Corporate Crime & Compliance UK

  • June 15, 2020

    Barclays Questions PE Chief's Memory In Crisis-Era Suit

    Barclays' lawyer argued at trial Monday that financier Amanda Staveley's own notes from the bank's 2008 funding scramble don't back up her claim that she was getting "the same deal" as Qatari investors.

  • June 15, 2020

    AXA Fights For £500M From Genworth In PPI Misselling Trial

    AXA argued at trial Monday that insurer Genworth Financial should have to pay £500 million ($629 million) to cover AXA's costs for reimbursing customers for missold payment protection insurance after acquiring two Genworth units.

  • June 15, 2020

    Chinese Shipper Urges Top UK Court To Revive $69M Suit

    A Chinese ship owner urged Britain's Supreme Court on Monday to reinstate its $68.6 million damages claim against the guarantor for a shipping company, telling the justices that a lower appeals court was wrong to overturn the original judgment in its favor. 

  • June 15, 2020

    3 Cyprus Firms Pull CFD Derivative Products From UK Market

    The Financial Conduct Authority said Monday that three Cypriot companies have voluntarily rescinded their right to sell so-called contracts for difference to clients in the U.K. 

  • June 15, 2020

    Truck Makers Hit Back At Balfour Beatty Cartel Suit

    Truck manufacturers fined €2.93 billion ($3.30 billion) for price-fixing of vehicles told a judge that they do not owe a British construction giant damages for inflated costs because the company's purchases were not affected by the scheme.

  • June 15, 2020

    Price-Fixing Estate Agent Execs Disqualified For 13 Yrs Total

    Britain's antitrust authority said on Monday that it has disqualified two estate agents for six and a half years each for taking part in an illegal cartel to fix the minimum price they charged for commission rates over seven years.

  • June 12, 2020

    Fugitive Art Dealer Arrested, Charged In $20M Fraud Scheme

    A New York art dealer with galleries in London and Miami is being charged with operating a $20 million fraud scheme in order to finance his business, according to a complaint unsealed Friday in Manhattan federal court.

  • June 12, 2020

    Ex-Bank Exec Gets Expense Cut After £780M Fraud Judgment

    A London judge Friday slashed the monthly expense cap for a former Trust National Bank official who, alongside two other executives, defrauded the Russian bank of hundreds of millions of pounds, saying £17,000 ($21,000) per month was "way too much."

  • June 12, 2020

    Lloyd's Insurers Sued For £10M After Takeover Fraud Unveiled

    A private equity firm says it is owed £10 million ($12.5 million) by seven Lloyd's of London syndicates under an insurance policy after a company it purchased fraudulently misrepresented its earnings, artificially inflating its value.  

  • June 12, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Indian lenders reignite their bankruptcy dispute against a beer tycoon facing fraud charges overseas, a woman fight fraud findings made against her in a Financial Conduct Authority case, and Glencore target a Serbian oil company. Here, Law360 looks at those and other new claims in the U.K.

  • June 12, 2020

    UK Roofing Firms Admit To Illegal Cartel, Face £11M In Fines

    Two British construction suppliers have admitted to taking part in an illegal cartel arrangement and could face up to £11 million ($13.8 million) in fines, the U.K. competition watchdog said Friday.

  • June 12, 2020

    Investor's $53M Forex Fraud Claim Falls Flat

    A judge on Thursday threw out an investor's lawsuit accusing a foreign exchange company and a financial broker of defrauding him out of tens of millions of dollars, saying it was "fanciful" to believe they had faked trades that caused him substantial losses.

  • June 12, 2020

    Insurers Raise Doubts Over Draft EU Money-Laundering Rules

    European insurers raised concerns on Friday over proposed new money laundering protections that could lead to them being required to hold group-wide records of clients for multiple business entities.

  • June 12, 2020

    KPMG Sanctioned For Failings In Audits Of Investment Co.

    Britain's accounting watchdog said on Friday that it has imposed sanctions on KPMG, forcing the Big Four auditor to monitor compliance with procedures after failings emerged in its review of the financial statements of an investment company over three years.

  • June 12, 2020

    Airlines Take UK Gov't To Court Over Travel Quarantine

    Three of the U.K.'s biggest airlines said on Friday that they have filed papers at the High Court as they seek an urgent judicial review of the government's controversial two-week quarantine laws for travelers entering the country.

  • June 11, 2020

    PE Chief Defends Her Role In Barclays Deal At Fraud Trial

    British financier Amanda Staveley hit back Thursday at attempts by Barclays Bank PLC to play down her role in securing an Abu Dhabi investment in the bank at the height of the financial crisis, arguing at trial that she deserved more money.

  • June 11, 2020

    Ocado Loses Contempt Bid Against Ex-Jones Day Atty

    A London judge refused to jail a former Jones Day lawyer who ordered the destruction of secret messages connected to online grocer Ocado's case over the misuse of confidential information, but said Thursday that nothing prevents the company from trying again with fresh evidence.

  • June 11, 2020

    German Minister Eyes More Time For Prosecuting Tax Fraud

    Germany's finance minister plans to ask Parliament to extend by 10 years the time limit for prosecuting serious tax evasion in the hope that this will help prosecutions of a type of dividend fraud, the Finance Ministry said Thursday.

  • June 11, 2020

    'Recovery Room' Scammers Targeting Creditors Amid Virus

    Scammers are targeting creditors of a London property company and pretending they can return the money owed to them in exchange for a fee, the government warned on Thursday, as fraudsters across Britain take advantage of chaos created by the coronavirus.

  • June 11, 2020

    Ethical Investment Scheme Bosses Deny SFO Fraud Charges

    Two former directors of an investment scheme that promoted a project to put money into tree plantations in the Brazilian rainforest pleaded not guilty to fraud charges brought by the Serious Fraud Office on Thursday.

  • June 11, 2020

    SFO Ends Pursuit Of Traders Accused Of Rigging Euribor

    The Serious Fraud Office has dropped its five-year-old case against four European bankers accused of rigging a key interest rate benchmark at the height of the financial crisis, after courts in France and Germany refused to extradite the former traders.

  • June 11, 2020

    FCA Urged To Go Further In Protecting Pensions From Scams

    The Financial Conduct Authority should "go further" in introducing protections for pensions savers in defined contribution schemes, an industry group warned, after the regulator banned fee deals solely for defined benefit plans.

  • June 11, 2020

    Lloyds Fined £64M For Mistreating Mortgage Customers

    Britain's financial regulator slapped Lloyds Banking Group PLC with a £64 million ($81.3 million) fine on Thursday for failures by three subsidiaries in handling customers who were struggling to keep up with mortgage payments.

  • June 10, 2020

    IT Pro To Check Disclosure In Kazakh Co.'s $300M Asset Fight

    A London judge on Tuesday said an independent IT expert should double-check a document search conducted by two property-holding entities connected to the ex-boss of a Kazakh paper conglomerate that's now chasing a $300 million fraud judgment against him.

  • June 10, 2020

    EU Official Says AML Regulator Needed To Fight 'Weaknesses'

    Europe needs a common supervisor to fight money laundering as part of plans to strengthen "structural weaknesses" in the European Union's ability to prevent criminal money flowing through its banking system, the bloc's head of financial crime unit said Wednesday.

Expert Analysis

  • New UK Data-Gathering Powers May Be Stalled For Now

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    While the Crime Overseas Production Orders Act appears to significantly extend U.K. enforcement authorities' data-collection powers, overseas production orders are unlikely to be granted until a cooperation agreement is achieved with the U.S., say Peter Burrell and Francesca Sherwood of Willkie.

  • Norwich Pharmacal Orders Remain Vital In The Internet Age

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    Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.

  • New FCA Regime Will Emphasize Individual Accountability

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    The Financial Conduct Authority's Senior Managers and Certification Regime, which will take effect this December, seeks to increase personal accountability within regulated firms and will introduce changes relevant to all FCA-authorized financial services firms, say Rosemarie Paul and Kirsten Lapham of Ropes & Gray.

  • 8 Ukrainian Arbitration Claims In The Wake Of Crimea Events

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    Eight arbitration claims have been filed under the 1998 investment treaty between Russia and Ukraine in connection with the 2014 incorporation of Crimea into Russia. Nicholas Peacock and Paula Cala of Herbert Smith discuss these claims' unusual background and how they might develop.

  • Cannabis Investors Should Beware Money Laundering Risk

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    Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.

  • Do Fines Really Discourage Banks From Breaking The Law?

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    Recent fines imposed against Standard Chartered by both U.K. and U.S. regulators raise questions about whether banks are now viewing anti-money laundering enforcement fines as a day-to-day cost of doing big business, says Syedur Rahman of Rahman Ravelli.

  • Key Issues For Energy Cos. In EU Cybersecurity Guidance

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    The European Union's recently issued recommendations on energy sector cybersecurity are valuable input for industry stakeholders with a presence in the EU, because they take into account the sector's real-time requirements, the risks of cascading effects and the combination of legacy systems with new technologies, say Diletta De Cicco and Charles Helleputte of Mayer Brown.

  • The Uncertain Future Of Gov't Investigations Post-Deutsche

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    A New York federal judge's recent decision in the Deutsche Bank Libor-rigging case U.S. v. Connolly threatens to upend decades of established cooperation practice in government investigations, a fact to which the opinion makes only a passing reference, say attorneys at Arnold & Porter.

  • Opinion

    Deferred Prosecution Agreements Are Not Unfair

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    The recent collapse of the Serious Fraud Office’s prosecution of former Tesco managers has led many commentators to denounce the deferred prosecution agreement regime. To understand why this criticism is flawed, compare the different lenses through which a prosecutor and a judge examine the evidence in a DPA, says Andrew Smith of Corker Binning.

  • 3 Key Issues In UK's 'Online Harms' Regulatory Framework

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    A recent white paper from the U.K. home secretary and culture secretary outlines a proposed regulatory framework for tackling harmful and illegal online content. Regulation of this space must walk a fine line between protecting the public and preserving the U.K.'s reputation as an attractive place of business, says Anna Gaudoin of WilmerHale.

  • Real-Life Lessons For Lawyers From 'Game Of Thrones'

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    What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.

  • UK Firms Should Be Prepared For Government Raids

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    Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.

  • Opinion

    SRA Should Not Condemn Lawful Tax Avoidance

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    In suggesting that solicitors who facilitate tax avoidance breach its code of conduct, the Solicitors Regulation Authority fails to distinguish between legal tax avoidance and illegal tax evasion, says attorney Martin Kenney.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • UK Confiscation Order Ruling Is A Win For Prosecutors

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    Prosecutors will be glad that an English appeals court's recent judgment in Fulton v. Regina joins other Proceeds of Crime Act decisions in confirming that a court does not need to show leniency or resolve ambiguities in favor of an offender when making a confiscation order, says Nick Barnard of Corker Binning.

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