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Assange Appeal May Put US Constitution In UK Crosshairs

Julian Assange's latest appeal, in which he claims he would be denied free speech protection if he is put on trial in the U.S., could break new ground in extradition cases and end up having to be decided by Britain's highest court, legal experts say.
May 31, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.
May 31, 2024
Solicitor Struck Off For Using Client's Card At ATM

The Solicitors Disciplinary Tribunal has struck off a former partner at a Midlands law firm after she admitted she had been jailed for withdrawing thousands of pounds from an elderly client's bank account.
May 31, 2024
Law Firm Denies Promoting Misleading Investment Scheme

A law firm has denied an accusation by the Financial Conduct Authority that it assisted a client in promoting a misleading care home investment scheme, arguing it provided legal advice in "good faith" based on the information it was given.
May 31, 2024
EU Watchdog Warns Retail Investment Firms Of AI Pitfalls

The European Union's markets regulator has issued guidance for firms using artificial intelligence to give investment services to retail clients, warning of risks like biased decision-making.
May 31, 2024
Anti-Fraud Agency Sued For £144K Over Unjustified Suspicion

The operator of the U.K.'s national fraud database is being sued for £144,000 ($183,000) for allegedly marking a London resident's bank activity for suspected fraud without any justification and severely affecting his credit rating.
May 30, 2024
Autonomy VP Declines To Take Stand As Fraud Trial Nears End

Testimony wrapped Thursday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, as Chamberlain opted not to testify in his own defense after Lynch stepped off the witness stand.
May 30, 2024
Bulgarian Fraudsters Get 25 Years For Major Benefits Scam

Five Bulgarian individuals were sentenced to more than 25 years in prison Thursday after admitting to making £54 million ($68.7 million) in fraudulent benefits claims, the largest-ever scam of its kind.
May 30, 2024
Ex-BigLaw Atty Fights 10-Year Sentence In OneCoin Case

A former Locke Lord LLP partner urged the Second Circuit Wednesday to ax his 10-year prison sentence and conviction for laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying the case was contaminated by perjury and errors at the trial court level.
May 30, 2024
Bar Calls For Inquiry Amid Criminal Case Backlog 'Crisis'

The Bar Council called on Thursday for an independent public inquiry to carry out a comprehensive review of the criminal justice system in order to resolve the backlog of cases currently at "crisis levels."
May 30, 2024
Co-Founder Says French Incubator Wants To 'Destroy' Him

A co-founder of a French incubator has urged a London court to throw out a claim brought against him by his former company over allegedly misappropriated funds, saying the aim of the "vexatious and oppressive" litigation was to "destroy" him.
May 30, 2024
Fuel Trader's Side Hustle Was No Secret, Colleagues Say

Former colleagues of a biodiesel trader accused of pocketing £5.2 million ($6.5 million) in secret commissions testified at a London court on Thursday that it was "no secret" he ran a side business buying and selling alternative fuel.
May 30, 2024
Big Tech Must Help Reimburse Fraud Victims, City Group Says

The next U.K. government should implement legislation that forces big tech and social media giants to shoulder some of the financial burden for victims of online fraud, a financial services trade group said Thursday.
May 30, 2024
EU Adopts New AML Measures, Sets Up Supervisory Agency

The Council of the European Union adopted anti-money laundering measures on Thursday in a move to close loopholes exploited by organized crime, which include setting up a dedicated agency to fight illicit financial activities across the bloc.
May 30, 2024
Odey Sues FT For Libel After Sexual Misconduct Allegations

Crispin Odey has sued the Financial Times at a London court after the newspaper published articles that contained a string of allegations of sexual misconduct against the well-known financier.
May 29, 2024
Autonomy Founder Pushed Sales Team Hard, Jury Hears

A federal prosecutor cross-examining ex-Autonomy CEO Michael Lynch on Wednesday in a criminal fraud trial over claims the British tech tycoon conned HP into overpaying billions for his software company sought to portray Lynch as an overbearing leader who put intense pressure on his team to generate "revenue revenue revenue."
May 29, 2024
Malaysia Plans Suits Over $14.9B Award To Sulu Claimants

Units of Malaysia's national natural gas company are planning to file litigation in Europe against claimants awarded $14.9 billion and their litigation funder following a high-stakes arbitration with the Southeast Asian country over a 19th-century land deal, according to newly filed documents in New York.
May 29, 2024
EU Unveils Office To Police New Artificial Intelligence Law

The European Union's executive arm on Wednesday unveiled details of its new AI Office to police compliance with the newly launched Artificial Intelligence Act across member states, including financial services.
May 29, 2024
Russian Billionaire Beats Sanctions Over Lack Of Evidence

The European Union lacked justification to sanction billionaire Farkhad Akhmedov following Russia's invasion of Ukraine since there's no credible evidence he's a leading figure in economic industries vital to the government, an EU court ruled Wednesday.
May 29, 2024
Barrister Fined For Not Disclosing SRA Investigation

A lawyer was fined £5,000 ($6,360) Wednesday for not informing the barrister's regulator of an investigation into him by the Solicitors Regulation Authority over a failure to safeguard client information and assets by a law firm he ran.
May 29, 2024
Belarus Airline Can't Curb Sanctions Over Lukashenko Ties

The General Court of the European Union upheld sanctions against a Belarusian airline on Wednesday, ruling that the carrier is backed by President Alexander Lukashenko and helped to facilitate the illegal entry of migrants from the Middle East into the bloc.
May 29, 2024
FCA Warns Firms To Prepare Better For Disrupted Operations

The Financial Conduct Authority has warned businesses that some are taking the wrong approach to maintaining operation of important services during a crisis, such as after a cyberattack.
May 28, 2024
Autonomy Founder Says HP 'Panicked,' Tried To Unwind Deal

Autonomy founder Michael Lynch testified Tuesday in a California federal criminal trial over claims he conned HP into overpaying for his company that HP's board "panicked" after news of the acquisition leaked and HP's stock dropped 20%, that HP fired its CEO and that it attempted to back out of the deal.
May 28, 2024
RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement

A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
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.
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.

Expert Analysis

Insurance Ruling Stresses High Hurdle To Fix Policy Wording

In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
CMA Reports Signal Tighter Scrutiny Of AI Model Markets

The Competition and Markets Authority’s recent reports on artificial intelligence foundation models suggest that competition in AI is not working as it should, so large digital firms can expect the regulator to use its full toolbox as it continues to monitor and investigate the sector, say lawyers at Cooley.
Taking Stock Of Changes UK Economic Crime Act Will Bring

With more than six months since the Economic Crime and Corporate Transparency Act's enactment, it is time to look at the steps organizations can take to prepare for imminent changes, including the new failure to prevent fraud offense and extensions to Companies House authority, say lawyers at Mayer Brown.
Examining Senior Managers' Accountability For AI Use

With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
FCA Brokerage Changes Offer Asset Managers Wider Options

The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
What Cos. Should Know About The EU Greenwashing Rules

The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
How Gov't Response Addresses Investment Act Concerns

The government’s recently published response to a call for evidence on the National Security and Investment Act is largely appropriate to stakeholder concerns raised and demonstrates in its five areas of focus that it is willing to respond to live issues, say lawyers at Watson Farley.
New Legislation May Jeopardize The Future Of Data Protection

While U.K. officials argue that the recently enacted Investigatory Powers (Amendment) Act seeks to enhance national security and the pending Data Protection and Digital Information Bill aims to modernize data protection regulations, both give rise to concerns about achieving a balance between security needs and individual liberties, says Maria Moloney at PrivacyEngine.
'Debanking' Complaints Highlight Need For Flexibility In AML

The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
Mitigating Incarceration's Impacts On Foreign Nationals

Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
How Sustainability Directive Will Contribute to EU Regulation

The EU Sustainability Directive, in potentially enhancing certain obligations and setting a new benchmark for environmental and human rights due diligence practices, is a significant piece of legislation that will likely support the broader legal framework of other laws in a developing legal puzzle, say Rebecca Chin and Silke Goldberg at HSF.
Experian Ruling Helps Cos. Navigate GDPR Transparency

In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
Clarity Is Central Theme In FCA's Greenwashing Guidance

Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
What The EU Sustainability Directive Will Mean For Companies

The European Parliament’s recent approval of the landmark Corporate Sustainability Due Diligence Directive provides welcome clarity for small and midsize enterprises regarding human rights and environmental due diligence expectations, forming part of a growing pressure on companies around the world to operate ethically and sustainably, say lawyers at Jenner & Block.