Corporate Crime & Compliance UK

  • June 10, 2020

    Bid To Jail Russian Oligarch Is Harassment, Judge Says

    A Russian oligarch has fought off an attempt by a former business associate to have him sent to prison in the U.K. as a judge in London ruled on Wednesday that the claim is an abuse of process used to harass the billionaire industrialist.

  • June 10, 2020

    Danske Hit With Criminal Complaint Over Market Manipulation

    Danske Bank said Wednesday it has received a criminal complaint from Denmark's financial regulator citing a breach of market manipulation rules because the banking giant allowed customers to trade with themselves and artificially inflate trading figures.

  • June 10, 2020

    FCA Files High Court Claim In Biz Insurance Test Case

    The Financial Conduct Authority said Wednesday it has filed a High Court claim against eight insurers in a test case it hopes will establish that the industry is liable in disputes over business interruption cover during the COVID-19 pandemic.

  • June 09, 2020

    Servier Urges Justices To Play By EU Pay-For-Delay Ruling

    Drugmaker Servier urged the U.K.'s highest court Tuesday to rule that English litigation alleging it blocked generic competition to its blood pressure medication cannot veer from a European court's finding that it didn't hold potentially anti-competitive dominance over the market.

  • June 09, 2020

    'Rogue' Publisher Closed Over Dubious Sales Tactics

    A U.K. judge shut down a "rogue education publisher" accused of duping small companies into forking over some £2.5 million ($3.17 million) for sponsorship slots in booklets sent to schools, a British watchdog said Tuesday.

  • June 09, 2020

    MPs Call For Full Payment Holidays For UK Cos.

    Lawmakers have called on the Financial Conduct Authority and U.K. lenders to begin offering mortgage payment holidays that will also freeze the interest that business customers repay during the COVID-19 crisis.

  • June 09, 2020

    Barclays Calls PE Firm's Crisis-Era Fraud Suit 'Nonsensical'

    Barclays has hit back at allegations by a private equity firm that it committed fraud as it raised capital during the financial crisis, arguing at a trial on Tuesday that the suit is "factually misconceived" and "nonsensical."

  • June 09, 2020

    Ireland Ramps Up Protection For Clients Of Money Lenders

    The Central Bank of Ireland has set out measures to strengthen protection for customers of regulated money lending services, which include forcing lenders to include warnings in adverts for high-interest loans.

  • June 09, 2020

    Volvo Says Truck Cartel Didn't Hit Suppliers' Wallet

    Volvo has hit back at a lawsuit brought by suppliers of construction materials, which are seeking damages over the automaker's role in a massive truck price-fixing scandal, telling a London court that they passed on any additional costs to their customers.

  • June 08, 2020

    HMRC Got Short Shrift In VAT Fraud Case, Appeals Court Says

    A U.K. lower court failed to consider government arguments that a company's founder knew he was participating in tax fraud, the Upper Tribunal ruled, remanding the previously rejected case for a hearing on the facts by a new panel.

  • June 08, 2020

    Russian Oligarch Fights Incarceration Bid Over $95M Award

    Russian oligarch Oleg Deripaska is fighting an attempt by a former business associate to have him sent to prison in the U.K. for allegedly breaching a court order tied to a $95 million arbitration award, in the latest twist to a long-running feud over the ownership of valuable real estate in Moscow.

  • June 08, 2020

    Santander Must Supply More Docs In Axa, Genworth PPI Fight

    A London judge has told Spanish bank Santander to dig up further records of customer complaints about improperly sold payment protection insurance involving AXA ahead of a trial set to calculate how much the insurer is owed by a U.S. rival.

  • June 08, 2020

    UK Supreme Court To Hear Google Data Privacy Case

    The Supreme Court has agreed to weigh in on whether a collective lawsuit brought against Google for allegedly tracking the personal data of 4 million iPhone users should be allowed to proceed through the U.K.'s courts.

  • June 08, 2020

    PE Firm Kicks Off £1.6B Fraud Trial Over Barclays' Funding

    Lawyers for PCP Capital Partners told a judge on Monday that Barclays Bank PLC fraudulently misled the private equity company over the terms of a deal struck with Qatar during the financial crisis, as a nine-week trial got under way in London.

  • June 08, 2020

    German Police Search Wirecard HQ Amid Criminal Probe

    Police searched the German headquarters of payments company Wirecard AG on Friday after prosecutors launched a criminal investigation into its board of managers following a complaint by Germany's financial watchdog.

  • June 08, 2020

    UK Accounting Watchdog Drops Probe Into Tesco Employees

    Britain's accounting watchdog said Monday that it has closed its investigation into accountants working at Tesco PLC after the supermarket giant overstated its profits by more than £250 million ($316 million) in 2014.

  • June 05, 2020

    EY Wins Fight To Challenge $11M Gold Smuggling Suit

    Ernst & Young won permission Friday to fight findings that the accountant owes a former partner $11 million in damages for helping cover up a client's gold smuggling, after a London judge said that his conclusions rested on a "novel" concept. 

  • June 05, 2020

    Prosecutors To Seize £1.4M From 'Cancer Cure' Hawker

    A British man jailed for 15 months for illegally selling a bogus wonder drug made from human blood as a cure for cancer, HIV and autism must pay approximately £1.4 million ($1.8 million) or face a further seven years in prison, a London judge ruled Friday.

  • June 05, 2020

    Woodford Investors In Line For £224M After Assets Sale

    Investors in money manager Neil Woodford's suspended equity fund are set for a payout of more than £200 million ($252 million) after administrators agreed to sell its healthcare portfolio to a U.S buyer.  

  • June 05, 2020

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

    The past week in London has seen a Chinese billionaire dissident launch another legal fight with UBS AG, a demolition company lodge a negligence claim against Hiscox and an asbestos solutions provider and an airport sim card seller target telecommunications giant Vodafone. Here, Law360 looks at those and other new claims in the U.K.

  • June 05, 2020

    Europe Accuses UK Of Straying From Brexit Promises

    The European Union said Friday that Brexit trade negotiations remain stalled after four rounds of talks because the U.K. has strayed from pledges agreed to in 2019 that set out general terms for future relations.

  • June 05, 2020

    EU Launches Financial Crime Unit Amid Virus Threat

    The European Union's law enforcement agency launched a financial and economic crime unit on Friday, which it said will help member states tackle a surge in criminal activity during the coronavirus pandemic.

  • June 05, 2020

    FCA Bracing For Firms To Leave The Market Amid Crisis

    Britain's financial regulator is preparing for thousands of businesses to fold under the weight of compensation bills and investors' liabilities as a result of the COVID-19 pandemic, a senior official has said.

  • June 04, 2020

    EU High Court Told To Uphold €94M Pay-For-Delay Fine

    Danish pharmaceutical company Lundbeck shouldn't be allowed to upend a nearly €94 million fine that helped cement pay-for-delay penalties under European Union competition law, an adviser to the block's highest court recommended Thursday.

  • June 04, 2020

    Denmark Says Case Against Tax Co. 'Cries Out' For A Full Trial

    Denmark's tax authority said Thursday its claim that a U.K. tax management company negligently aided an alleged $2 billion fraud against the Danish government "cries out to be tested at trial," telling a London court the case should not be struck out.

Expert Analysis

  • Where The Post-Libor Litigation Tsunami Will Hit

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    The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.

  • What Gov't Outsourcing Ruling Means For Investigations

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    A New York federal court's recent decision in U.S. v. Connolly is a warning to prosecutors against outsourcing their investigations to companies and outside counsel, but it should also be used by companies to determine the framework for internal investigations, says Rachel Maimin of Lowenstein Sandler.

  • Foreign Banks Should Remain Wary Of US Sanctions Laws

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    While major enforcement actions against foreign banks for U.S. sanctions violations have slowed down in the past few years, recent settlements against three foreign banks show that federal and state authorities are still enforcing sanctions laws — and the pace of enforcement will likely increase, say Andrew Zimmitti and Richard Hartunian of Manatt.

  • Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant

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    The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.

  • UK Antitrust Watchdog Proposals Would Bolster Enforcement

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    The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.

  • Guest Feature

    Preet Bharara On The Human Factor In The Justice System

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    A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.

  • Considering A More Cost-Effective Future For The SFO

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    In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.

  • When UK Cos. Are Criminally Liable For Fatal Accidents

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    In the last decade, changes to U.K. law have made it easier to convict large companies of gross negligence manslaughter. Organizations that fail to prevent fatal accidents can expect prosecution and significant fines, while culpable individuals risk imprisonment, say Guy Bastable and Tom McNeill of BCL Solicitors.

  • A Reminder To Address Sanctions Compliance Shortfalls

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    The sanctions enforcement action and major settlement with Standard Chartered highlights U.S. and U.K. regulators’ continued focus on compliance, and their specific attention to the lapses in internal controls that led to the alleged violations, say attorneys with Paul Hastings.

  • Lessons From Carphone Warehouse's Partial FCA Settlement

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    In the first case decided under the U.K. Financial Conduct Authority's new partial settlement process, Carphone Warehouse demonstrates not only the possible value of cooperating with authorities but also the cost of failing to right previous wrongs, says Syedur Rahman of Rahman Ravelli Solicitors.

  • Are The EU's 2017 Money Laundering Rules Effective?

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    Two years after the European Union implemented its fourth directive on money laundering, an eerie silence surrounds the new rules. Jessica Sobey of Stokoe Partnership examines what might be contributing to the lack of prosecutions, and whether the financial services sector has embraced compliance.

  • Opinion

    Amended EU Class Action Proposal Is A Loss For Consumers

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    The U.S. Chamber of Commerce is poised to neuter the European Commission's collective action proposal — intended to let EU consumers challenge corporate misconduct — with a series of debilitating amendments that the Council of the EU must fight back against, says Laura Antonini of the Consumer Education Foundation.

  • House Of Lords' Bribery Act Report Asks The Right Questions

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    Last month, the U.K. House of Lords published a mostly positive review of the Bribery Act but justifiably criticized the slow pace of Serious Fraud Office investigations, says Christopher David of WilmerHale.

  • Opinion

    Governments Could Effectively Tax Tech Profits

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    If governments are prepared to take radical action to address the tax avoidance practices of many large technology companies, a perfectly legitimate solution could lie in legislation disallowing the use of double tax agreements for tech royalty schemes, says George Turner of Tax Watch UK.

  • How EU Businesses Are Responding To US Sanctions On Iran

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    Because the United States scrapped the Joint Comprehensive Plan of Action, large EU companies with substantial U.S. exposure will likely suspend business with Iran, but the European Union's protective measures against U.S. sanctions should provide some comfort to smaller businesses, says Kartik Mittal of Zaiwalla & Co.

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