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Corporate Crime & Compliance UK
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May 28, 2025
Thames Water Fined Record £123M Over Sewage, Dividends
Thames Water was fined £122.7 million ($165.8 million) on Wednesday by the water regulator for breaching rules governing its failed wastewater management and unjustified payment of dividends — the latest upset for the beleaguered utility company.
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May 27, 2025
Ex-SFO General Counsel Lands Role At Mayfair Chambers
Sara Lawson KC has joined Mayfair Place Chambers after stepping down as general counsel to the Serious Fraud Office earlier in the year.
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May 27, 2025
Suspected Ringleader Of €520M VAT Scheme Turns Self In
The suspected ringleader of a €520 million ($589 million) value-added tax fraud scheme that was under a cross-border investigation has turned himself in, law enforcement agencies said Tuesday.
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May 27, 2025
Italian Police Seize €1M In Fraud Probe Tied To Officials
Italian authorities seized assets on Tuesday worth up to €1.1 million ($1.25 million) as part of an investigation into agricultural funding fraud linked to the corruption of public officials and a police officer, European prosecutors said.
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May 27, 2025
Lancaster Crown Court Faces Closure Over Security Concerns
The government has opened up a consultation for its proposal to permanently close a major criminal court in the northwest of England and surrender the lease for the building.
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May 27, 2025
7th Person Arrested In Recycling Fraud Investigation
Environment Agency officers and regional police have arrested a seventh individual as part of an active investigation into the illegal recycling of export paperwork, the government body has revealed.
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May 27, 2025
JPMorgan Unit Fined For Failing To Disclose Key Data
The French electricity and gas markets regulator said Tuesday that it has fined a German subsidiary of JPMorgan Chase & Co. €500,000 ($568,000) because it failed to identify all its clients when energy prices soared in France.
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May 23, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Nestlé hit with an intellectual property claim by a pet insurance company, VTB Capital bring a breach of contract lawsuit against J.P. Morgan Securities, and Société Générale's former chief executive face litigation from an Italian entrepreneur.
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May 23, 2025
Belgian Tax Break Denials Don't Break EU Rules, ECJ Advised
Belgium isn't breaking with European Union law by denying companies tax deductions under controlled foreign corporation rules, an adviser to the EU's top court said in an opinion.
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May 23, 2025
Accounting Firm Says Business Partner Embezzled £850K
An accounting firm has accused a business partner of embezzling at least £850,000 ($1.1 million), telling a London court that there was a conspiracy to harm the business.
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May 23, 2025
FCA Bans Former Credit Suisse VP After US Conviction
The Financial Conduct Authority said Friday that it has banned a former vice president of Credit Suisse from working in financial services in Britain after her conviction in the U.S. over links to corrupt loans to the Republic of Mozambique.
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May 23, 2025
Tech Firm Settles £18.4M Acquisition Claim
A consumer technology business has settled its £18.4 million ($25 million) claim over its purchase of an online retailer, in which it alleged that the owners of the digital platform had fraudulently represented its finances as healthier than they were.
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May 23, 2025
BVI Firm Settles £8.5M Fraud Case Over Property Transfer
A company registered in the British Virgin Islands has settled its £8.5 million ($11.5 million) fraud case against a debtor, ending its fight for a court declaration that the transfer of a property was done to hinder its chances of clawing back money it was owed.
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May 22, 2025
Tory Donor Battles BBC Over Corruption Libel Defense
Telecoms magnate and Conservative Party donor Mohamed Amersi urged a London judge Thursday to throw out part of the BBC's defense over what he asserts are the corporation's "baseless factual assertions," in the latest stage of his high-profile libel claim.
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May 22, 2025
Ransomware Ban Move Could Push Hackers To Private Sector
The government's bid to crack down on ransomware payments could heap pressure on companies in crisis without any guarantee that it will pull the plug on the billion-pound cybercrime industry, lawyers say.
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May 22, 2025
M&S Says Hack Attack Disruption To Last Till July, Cost £300M
Retail giant Marks & Spencer has said it expects the cyberattack hit it took in April to cost it around £300 million ($402 million), with disruption likely to continue to online retail until July.
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May 22, 2025
EY Says NMC Health Obstructed Detection Of £2B Fraud
NMC Health "frustrated and obstructed" EY's ability to detect widespread fraud at the healthcare chain, lawyers for the Big Four firm said in its defense against a £2 billion ($2.7 billion) High Court claim Thursday.
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May 22, 2025
Marsh Settles $143M Claim Over Losses In Greensill Collapse
Marsh has reached settlement in a claim of almost $143 million with investment firm White Oak, which had alleged that the insurance broker misled it when selling cover for investments in Greensill Capital, a financing firm that collapsed in 2021.
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May 21, 2025
Finance Worker Who Stole Secret Docs Can't Claim Notice Pay
A clearing bank was within its rights to sack a finance manager without notice pay after he breached his contract by sending confidential information to his personal email address, a tribunal has ruled.
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May 21, 2025
UK Lawyer Charged With Money Laundering In NCA Probe
A solicitor and an accountant, both Midlands-based, have been charged with money laundering following a National Crime Agency investigation, the authority disclosed Wednesday.
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May 21, 2025
NCA Recovers £17.5M In UAE Money Laundering Investigation
The U.K.'s National Crime Agency said Wednesday that an Emirati company had agreed to forfeit £17.5 million ($23.5 million) after a money laundering investigation.
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May 21, 2025
Crypto-Traders Can't Revive Bulk Of £10B Binance Claim
An appeals court Wednesday rejected most of a £10 billion ($13.3 billion) class action against Binance for delisting a bitcoin alternative, ruling that investors were not entitled to claim damages from the cryptocurrency exchange on the basis they lost out on its future speculative value.
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May 21, 2025
Class Rep Can't Appeal Chucked £800M Water Pollution Claim
The U.K. competition tribunal has said an environmental consultant cannot challenge its decision to toss her £800 million ($1.1 billion) proposed class action against several water companies over their alleged failure to report pollution, finding that there is no real prospect of a successful appeal.
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May 21, 2025
EY Blames 'Army Of Fraudsters' For NMC Health Collapse
EY was "duped by an army of fraudsters" who controlled NMC Health "from top to bottom" and prevented the Big Four firm from discovering failings at the healthcare chain, lawyers argued in their defense against a £2 billion ($2.7 billion) High Court claim Wednesday.
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May 20, 2025
JPMorgan Fell Short In Trader Spoofing Investigation
A former metals trader at JPMorgan Chase & Co. has won his claim that he was unfairly fired on suspicion of fraud because of shortcomings in the bank's disciplinary process — but his compensation will be slim after an employment tribunal ruled it was very likely he would have been dismissed regardless.
Expert Analysis
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Banker Remuneration Proposals Could Affect More Than Pay
The Financial Conduct Authority and Prudential Regulation Authority’s pending proposals to reduce banker remuneration restrictions bring obvious personal financial advantages for bankers, but may have repercussions that result in increased scrutiny of bonus payments and wider changes to workplace culture and overall accountability, say lawyers at Fox Williams.
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Rethinking 'No Comment' For Clients Facing Public Crises
“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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EU Report May Influence Regulation Of Decentralized Finance
The European supervisory authorities’ recent report on decentralized finance highlights the major regulatory challenges and increased cybersecurity risks of this ecosystem, and will likely provide useful guidance on how the market could be regulated to limit potential risks for investors, say Hubert de Vauplane and Hugo Bordet at Morgan Lewis.
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EU Paper Urges Data Protection And Competition Law Unity
A recent European Data Protection Board position paper calls for closer cooperation among data protection and competition authorities, and provides valuable insight for businesses seeking to ensure compliance across an increasingly complex regulatory landscape, say lawyers at Paul Weiss.
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Market Infrastructure Regs Aim To Reinvigorate EU Trading
The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
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The Pros And Cons Of A 2nd Trump Term For UK Tech Sector
While U.S. President Donald Trump’s protectionist stance on trade could disrupt global supply chains on which many U.K. tech firms are reliant, anticipated deregulation could provide fertile ground for investment and growth, and the U.K. tech sector is bracing for a mix of opportunities, say lawyers at Shoosmiths.
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Why EU Omnibus Package Is Receiving Mixed Reactions
Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
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Review Of Computer Evidence Use Raises Complex Issues
The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
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How Proposed Private Share Trading System May Benefit Cos.
The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
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New Bill Introduces Important Whistleblower Protections
If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
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Important Changes To Note In Accountant Ethics Code Update
The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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What EU Sustainable Category Proposals Will Mean For Funds
The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
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What To Expect As CAT Considers Mastercard Settlement
It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
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Managing Transatlantic Antitrust Investigations And Litigation
As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.