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July 29, 2024
NCA Seizes Assets As Russian Oligarch Ends Sanctions Fight
The National Crime Agency seized more than £768,000 ($986,000) belonging to Russian oligarch Petr Aven on Monday after reaching a settlement in its first attempt to recover frozen assets linked to suspected sanctions evasion since sweeping restrictions came into force.
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July 29, 2024
Mozambique Claims Victory In UK Tuna Bond Scandal Case
Mozambique largely won its mammoth corruption claim against a shipbuilding company on Monday over a bribery scheme used to pay kickbacks to public officials to tie it into a financing package for a tuna fishing fleet that wrecked the southern African country's economy.
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July 26, 2024
SFO Probed ENRC Investigator For Separate Media Disclosure
A former Serious Fraud Office investigator accused of leaking information about a corruption investigation into mining company Eurasian Natural Resources Corp. was subject to disciplinary proceedings for making disclosures about another matter to the media, the SFO confirmed Friday.
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July 26, 2024
Funders Face Battles Over Returns A Year On From PACCAR
A year on from the Supreme Court's landmark decision that upended the financing of class actions, and failing any immediate legislative solution, lawyers say litigation funding agreements will continue to face scrutiny with new challenges to the returns funders can expect to earn.
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July 26, 2024
UK Gov't Denies Leaked Greensill Probe Caused Him Harm
The Insolvency Service leaked private details of an investigation into Lex Greensill, the founder of collapsed finance company Greensill Capital, to the national press, the government has admitted in court filings — but denied it caused him any harm.
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July 26, 2024
NCA Data Project Set To Catch Financial Criminals
The National Crime Agency and seven U.K. banks have forged a major public-private partnership to use account data to help catch financial criminals and prevent fraud and money laundering, the agency said Friday.
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July 26, 2024
EU Banks Must Improve Cyberattack Protection, ECB Says
Lenders in the eurozone still suffer from "shortcomings" in fighting against and recovering from a severe — but plausible — cyberattack, the European Central Bank said Friday after it conducted a resilience stress test.
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July 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. band The 1975 face action by Future Sound Asia after its performance in Malaysia resulted in a festival's cancelation, Spectrum Insurance hit by The Motoring Organization following their dispute over information misuse, and a former police constable pursue defamation against a colleague for allegedly instigating a campaign of harassment against her. Here, Law360 looks at these and other new claims in the U.K.
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July 26, 2024
Fraudster Sentenced For Instagram Motor Insurance Scam
A man who made almost £18,000 by operating as a "ghost broker" and selling invalid car insurance policies on Instagram has been handed a suspended prison sentence of 24 months at a London court, City Police has said.
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July 26, 2024
Israeli Investigator Faces Jan. Hearing On Hacking Extradition
Israeli private investigator Amit Forlit will face a hearing in January to determine whether he will be extradited to the United States for allegedly conducting illegal hacking campaigns aimed at tarnishing organizations involved in environmental litigation, a London judge said Friday.
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July 25, 2024
Vince Cable Missed Shoosmiths' Warning Over Post Office IT
Shoosmiths LLP warned the government about problems with the IT accounting software which incorrectly showed shortfalls that the Post Office used to prosecute innocent people in 2012, documents disclosed to the inquiry into the scandal on Thursday showed.
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July 25, 2024
Audit Watchdog Sanctioned Firms £48M Last Year
The Financial Reporting Council revealed Thursday that it fined firms a total of £48.2 million ($62 million) in the financial year ended March 31, including a £21 million fine against auditor KPMG related to its accounting for construction giant Carillion prior to its collapse in 2018.
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July 25, 2024
Hayes Can Appeal Rate Rigging Conviction At Top UK Court
Two traders convicted of manipulating benchmark interest rates have been granted permission to appeal their cases to the U.K.'s highest court, their representatives said on Thursday.
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July 25, 2024
Plan To Return WealthTek Clients' Money Gets Green Light
The Financial Conduct Authority said Thursday that the High Court has approved a plan by the joint special administrators of collapsed regulated wealth manager WealthTek LLP to return money and investments it held for clients.
Expert Analysis
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The Art Of Corporate Apologies: Crafting An Effective Strategy
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.
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AI Tools Could Enhance UK Gov't Public Services Strategy
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.
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Taking Stock Of The Latest Criminal Court Case Statistics
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.
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ICO Data Protection Guidance Offers Clarity On Fining Powers
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.
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Hugh Grant Case Raises Questions About Part 36 Offers
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.
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Investment Security Act Fine-Tune May Help Businesses
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.
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How New FCA Rules Strengthen Borrower Protections
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.
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How Cos. Can Prepare For EU's Forced Labor Regulation
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.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
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.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
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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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What UK Energy Charter Treaty Exit Would Mean For Investors
While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.