Corporate Crime & Compliance UK

  • June 03, 2020

    Wealth Manager Gets OK To Fight Suit's Scope Before Talks

    A London judge on Wednesday delayed settlement talks between former professional soccer players and a British wealth manager accused of giving them bad advice on tax schemes, saying the lawsuit may need to be pared before negotiations. 

  • June 03, 2020

    Tax Co. Seeks Quick Exit From Denmark's $2B Fraud Suit

    A U.K. tax management firm urged a London court on Wednesday to dismiss Denmark's claim it aided an alleged $2 billion tax fraud against the Danish government by negligently submitting fraudulent tax refund claims on behalf of clients.

  • June 03, 2020

    ESMA Warns Cos. Not To Over-Rely On Cloud Services

    Europe's securities watchdog told financial institutions Wednesday to be wary of becoming too dependent on cloud computing services for their core services as it warned of the risks of becoming over-reliant on a handful of major companies. 

  • June 03, 2020

    Marsh Unit Says No Privacy On Biz Phone In Poaching Suit

    A unit of broking giant Marsh told a London court it was entitled to read Facebook messages from a former employee named in a £1.2 million ($1.5 million) breach of contract dispute as they had been stored on a company phone.

  • June 03, 2020

    Carillion Can't Get Docs Early While Prepping KPMG Suit

    Collapsed British construction giant Carillion PLC lost its bid on Wednesday to get early access to working papers to help it finalize its claim against KPMG over misstatements in its financial accounts.

  • June 03, 2020

    EU Insurers Warn Against Rushing Class Actions Law

    Insurers and other business groups have warned that European officials are rushing negotiations over class actions in the region, risking the possibility of introducing "defective" legislation.

  • June 03, 2020

    Missold PPI Topped 2019 Financial Product Complaints

    Britain's financial dispute resolution body said Wednesday that payment protection insurance is still the most complained-about financial product years after the controversial cover caused a national scandal.

  • June 02, 2020

    Bitcoin ATMs Likely To Be Next Crypto Regulatory Hotspot

    The total amount of stolen cryptocurrency in 2020 is gearing up to be the second-highest on record, according to a report by crypto anti-money-laundering intelligence firm CipherTrace that predicted Bitcoin ATMs will likely be the next target for regulators.

  • June 02, 2020

    Volvo, Jaguar Take Shippers To Court Over Cartel Damages

    Volvo and Jaguar are going after a host of shipping companies they say hurt their bottom line by overcharging for the price of roll-on, roll-off cargo services, the U.K. Competition Appeal Tribunal said on Tuesday.

  • June 02, 2020

    JPMorgan, Barclays To Pay Mexican Bond Investors $20.7M

    JPMorgan Chase and Barclays PLC will pay a combined $20.7 million in what bondholders call "icebreaker" settlements of claims that the banks participated in a sweeping conspiracy to rig Mexican government bond prices, according to court filings.

  • June 02, 2020

    VW Doesn't Have To Pull Out Bad Docs For 'Dieselgate' Class

    A judge ruled Tuesday that British drivers suing Volkswagen AG over diesel cars rigged with emissions-cheating devices couldn't force the automaker to separate out documents it knew would contradict its defense, saying that would be an unworkable task.

  • June 02, 2020

    SFO Plans Reforms To Improve Culture After Criticism

    Britain's Serious Fraud Office vowed Tuesday to improve its culture in reaction to a report by the U.K.'s prosecution oversight body that found the white-collar crime agency suffered from favoritism, poor management and unacceptable behavior.

  • June 02, 2020

    Solicitor Caught In TV Sting Loses Appeal To Rejoin Rolls

    The High Court on Tuesday rejected an appeal from a lawyer challenging a decision striking him from the rolls and fining him in connection with a television sting program on immigration fraud.

  • June 02, 2020

    Teva Can't Escape Infringement Claim In Inhaler Patent Suit

    A London judge on Tuesday rejected Teva's bid to block an infringement claim brought by an Italian pharmaceutical company after Teva challenged its lung disease drug patents, rejecting the generic drugmaker's arguments that disclosure for the claim would be anti-competitive.

  • June 02, 2020

    UK Supreme Court Swears In Oxford Academic As Justice

    An Oxford academic, judge and barrister was sworn in as a new justice to the U.K. Supreme Court on Tuesday, marking the first time a part-time practitioner has joined the country's top court directly from a university.

  • June 02, 2020

    MPs To Press FCA For Answers On Delayed Minibond Probe

    U.K. lawmakers said Tuesday they will grill the Financial Conduct Authority over whether it dragged its heels on a probe into its role in regulating the collapsed London Capital & Finance minibond investment company, causing the investigation to be delayed for three months.

  • June 02, 2020

    EU Weighs Tightening Criminal Asset Rules As Seizures Lag

    The European Commission is considering tightening the rules for recovering the €110 billion ($123 billion) proceeds of criminal activity per year after finding that just 1% of illicit assets are confiscated by European Union authorities.

  • June 01, 2020

    Wealth Manager Seeks To Trim Ex-Athletes' Negligence Suit

    A wealth manager urged a London judge Monday to consider paring down a group of former athletes' £15 million ($18.7 million) negligence suit before settlement talks begin, arguing that settling the limitations dispute first will give the mediation a better shot at success.

  • June 01, 2020

    Barclays Forced To Give Up PE Firm Legal Docs In Fraud Suit

    A London judge ordered Barclays to hand over more than 1,500 documents detailing legal advice it received during its dealings with Qatar at the height of the financial crisis, ruling Monday as the trial approaches that the materials are no longer privileged.

  • June 01, 2020

    Police Chief Urges Probe Into Signature-Forging By Banks

    The U.K.'s National Crime Agency should investigate banks alleged to have been forging their customers' signatures, a police commissioner said Monday, branding the authority's inaction a "national scandal."

  • June 01, 2020

    FCA Bans 4 Cypriot Firms Using Fake Celebrity Endorsements

    Britain's finance watchdog said Monday it has barred four Cypriot investment firms from offering their products in the U.K. after they were caught using fake celebrity endorsements to flog risky investments costing British consumers £100,000 ($124,000) in losses.

  • June 01, 2020

    Insurance Customers Warned Of COVID-19 Investment Scams

    A fraud expert representing British insurers on Monday added to warnings that consumers must be on guard for a spike in insurance fraud as scammers try to take advantage of heightened financial anxieties amid the COVID-19 pandemic.

  • June 01, 2020

    UK Launches Investigation Into Subprime Lender Amigo

    The U.K.'s Financial Conduct Authority has launched an investigation into the process that subprime lender Amigo Holdings PLC uses to assess how creditworthy potential customers are before approving loans, the London-listed company said Monday.

  • May 29, 2020

    Pharma Suppliers Appeal CMA Action Over UK Market Rig

    A pharmaceutical company and a former pharma executive have appealed the fines imposed on them by the UK's antitrust regulator for allegedly rigging the drug market's supply of an antidepressant drug.

  • May 29, 2020

    Investors' Forex-Rigging Claims Against Banks Narrowed

    Hundreds of investors accusing banks of plotting to manipulate foreign exchange rates can move ahead with the bulk of their antitrust suit, a New York federal judge has ruled, while also limiting the claims they are allowed to pursue.

Expert Analysis

  • EU Access To UK Financial Services May Tighten After Brexit

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    If a no-deal Brexit happens, cross-border trade in financial services between the U.K. and EU will be restricted unless the U.K. meets the EU's recently updated equivalence standards or successfully negotiates for "enhanced equivalence," says Kirsten Lapham of Ropes & Gray LLP.

  • Legislative Fix For Post-Libor Issues Seems Improbable

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    Because the Libor rate for short-term loans will soon be gone, the U.S. Alternative Reference Rates Committee may seek to amend contracts wholesale through legislation. However, this solution would face serious political and legal obstacles, says Anne Beaumont of Friedman Kaplan Seiler & Adelman LLP.

  • Collective Redress In The EU: Past, Present And Future

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    Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • How UK Orgs Can Prepare For EU's New Money Laundering Law

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    The U.K. government will likely adopt the European Union's Fifth Money Laundering Directive even in the event of a no-deal Brexit, meaning U.K. financial services organizations and law firms have under a year to review and possibly update their current policies and procedures, says Joanne Cracknell of Willis Towers Watson PLC.

  • Is New SFO Head A 'Different Kind Of Director'?

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    While sharing some of her predecessor's sentiments, Serious Fraud Office Director Lisa Osofsky has shown decisiveness and independence by closing two of the SFO's largest investigations in her first six months in office, says Ross Dixon of Hickman & Rose Solicitors.

  • Germany's Facebook Decision Likely Won't Be Influential

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    The German Federal Cartel Office's decision last month against Facebook — the first time a competition authority ruled on a privacy-related abuse of dominance — is based on specific German case law and reasoning that seems questionable from an antitrust policy perspective, say Sean-Paul Brankin and Evi Mattioli of Crowell & Moring LLP.

  • Simple Secrets For Writing A Killer Brief

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    These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.

  • 5 UK Privacy And Data Protection Predictions For 2019

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    As regulators start to aggressively enforce the General Data Protection Regulation while also focusing on development of cookie compliance and cybersecurity, Rohan Massey and Edward Machin of Ropes & Gray LLP offer five data protection predictions to watch for this year beyond the changes that Brexit may bring.

  • Takeaways From EU's Latest Anti-Money Laundering Rules

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    The Sixth Anti-Money Laundering Directive recently adopted by the Council of the European Union targets the financing of terrorism and organized crime, which have remained significant problems despite the efforts of previous directives, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington & Burling LLP.

  • The Limits Of UK Double Jeopardy Protection

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    Individuals are sometimes tempted, or advised, to enter into plea negotiations in one jurisdiction on the basis that a guilty plea there will act as a barrier to prosecution elsewhere. Unfortunately, the doctrine of double jeopardy is not always so clear-cut, says Andrew Smith of Corker Binning.

  • What 2019 Has In Store For UK Data Protection

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    Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.

  • British Overseas Territories Can Benefit From Transparency

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    British overseas territories have pushed back against a recent U.K. measure requiring them to create publicly accessible registers of companies' beneficial owners. However, considering global trends toward transparency, perhaps the territories should embrace the new rules as a force of good, says Simon Airey of Paul Hastings LLP.

  • Opinion

    Deferred Prosecution Agreements Are Unfair To Individuals

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    The recent deferred prosecution agreement between the U.K. Serious Fraud Office and Tesco Stores Limited provides a glaring example of how a DPA can result in real injustice to individuals and how the statutory DPA regime fails to provide them with any remedy, says Richard Sallybanks of BCL Solicitors LLP.

  • Why Is The UK's Criminal Law Disclosure Process Failing?

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    A decade of funding cuts to the U.K.'s police, prosecution and defense has severely strained the criminal justice system, and the failing disclosure system is just one symptom of a deeper malaise that must be remedied by adequate investment in training and staffing, says Marlon Grossman of Stokoe Partnership Solicitors.

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