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Corporate Crime & Compliance UK
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March 06, 2025
Barclays GC Helped Staley Respond To Epstein Controversy
Former Barclays boss Jes Staley was helped by executives in the bank to draft talking points to "properly reflect" his relationship with Jeffrey Epstein to avoid being sacked as trustee from his alma mater, the bank's former top lawyer told a trial court Thursday.
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March 06, 2025
5 EU States Fined €39M Over Whistleblowing Law Delays
Europe's top court on Thursday fined five European Union member states a total of almost €39 million ($42 million) after concluding that they took too long to adopt an EU directive to boost protections for whistleblowers.
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March 06, 2025
Google To Face £1B Class Action Over App Store Practices
The U.K. antitrust court gave an academic the go-ahead Thursday to bring a £1 billion ($1.3 billion) class action against Google on behalf of software developers over allegedly anticompetitive app store practices, clearing his litigation funding arrangement with amendments.
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March 06, 2025
Visa, Mastercard Face UK Regulatory Action Over Fees
The U.K.'s Payment Systems Regulator said Thursday it will act against Mastercard and Visa over concerns about the duopoly's sharp price hikes on bank card fees.
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March 06, 2025
Private Prosecutions Face Reform After 'Catastrophic' Failures
Private prosecutions will face heightened scrutiny and reform after a series of "catastrophic" failures such as the Post Office Horizon scandal, the government announced Thursday.
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March 05, 2025
Russian Billionaire Loses Fight To Lift EU Sanctions
Russian billionaire Alexander Ponomarenko on Wednesday lost his fight to lift European Union sanctions imposed after Vladimir Putin's invasion of Ukraine, with an EU court ruling that the restrictions should remain in place.
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March 05, 2025
Major Supermarkets Keep £675M Salmon Cartel Claim In UK
A London antitrust tribunal declined Wednesday to send a £675 million ($868 million) cartel claim brought by several of the U.K.'s largest supermarkets to Norway, ruling that the claim should be heard in the U.K. because it concerned the price of salmon in the U.K.
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March 05, 2025
Former Crypto Exec Can't Sue Bulgarian Biz In England
The former director of a Bulgarian cryptocurrency company cannot sue the current owner over an alleged failure to transfer him his stake in the business, after a judge ruled Wednesday that the English courts do not have jurisdiction over the claim.
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March 05, 2025
Quilter PLC Sets Aside £76M For Redress Amid FCA Review
Wealth manager Quilter PLC said Wednesday that it has set aside £76 million ($98 million) to compensate clients who did not get appropriate financial advice as it finalizes an independent review for the Financial Conduct Authority.
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March 12, 2025
PCB Byrne Adds Civil Litigation Pro In London
PCB Byrne LLP has hired Simon Colledge as a new civil litigation partner from Gunnercooke LLP to work in its dispute resolution team in London, as the firm ramps up its offering in its insolvency practice.
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March 05, 2025
Israeli's Extradition Case Stalled By UK Supreme Court Ruling
A decision on whether to order the extradition of an Israeli private investigator to face hacking charges in the U.S. was delayed on Wednesday after defense lawyers asked a judge for time to consider how a recent landmark ruling might affect the case.
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March 05, 2025
Royal Mail To Face Trial In £878M Bulk Mail Class Action
The owner of Royal Mail must face an £878.5 million ($1.1 billion) class action brought on behalf of 290,000 retail businesses that accuse the postal service of abusing its dominant position in the bulk mail market, the antitrust tribunal has ruled.
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March 04, 2025
Crown Courts Set To Oversee Record Number Of Cases
The Ministry of Justice announced Wednesday that Crown Court judges will sit at a record high level across the next financial year, as a spending watchdog warned that the government is failing to boost confidence in a system plagued by delay.
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March 04, 2025
Barclays Official Kept In Dark About Staley's Email To Epstein
Former Barclays boss Jes Staley told Jeffrey Epstein about forthcoming press coverage detailing their relationship without the bank's knowledge, its former head of communications testified at a trial on Tuesday.
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March 04, 2025
BNY Tries To Escape £93M Nationwide, A&O Negligence Case
Bank of New York Mellon on Tuesday asked a London court to dismiss Allen Overy Shearman Sterling's claims that the bank negligently caused Nationwide Building Society to face a £93 million ($118 million) tax bill by mishandling the issuance of notes.
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March 04, 2025
Shell's 'Biased' Expert Should Be Disregarded, Nigerians Say
Nigerian communities urged the High Court on Tuesday to disregard evidence given by an expert witness for Shell in its defense against claims it committed major environmental damage as his concurrent work with major oil companies is a conflict of interest.
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March 04, 2025
FCA Bans Ex-Credit Suisse Execs Linked To 'Tuna Bond' Case
The City watchdog said Tuesday that it has banned two former Credit Suisse executives from U.K. financial services for lack of integrity after they were convicted in the U.S. for arranging corrupt loans to Mozambique.
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March 04, 2025
Socialite Acquitted Over £200M Money Laundering Plot
Socialite James Stunt was acquitted on Tuesday over his alleged involvement in an operation to launder £200 million ($254 million) of criminal money into gold. Four other men were convicted.
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March 03, 2025
TikTok And Reddit Face UK Probes Over Kids' Data Handling
Britain's data protection watchdog on Monday stepped up its efforts to ensure that children are being protected online, launching investigations into how popular digital platforms TikTok, Reddit and Imgur gather and use minors' personal information.
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March 03, 2025
EU Investigating Over $13B In VAT Fraud
While just 18% of all the European Public Prosecutor's Office fraud investigations that were open at the end of 2024 concerned value-added tax fraud, they accounted for over 50% of estimated damages to the EU budget — €13.15 billion ($16.7 billion) — it said Monday.
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March 03, 2025
Investor To Pay £2M For 'Unashamed' Software Copying
An investment firm must pay over £2.1 million ($2.7 million) in damages for "unashamedly misappropriating" a software developer's application designed to help the elderly care industry, a London court ruled Monday.
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March 03, 2025
Bulk Mail Buyers Seek Go Ahead For £878M Royal Mail Claim
A representative for potentially 290,000 retail businesses asked Britain's competition tribunal on Monday to certify a £878.5 million ($1.1 billion) class action against the owner of Royal Mail for abusing its dominant position in the bulk mail market.
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March 03, 2025
Moving Shares Amid Fraud Claim Was Valid, Ex-Director Says
A former director of a food products supplier has denied giving shares in a construction company to his wife and associates in the face of allegations of fraud and misrepresentation, saying that it was a "reasonable and commercial" reallocation of assets.
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March 03, 2025
Ex-Barclays CEO Banned For Lies, Not Epstein Ties, FCA Says
The finance watchdog said at the start of a trial in London on Monday that it was concerned about James "Jes" Staley's personal relationship with Jeffrey Epstein but that it banned the former Barclays boss for lying — not for his choice of friends.
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February 28, 2025
Illegal Crypto ATM Operator Sentenced To 4 Years In Prison
A London judge sentenced a businessman to four years' imprisonment on Friday for illegally operating a network of crypto ATMs and producing fake documents to hide his involvement, saying his actions were "deliberate, carefully planned and thoroughly dishonest."
Expert Analysis
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Why Nonfinancial Misconduct Should Be On Firms' Radar
Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.
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What New UK Code Of Conduct Will Mean For Directors
The Institute of Directors’ new voluntary code of conduct is intended to help directors make better decisions and enable U.K. businesses to win back eroded public trust, although, with no formal means of enforcement, its effectiveness could be limited, says Sarah Turner at Eversheds Sutherland.
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Russian Bankruptcy Ruling Shows Importance Of Jurisdiction
The U.K. Supreme Court's recent decision not to assist a Russian receiver in Kireeva v. Bedzhamov will be of particular interest in cross-border insolvency proceedings, where attention must be paid to assets outside the jurisdiction, and to creditors, who must consider carefully where to apply for a bankruptcy order, say lawyers at McDermott.
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Key Points From Trade Sanctions Office 'No-Russia' Guidance
The Office of Trade Sanctions Implementation’s recent guidance provides best practice suggestions that can help businesses mitigate the risk of their exports being targeted by Russian circumvention efforts, while noting that there is no one-size-fits-all approach to compliance, says Alexandra Melia at Steptoe.
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How Board Directors Can Adapt To Shifting Governance Tides
With European Union regulatory initiatives trending toward a sharp focus on ESG reporting requirements and ramping up pressure on corporate boards, directors should play a more active part in ensuring business objectives are aligned with regulatory demands, says Kallia Gavela at Alvarez & Marsal.
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How Listing Act Measures Will Modernize EU Capital Markets
The new European Union Listing Act, in line with the capital markets union initiative, aims to simplify market access for small and midsize enterprises, laying a foundation for a more integrated framework and representing a modernization milestone, say lawyers at Cleary.
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Forced Labor Imports Raise Criminal Risks For UK Retailers
Last summer’s London appeals court ruling applying the Proceeds of Crime Act to products made with forced labor, potential legislative reforms and recent BBC allegations about Chinese produce harvested by Uyghur detainees suggest British importers and retailers should increase scrutiny of their supply chains, says Ian Hargreaves at Quillon Law.
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Insider Info Compliance Highlights From New FCA Guidance
The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.
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EU's AI Act May Lead To More M&A Arbitration
With the EU's Artificial Intelligence Act and its stiff penalties beginning to take effect, companies acquiring AI targets should pay close attention to the provisions in the dispute resolution clauses of their deal documents, say Nelson Goh at Pallas Partners and Benjamin Qiu at EKLJ.
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A Look At PCAOB's Record-Breaking Enforcement In 2024
The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
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Key Points From EU's Latest FDI Screening Regulation Review
The European Commission’s recent assessment of the Foreign Direct Investment Screening Regulation indicates that with strong control here to stay, precautionary filings are likely to remain necessary, and member states should prepare for greater rule alignment to reduce inefficiencies caused by a current lack of synchronization, say lawyers at Linklaters.
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UK Businesses Need To Plan For Accessibility Act Compliance
With the European Accessibility Act’s compliance deadline approaching this June, U.K. businesses trading in the European Union need to think broadly in addressing its requirements to ensure equality of access to the digital world, says Louisa Chambers at Travers Smith.
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Interpreting Newly Released Consumer Fraud Complaints Data
The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.
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Applying New FCA Guidance On Control Of Financial Firms
Buyers seeking to acquire or increase their stakes in U.K. financial services firms can streamline prudential review of their transactions by understanding the Financial Conduct Authority’s recently published guidance on updated change-in-control regulations, says Mark Chalmers at Davis Polk.
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How Lawyers Can Work On Unmasking Beneficial Ownership
The Solicitors Regulation Authority's recent anti-money laundering report suggests that identifying ultimate beneficial owners in a transaction is one of the key day-to-day challenges that law firms face, and the solution lies in combining know-your-business processes with know-your-client verification, says Sam Ruback at Thirdfort.