The Serious Fraud Office could play a greater role in criminal cartel prosecutions under an agreement to work more closely with the country's antitrust watchdog. But extending the remit of the white-collar crime agency is unlikely to reverse the U.K.'s woeful record of enforcement.
A Missouri federal judge rejected Lloyd's of London's bid to dismiss a sales company's claim that the carrier "vexatiously refused" to cover the company's $5.5 million cyberattack losses, holding Monday that the carrier's argument contradicts Missouri public policy.
The U.K. has set up a digital markets unit within its antitrust enforcer to work on introducing and enforcing a "new code" to govern the behavior of big tech companies, like Facebook and Google, in order to promote small business and empower consumers to control their data.
Europe's competition watchdog has slapped Israeli pharmaceutical giant Teva and its subsidiary Cephalon with more than €60 million (about $71 million) in fines for conspiring to keep a generic version of the narcolepsy drug Provigil off the market.
Two of Russia's biggest banks seeking to recover more than $700 million in a complex High Court fraud suit have been granted permission to hand over evidence to criminal investigators in Russia— though an appeals court almost immediately stayed the order while it reviews a challenge.
An English appeals court refused Monday to overturn convictions against two men for cheating Britain's tax authority out of more than £17 million ($22.7 million), finding a covertly recorded conversation of the conspirators speaking about the crime could be included as evidence.
Stobart Group's founder and former CEO has sued the infrastructure company to recoup £740,000 ($989,000) in settlement fees after a court ruled he violated his responsibilities during a campaign to push out the chairman, claiming documents that undermined those findings were omitted from the trial.
Prosecutors demanded on Monday that a prolific money launderer jailed for moving millions of pounds for criminals around the world should return approximately £7.3 million ($9.8 million) stolen from more than 100 businesses between 2013 and 2017.
Deutsche Bank told a court on Monday that a Monaco-based billionaire should be threatened with prison time for allegedly failing to hand over documents and deliberately frustrating the bank's recovery of $300 million in debt.
Individual investors should be on guard against copycat investment schemes that have fleeced Britons out of nearly £10 million ($13.4 million) since the first COVID-19 lockdown ended in July, according to an industry body.
Dutch oil driller SBM Offshore said Monday it is facing a criminal investigation in Switzerland over a bribery and corruption scandal in which the company has already been fined hundreds of millions of dollars in the U.S., Brazil and the Netherlands.
This past week in London has seen a state-owned energy company in Norway being sued, major telecom providers targeted by academic publishers and Italian cable manufacturer Prysmian instigate an intellectual property dispute.
A partner at Dechert LLP can accuse his former mining company client of harassment at a trial over "illegal" spying, as a judge ruled on Friday that it is too early to definitively say whether the covert surveillance caused alarm and distress.
A judge on Friday dismissed a nursing home's case accusing NatWest of improperly selling its director an interest rate swap during the financial crisis, saying that the bank had not breached its duties.
European law enforcement agencies prevented approximately €40 million ($48 million) in losses in a cross-border operation that targeted fraudsters buying and selling stolen credit card data on websites known as card shops and dark web marketplaces.
The finance watchdog has said it is gearing up to take over regulation of funeral service operators after complaints that companies in the sector are taking advantage of elderly and vulnerable customers.
Changing jobs is always a risk. But leaving an established BigLaw firm to set up one of the first litigation-only law firms in London at the height of the last financial crisis goes beyond the standard career shifts.
A Puerto Rican lender has urged a London court to prevent Petroleos De Venezuela SA from appealing her findings that U.S. sanctions did not bar the state-run oil company from repaying some $86 million owed under a loan agreement.
A former trader has alleged that a termination package paid to him by Rabobank did not cover the legal costs that he later racked up when fighting Libor-rigging investigations in the U.S. and Britain, which regulators ultimately dropped.
The Financial Reporting Council on Thursday called on businesses to provide "meaningful explanations" about their shareholders and operating systems after it found that many companies are leaving out crucial details in their corporate governance reports.
The Organisation for Economic Cooperation and Development will probably complete an information standard on crypto-assets next year, the top tax official for the 37-nation standards setter told Law360 Thursday.
A British car dealership has posted a £45.5 million ($60.7 million) loss for 2019 and set aside £10.4 million to cover fallout from a Financial Conduct Authority investigation into accounting fraud.
The Libra Association has brought aboard a former Credit Suisse managing director and banking regulator to serve as general counsel for its operating subsidiary Libra Networks LLC as the organization pushes forward on its digital currency initiative.
Britain's Financial Conduct Authority said Wednesday it has charged a stockbroker with money laundering following a joint investigation with the City of London Police.
Two men accused by the Financial Conduct Authority of giving unauthorized and misleading pensions advice cannot delay handing over £2.5 million ($3.3 million) each in the regulator's case against them, a judge said on Wednesday, as they appeal the underlying ruling.
A former Credit Suisse director can increase the amount he is seeking in his multimillion-pound lawsuit against his former employer for damages suffered after he was imprisoned in Romania on espionage charges over his work for the Swiss lender, a London judge ruled Wednesday.
More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
UPDATED November 23, 2020, 12:51 PM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
As the Danish tax authority prepares for the first of a three-part U.K. trial involving cum-ex fraud, U.K. recipients of interview requests from the Danish prosecutorial agency should neither automatically accept, nor ignore the invitations, despite that agency's seeming lack of power to compel their attendance, says David Corker at Corker Binning.
The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.
With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.
When the U.K.'s transition out of the European Union ends on Dec. 21, its own sanctions regime will come into effect, and though it will initially be similar to the European Union's, important differences and potential future divergences mean that the U.K. rules should be considered separately, say attorneys at Linklaters.
As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.
Nicola Finnerty and Tom Surr at Kingsley Napley discuss the legal barriers U.K. investors face in reaping the rewards of cannabis legalization in Canada and the U.S., and what recent developments may mean for the future of U.K. cannabis enforcement.
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
The Serious Fraud Office’s recent deferred prosecution agreement with multinational security services company G4S suggests the agency’s approach to compliance, program remediation and corporate renewal is evolving to favor parent company involvement and the appointment of independent compliance monitors, say Chris Roberts and James Ford at Mayer Brown.
The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.
Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.
The High Court of Justice of England and Wales recently required thousands of Nigerians suing Shell in London over an oil spill to provide individual evidence of damage and individual defenses in Jalla v. Shell, illustrating how U.K. class action claimants must truly have a common interest, say attorneys at Signature Litigation.
A Unaoil executive's recent decision to plead guilty to Foreign Corrupt Practices Act violations in the U.S. rather than facing bribery prosecution in the U.K. highlights strategic considerations for individuals facing criminal charges in multiple jurisdictions, says Joshua Ray at Rahman Ravelli.
Neil Williams at Rahman Ravelli outlines why European regulatory investigations into cum-ex — a 1990s-era dividend arbitrage trading practice involving tax rebate claims worth tens of billions of euros — are gaining momentum years after the activities that sparked them, and who should be concerned.
While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.
The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.