Corporate Crime & Compliance UK

  • June 19, 2024

    Russian Billionaire Loses Bid To Overturn EU Sanctions

    The European Union's General Court upheld sanctions against Russian billionaire Igor Rotenberg on Wednesday, ruling that there is enough evidence to show he profited from Russia supporting companies he managed and owned shares in.

  • June 19, 2024

    Mastercard Cuts Time-Barred Claims From £10B Class Action

    A London tribunal has wiped out a swathe of claims from a £10 billion ($12.7 billion) class action against Mastercard for being time-barred, dismissing allegations on Wednesday that the credit card giant had hidden information about its interchange fees from consumers.

  • June 19, 2024

    PPE Distributor Claims $11M Lost In 'Secret Commissions'

     A British medical supplier is suing its former agent for $10.8 million for allegedly defrauding it by taking secret commission on orders of personal protective equipment during the COVID-19 pandemic.

  • June 19, 2024

    Train Operator Denies Hiding Cheaper Fares From Passengers

    A rail operator told a class action trial in London on Wednesday that allegations by rail passengers that it had concealed the existence of cheaper tickets from customers are not backed up by any evidence.

  • June 19, 2024

    Nasdaq Stockholm Fined $9.6M For Compliance Breaches

    The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.

  • June 18, 2024

    Train Operators' Boundary-Fare Class Action Trial Opens

    At a class action trial in London on Tuesday, rail passengers accused English rail operators of abusing their dominant market position by failing to sell cheaper tickets to some customers and forcing them to pay up to double the price for their journey.

  • June 18, 2024

    Solicitor Who Stalked Ex-Girlfriend Struck Off

    A solicitor convicted of stalking over repeatedly kicking his ex-girlfriend's door and threatening to "sort her out" has been struck off by a tribunal Tuesday.

  • June 18, 2024

    Ex-Yukos Oil Investors Auction Russian Vodka TMs For €1.6M

    The former shareholders of Yukos Oil Co. said Monday they have auctioned the Benelux rights to trademarks for 18 Russian vodka brands, including Stolichnaya and Moskovskaya, as they continue their effort to enforce $50 billion in arbitral awards against Russia.

  • June 18, 2024

    HSBC Hit With Swiss Restrictions After Compliance Breaches

    Switzerland's financial regulator said Tuesday that HSBC's Swiss private bank had breached anti-money laundering requirements in banking transactions with two high-profile individuals, restricting its new business relationships until it completes reviews overseen by a monitor.

  • June 18, 2024

    EU Finance Watchdogs Call For Improved Sustainability Rules

    The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.

  • June 18, 2024

    Serco Settles Landmark Shareholder Dispute Mid-Trial

    Serco settled a landmark shareholders' claim on Tuesday with investors who sued the outsourcing giant for compensation over an overbilling scandal that caused its share price to nosedive.

  • June 17, 2024

    OECD Tax Plan Is Developing Nations' Best Choice, Prof Says

    Developing countries could gain more revenue from the OECD's multilateral plan to tax the digital economy than the U.N. Tax Committee's bilateral alternative because they have small treaty networks, many customers and few large companies, an academic argued Monday during an Oxford University panel.

  • June 17, 2024

    Ex-Energy Minister Revives Bid To Ax Libel Defense

    A lawyer for an Iraqi politician said an investigative journalism article about the Iraqi oil business is "cherry-picking" bits of a court judgment to "create a story of corruption," urging a judge Monday to throw out the journalists' defense to his libel claim.

  • June 24, 2024

    Leading Blockchain Lawyer Joins Lawrence Stephens

    Lawrence Stephens Ltd. has hired a litigator with expertise in blockchain technology and digital assets from Shoosmiths amid growing demand from clients for advice on cryptocurrency asset recoveries and all other issues associated with emerging technologies.

  • June 17, 2024

    Solicitor Accuses MI5 Of Breaching Her Rights With Spy Alert

    A solicitor and her son argued in a London tribunal Monday that the U.K. Security Service had unfairly labeled her as a spy for China, saying the security service had unlawfully and unfairly acted against her, breaching her human rights.

  • June 17, 2024

    Feds Take Hard Line On Tycoon's Pilots After He Goes Free

    Manhattan federal prosecutors asked a sentencing judge to consider aggravating circumstances for two pilots who allegedly traded on stock tips from U.K. billionaire Joe Lewis, despite not seeking a prison term for the private equity honcho and former soccer club owner.

  • June 17, 2024

    Next Gov't Urged To Install Criminal Justice Reforms

    A criminal justice advocacy group on Monday said the next British government should be transparent and honest about its ability to fix the country's criminal justice system and proposed measures to address overcrowded prisons and a backlog in Crown Court cases.

  • June 17, 2024

    Judge Axes Ex-Stobart CEO's Conspiracy Claim

    Allowing Stobart Group's former chief executive to reargue that he was the victim of a conspiracy to remove him as chair would be "an abuse of process," a London court ruled Monday as it struck out his claim against the company and five of its directors.

  • June 17, 2024

    SFO Intends To Charge Individuals In Glencore Bribery Case

    The Serious Fraud Office is seeking permission to charge individuals in its bribery probe into international commodities trader and miner Glencore, the crime-fighting agency confirmed at a London court on Monday.

  • June 17, 2024

    StanChart Investors Can 'Piggyback' On US Sanctions Claims

    Standard Chartered PLC lost its bid at a London appellate court on Monday to toss accusations by investors that the bank downplayed by hundreds of billions of dollars the extent to which it had breached U.S. sanctions against Iran.

  • June 17, 2024

    Political Parties Urged To Accelerate Financial Inclusion

    An independent body of parliamentarians and finance experts called on Monday on the main political parties to establish a national strategy on financial inclusion in the first 100 days of a new government.

  • June 17, 2024

    UBS Sets $900M Aside For Greensill-Linked Redemptions

    UBS said on Monday that it expects to record a $900 million liability to pay back inherited Credit Suisse clients the money they lost in funds linked to Greensill Capital, the supply-chain finance company that collapsed in 2021.

  • June 14, 2024

    Meta Halts AI Tech Debut In EU After Regulatory Backlash

    Meta Platforms Inc. said Friday that it was putting on hold plans to expand its artificial intelligence offerings to the European market after the Irish privacy regulator raised concerns about the company's efforts to use public content posted on Facebook and Instagram to fuel these models.

  • June 14, 2024

    Tesco Car Crash Scammer Found In Contempt

    A scammer who made a false compensation claim against Tesco over a staged traffic accident was on Friday found in contempt of court for having another man impersonate him in a hearing and trying to blame his lawyers for the fraudulent claim.

  • June 14, 2024

    Swiss Re, Chubb Deny Liability In £13B Stranded Planes Feud

    Swiss Re and Chubb have denied that they are liable for aircraft detained in Russia after it invaded Ukraine amid a slew of claims totaling £13 billion ($16.5 billion), telling a London court that their insurance policies do not cover the fallout of war.

Expert Analysis

  • Uber Payout Offers Employer Lessons On Mitigating Bias

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    Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.

  • Apple Ruling Offers Morsel Of Certainty On Litigation Funding

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    An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.

  • Cum-Ex Prosecutions Storm Shows No Sign Of Abating

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    The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    FCA Greenwashing Rules Need To Be Stronger To Be Effective

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    The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • Gov't Probe Highlights Computer-Based Evidence Issues

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    A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

  • Why Computer Evidence Is Not Always Reliable In Court

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    Recent challenges to the admissibility of encrypted communication from the messaging tool EncroChat highlight the flawed presumption in the U.K. common law framework that computer evidence is always accurate, and why a nuanced assessment of such evidence is needed, say Sam De Silva and Josie Welland at CMS Legal.

  • Comparing The UK And EU Approaches To AI Regulation

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    While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.

  • Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases

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    The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.

  • Compliance Points To Know About The EU Digital Services Act

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    Online service providers in the European Union should prioritize understanding the scope of the recently implemented Digital Services Act, their specific legal obligations under it and the practical steps they must take to comply with the new law while obeying a raft of overlapping EU digital reforms, say Leo Moore and Róisín Culligan at William Fry.

  • Independent Regulator Could Chip Away At FIFA Autonomy

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    After the U.K.'s recent proposal for an independent football regulator, FIFA's commitment to safeguarding football association autonomy remains unwavering, despite a history of complexities arising from controversies in the bidding and hosting of major tournaments, say Yasin Patel at Church Court Chambers and Caitlin Haberlin-Chambers at SLAM Global.

  • A Look At The Latest EU Alternative Investment Regulation

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    Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.

  • Unpacking The Law Commission's Digital Assets Consultation

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    The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.

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