Try our Advanced Search for more refined results
Corporate Crime & Compliance UK
-
May 21, 2024
Post Office Official Told MP About IT Bugs Ahead Of Report
A former Post Office senior official conceded she was the "bearer of bad news" by ensuring an MP was told of bugs in the IT system used to wrongly prosecute innocent people, as she gave evidence to an inquiry Tuesday.
-
May 21, 2024
I Am An Honest Man, British Trader Tells £1.4B Fraud Trial
Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), told a London court on Tuesday that he is an "honest man" who traded using a legal "loophole."
-
May 21, 2024
Finance Pros 'Too Afraid' To Blow Whistle On Fraud
More than three-quarters of finance professionals in the U.K. stayed silent after spotting or suspecting internal fraud in their workplaces, a survey published on Tuesday showed, with nearly half saying they feared a backlash.
-
May 21, 2024
Ex-Insurance Exec's Wife Denies Knowledge Of Illegal Money
The wife of a former executive at Gable Insurance has denied cashing in on unauthorized payments from her husband who, the Liechtenstein insurer alleges, siphoned off millions of pounds from the company to accounts he had links to.
-
May 21, 2024
Prince Harry Fails To Drag Rupert Murdoch Into Privacy Claim
Prince Harry and others suing the U.K. arm of Rupert Murdoch's News Corp. failed on Tuesday to drag the media mogul into their claim as a London judge refused to expand their case to include allegations that he was part of an alleged cover-up.
-
May 21, 2024
Hayes Gets Lifeline In Bid To Overturn Libor Conviction
An English appellate court on Tuesday opened the door for two traders convicted of manipulating benchmark interest rates to appeal to the U.K.'s top court but said that the justices must decide whether to hear the case.
-
May 20, 2024
Arbitrator In $14.9B Malaysia Case Can't Nix Contempt Ruling
Embattled arbitrator Gonzalo Stampa has lost an appeal challenging his conviction in Spain for contempt of court after he ordered Malaysia to pay $14.9 billion to the heirs of the last sultan of Sulu in an unusual, high-stakes arbitration stemming from a 19th-century land deal.
-
May 20, 2024
Autonomy CEO Reaped $516M From HP Acquisition, Jurors Told
Ex-Autonomy CEO Michael Lynch took home more than $516 million from the software company's $11.7 billion sale to HP, an FBI agent testified Monday as the government's last witness in a trial over allegations Lynch duped HP into overpaying to buy the company.
-
May 20, 2024
SFO Seizes Cash In Bank Account Linked To Nigerian Bribery
Britian's anti-corruption agency has seized more than £36,000 ($46,000) from the former managing director of an African state-owned banknote printing company after prosecutors traced the money to a bribery scheme.
-
May 20, 2024
Barristers Blast Lack Of Data As Remote Hearings Decline
The Bar Council on Monday reported a "significant and steep decline" in the number of remote court hearings taking place since the peak of COVID-19 and condemned the "staggering" lack of data available to assess their effectiveness.
-
May 20, 2024
Collapsed Firm Escapes Fine For Making Unapproved Claims
The solicitors' watchdog for England and Wales on Monday waived a £65,300 ($83,000) fine for a shuttered law firm that submitted claims without clients' approval, scrapping the penalty to safeguard the outfit's creditors.
-
May 20, 2024
Step Up Action On Financial Abuse, FCA Tells Firms
The Financial Conduct Authority has called on regulated firms to take further steps to stop financial abuse of individuals through manipulation of banking or insurance products as it looks through the lens of the Consumer Duty.
-
May 20, 2024
Judge Approves Bankruptcy Order On Ex-Axiom Ince Chief
A judge approved on Monday a bankruptcy order against the former head of Axiom Ince Ltd. after the now-collapsed law firm failed to pay monthly installments for its acquisition of Ince.
-
May 20, 2024
Crypto 'Inventor' Used Court As Vehicle For Fraud, Judge Says
A London court ruled Monday that the man who claimed to be Satoshi Nakamoto in a weekslong trial lied extensively and committed forgery "on a grand scale," finding that the computer scientist had used the courts as a "vehicle for fraud."
-
May 20, 2024
Assange Gets Final Appeal In Fight Against US Extradition
Julian Assange won a lifeline in his long-running fight against extradition to the U.S. on Monday as an English court granted him permission to challenge assurances from American authorities that the WikiLeaks founder would not face discrimination at trial.
-
May 17, 2024
Imprisoned Oligarch Partly Wins Bid To Expand $14B Claim
An imprisoned Russian billionaire partly succeeded in a London court Friday in adding new allegations to his $13.8 billion claim alleging his business empire was fraudulently taken in a wide-ranging Russian state conspiracy.
-
May 17, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.
-
May 17, 2024
SEC Can Try To Show Jurisdiction Over German In $3M Claim
The U.S. Securities and Exchange Commission will be allowed to pursue evidence to support its case for disgorgement of $3.3 million in allegedly ill-gotten gains from a German man whose son was implicated in a $150 million pump-and-dump scheme, a federal judge in Boston ruled on Thursday.
-
May 17, 2024
Sanctions Ruling Clarifies Force Majeure Contractual Rights
A decision by Britain's highest court that a shipowner could reject a client's attempt to sidestep payment restrictions imposed by U.S. sanctions has implications for disputes over force majeure clauses sparked by the effects of those measures, the war in Ukraine and the COVID pandemic on supply chains.
-
May 17, 2024
Post Office Used Womble Bond To Avoid Looking Like 'Bullies'
The Post Office retained Womble Bond Dickinson in a civil case brought by victims of the Horizon scandal because a more aggressive law firm might make it look like "bullies," an executive for the organization told an inquiry Friday.
-
May 17, 2024
Local Authorities Bid To Toss Truck Makers' Pass-On Defense
A lawyer acting for 136 local authorities across the U.K. urged a tribunal on Friday to prevent European truck manufacturers from arguing that they passed on higher costs allegedly paid for vehicles through higher tax and service charges for residents.
-
May 17, 2024
FCA To Weigh 'Sensitive, Emotive Issue' Of Probes Policy
The Financial Conduct Authority has said it "will take time" to consider widespread concerns over its proposals to identify companies or individuals under investigation after lawyers said the move could damage careers.
-
May 17, 2024
Ex-Investment Manager Gets 6 Years For £19M Ponzi Scheme
A former investment manager was sentenced to six years in prison on Friday for defrauding hundreds of investors out of £19 million ($24 million) in a Ponzi scheme that prosecutors said helped fuel a lavish lifestyle.
-
May 17, 2024
Why The NCA's Milestone Bribery Win Is A Hard Act To Follow
The first bribery conviction of a foreign official in Britain suggests that law enforcers are taking an increasingly active approach to investigations, although lawyers caution that it will be hard to repeat the use of undercover officers secretly recording suspects in financial crime cases.
-
May 16, 2024
Post Office's Ex-IT Head Says She Blocked Ex-CEO Requests
The Post Office's former head of information technology said she blocked phone communication from former chief executive Paula Vennells after Vennells contacted her for help to "avoid an independent inquiry" into the wrongful prosecutions of sub-postmasters, according to a document made public in the probe Thursday.
Expert Analysis
-
EU Product Liability Reforms Represent A Major Shakeup
The recent EU Parliament and Council provisional agreement on a new product liability regime in Europe revises the existing strict liability rules for the first time in 40 years by easing the burden of proof to demonstrate that a product is defective, a hurdle that many had previously failed to overcome, say Anushi Amin and Edward Turtle at Cooley.
-
Amazon's €32M Data Protection Fine Acts As Employer Caveat
The recent decision by French data privacy regulator CNIL to fine Amazon for excessive surveillance of its workers opens up a raft of potential employment law, data protection and breach of contract issues, and offers a clear warning that companies need coherent justification for monitoring employees, say Robert Smedley and William Richmond-Coggan at Freeths.
-
What Extension Of French FDI Control Means For Investors
The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.
-
What To Expect For Private Capital Investment Funds In 2024
As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.
-
Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
-
EU Report Is A Valuable Guide For Data Controllers
The European Data Protection Board recently published a study of cases handled by national supervisory authorities where uniform application of the General Data Protection Regulation was prioritized, providing data controllers with arguments for an adequate response to manage liability in case of a breach and useful insights into how security requirements are assessed, say Thibaut D'hulst and Malik Aouadi at Van Bael.
-
UK Court Ruling Reinforces CMA's Info-Gathering Powers
An English appeals court's recent decision in the BMW and Volkswagen antitrust cases affirmed that the U.K. Competition and Markets Authority can request information from entities outside the U.K., reinstating an important implement in the CMA's investigative toolkit, say lawyers at White & Case.
-
Cos. Should Plan Now For Extensive EU Data Act Obligations
The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn.
-
How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
-
Together, GDPR And AI Act Can Boost Digital Rights In EU
The overlap between the General Data Protection Regulation and the forthcoming EU Artificial Intelligence Act is intriguing in that it demonstrates a shared commitment to upholding individual digital rights, and understanding this synergy is paramount in comprehending how the two domains can work in tandem, says Maria Moloney at PrivacyEngine.
-
Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
-
What Extending Corporate Liability Will Mean For Foreign Cos.
Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.
-
Due Diligence Pointers After Entain Deferred Prosecution Deal
The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.
-
A Consequential Moment For Sanctions Activity
It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.
-
ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.