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Corporate Crime & Compliance UK
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August 28, 2024
Squire Patton Hires Disputes Partner From Curtis
Squire Patton Boggs LLP has recruited a dispute resolution partner in Geneva, Switzerland, from Curtis Mallet-Prevost Colt & Mosle LLP as it looks to grow its international arbitration arsenal.
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August 21, 2024
VAT Fraudster Loses Bid To Escape Repaying £1.4M
A man involved in a £40 million ($52 million) criminal tax fraud scheme has lost a bid to avoid repaying £1.4 million as a London court ruled on Wednesday that he had failed to prove he no longer had hidden assets.
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August 21, 2024
Tribunal Lifts 21-Year Practice Ban, Praises Lawyer's 'Tenacity'
A tribunal praised a solicitor for her "tenacity" on Wednesday as it restored her to the profession 21 years after she was struck off for taking a loan from a client and paying clients' money into a personal account.
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August 21, 2024
UK Fraud Fund Pays Out £9.8M To Norton Pension Members
The pensions fraud compensation body said it has paid out £9.8 million ($12.8 million) to retirement savings plans sponsored by manufacturer Norton Motorcycles Holdings Ltd., after the company director was convicted of misappropriating funds.
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August 21, 2024
Insurers Failing To Give Customers Good Value, FCA Warns
The Financial Conduct Authority called on insurers and brokers on Wednesday to remedy failures to demonstrate that they offer fair value to customers with good outcomes.
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August 20, 2024
Insider Trading Won't Impact Pilot's Tax Sentencing Guidelines
A Manhattan federal judge found Tuesday that insider trading allegations won't bump up the guidelines sentencing range for a pilot for U.K. billionaire Joe Lewis who pled guilty to tax evasion.
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August 20, 2024
Judicial Proceedings Immunity Thwarts Whistleblower's Suit
An appellate tribunal ruled Tuesday that immunity from judicial proceedings blocks a former aide from claiming he faced groundless and malicious arbitration from his work after blowing the whistle on alleged staff mistreatment.
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August 20, 2024
Imprisoned Oligarch Bids For ID Linked To $20M Transfer
An imprisoned Russian oligarch pursuing a $13.8 billion conspiracy claim urged a London judge Tuesday to order a group of wealth management companies to disclose the identity of a person who requested a $20 million transfer that he alleges was a bribe.
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August 20, 2024
Insurers Deny Liability Over $790M Stranded Aircraft Claims
Two insurers have argued they are not liable for paying out claims totaling more than $790 million over planes stranded in Russia, arguing the aircraft had not been "lost" to their lessors under the terms of the policies.
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August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner
Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
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August 20, 2024
FCA Move To Results-Based Regulation Could Hurt Firms
The Financial Conduct Authority's planned move to an outcomes-based approach to regulation is raising concerns among lawyers that the resulting uncertainty could undermine companies in the sector and weaken the government's push for international competitiveness.
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August 20, 2024
Ex-Bird & Bird Partner Banned For Pursuing Junior Colleague
A former partner at Bird & Bird LLP has been banned from the legal profession for five years after he admitted behaving inappropriately toward a junior female colleague and abusing his position in an attempt to pursue a sexual relationship with her.
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August 19, 2024
Mike Lynch, Clifford Chance Pro Among Missing After Yacht Sinks
Former Autonomy CEO Michael Lynch and a Clifford Chance LLP partner who helped him beat federal fraud charges back in June are among those missing after their chartered luxury yacht sank during a storm off Sicily early Monday during a trip reportedly to celebrate Lynch's legal victory.
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August 19, 2024
Deutsche Bank Moved Money For ISIS, Victims' Families Say
Families of two journalists and an aid worker captured and killed by the Islamic State sued Deutsche Bank AG in New York federal court for allegedly facilitating the financing of the terrorist group, a case that comes on the 10th anniversary of the death of journalist James Foley.
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August 19, 2024
German State Liable In €500M Timber Sales Antitrust Fight
A German state breached antitrust laws for decades in its sales of round timber, leaving it liable to antitrust suits worth an estimated €500 million ($553 million), a German regional appeals court has ruled.
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August 19, 2024
Ex-Finance Co. Director Denies Forcing CEO's Share Transfer
The former director of a lending business has denied forcing the chief executive of the company to transfer shares by concocting a false fraud allegation, and told a London court that his report to a regulator was justified.
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August 19, 2024
Simpson Thacher To Face Tribunal Over AML Failings
Simpson Thacher & Bartlett LLP has been referred to a London tribunal over allegations that it failed to implement measures to lower the risk of money laundering and terrorist financing, the Solicitors Regulation Authority said Monday.
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August 19, 2024
Former BHS Directors Liable For £110M Over Collapsed Biz
Two former directors of the defunct British Home Stores retail chain have been found liable for more than £110 million ($142 million) after they allowed the company to continue trading when there was no prospect of recovery.
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August 16, 2024
Deutsche, Ex-Trader End 2nd Libor Malicious Prosecution Suit
Deutsche Bank and a former U.K. derivatives trader who accused the bank of scapegoating him to U.S. authorities investigating interest rate-rigging have resolved his $30 million malicious prosecution lawsuit in New York state court.
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August 16, 2024
UN Votes For Global Services As First Priority Under Tax Pact
The United Nations voted Friday to make taxation of cross-border services the most prioritized topic for a legally binding agreement to be finalized by late 2027 alongside the organization's framework convention on international tax cooperation.
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August 16, 2024
Telecom Directors Deny Adviser's HMRC Fraud Claim
Two directors have denied owing a financial adviser a fee for attempting to source a £5 million ($6.4 million) investment for their telecommunications business, characterizing his July claim that they hoped to defraud the U.K.'s tax department through the company as "entirely fictitious."
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August 16, 2024
Local Council Accuses Tycoon Of Misappropriating £150M
A local English council pushed into effective bankruptcy after a spate of failed investments has sued a businessman for upward of £150 million ($194 million) it claims he siphoned off to buy yachts, private jets and a country estate.
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August 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.
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August 16, 2024
PwC Fined £15M For Failing To Flag LC&F Fraud Suspicion
The Financial Conduct Authority said Friday it has fined PricewaterhouseCoopers LLP £15 million ($19.3 million) for failing to report to the regulator its belief that London Capital & Finance PLC might be involved in fraud.
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August 23, 2024
Orrick Gains Ex-BCLP Antitrust Pro As Partner In UK
Orrick Herrington & Sutcliffe LLP has hired a partner to its London antitrust unit from Bryan Cave Leighton Paisner LLP as it looks to build out a "world-class" team in the City.
Expert Analysis
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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.
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Uber Payout Offers Employer Lessons On Mitigating Bias
Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.
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Apple Ruling Offers Morsel Of Certainty On Litigation Funding
An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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Gov't Probe Highlights Computer-Based Evidence Issues
A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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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.