Corporate Crime & Compliance UK

SFO's Top Lawyer Says IT Glitch Won't Threaten Convictions

Matthew Wagstaff, the Serious Fraud Office's new top lawyer, is clear. Your client's conviction for fraud, bribery or corruption? It's safe.

Justices Rewrite Extradition Rules In Shock To DOJ's Reach

The decision by Britain's highest court to block the extradition of a British trader has rewritten decades of precedent, although lawyers are divided on whether the findings will weaken the long reach of U.S. law or simply refocus it.

Vacuum Or Trap? What Trump's FCPA Halt Means For SFO

U.S. President Donald Trump's decision to stop enforcing bribery laws against American companies creates a potential vacuum for the Serious Fraud Office to fill, though lawyers caution that prosecuting U.S. companies could prove a political hazard for the U.K. enforcement agency.

Blowback From Name And Shame Plan Hurts FCA Credibility

An embarrassing rebuke for the City watchdog's controversial proposal to "name and shame" companies under investigation for financial misconduct at an early stage has undermined its regulatory credibility as well as efforts to boost London's competitiveness as a financial center.

February 21, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Russell Brand sued by publishing house Macmillan, administrators of London Capital & Finance sue the collapsed firm's former lawyers Buss Murton Law LLP, Tesco bring a competition claim against fish suppliers, and former Entain execs sue Addleshaw Goddard over privileged information. Here, Law360 looks at these and other new claims in the U.K.
February 21, 2025
Off The Bench: White House Hosts PGA Tour-LIV Golf Summit

In this week's Off The Bench, the two former rival pro golf tours join the president to discuss their long-delayed combination, several NBA teams support a bid for the U.S. Supreme Court to keep copyright claims in check, and prosecutors charge Chilean nationals with robbing the homes of high-profile athletes.
February 21, 2025
Oil Co. Boss Claims $119M UAE Judgment Is Fraudulent

An oil company boss has denied owing BNP Paribas more than 436 million United Arab Emirates dirham ($119 million) under an Emirati court judgment, claiming the case was "fraudulently concealed" to prevent him from defending it.
February 21, 2025
EU Tax Blacklist Needs New Criteria, Tax Pros Say

The European Union's list of uncooperative tax jurisdictions needs new criteria to tackle the problem of corporate tax avoidance and harmful tax practices, tax campaigners claimed Friday.
February 21, 2025
UK Sticks With Inheritance Tax Changes Amid Higher Revenue

A U.K. budget surplus, reported Friday, indicates that the Labour government shows no sign of compromising with its inheritance tax changes as tax receipts rise despite the implications for middle-class families and farmers.
February 21, 2025
Vatican Was 'Utterly Let Down' By Financier In Property Deal

The Vatican was "utterly let down" by an Italian financier who did not act in good faith in a failed €350 million ($366 million) property deal, a London court ruled on Friday, although it did not find that he had conspired to defraud the state.
February 21, 2025
Barristers' Watchdog Set To Bring Cases Over Post Office IT

The barristers' regulator said Friday that it will begin prosecuting individuals involved in the Post Office Horizon scandal this summer, a day after the Solicitors Regulation Authority reiterated its commitment to take action against solicitors who had "fallen short."
February 21, 2025
Stellantis Loses €770M Auto Parts Cartel Claim

The Competition Appeal Tribunal dismissed on Friday a €770 million ($805 million) claim brought by Peugeot and other car manufacturers after they failed to show how a European car safety parts cartel caused them to pay higher prices.
February 21, 2025
Tesco Follows Rivals With Salmon Farmer Competition Claim

Tesco Stores Ltd. has brought a competition claim in London against a group of salmon producers that are also embroiled in a £675 million ($854 million) cartel claim from several other retailers in the U.K.
February 21, 2025
Mastercard Wins Green Light For £200M Swipe Fee Settlement

The Competition Appeal Tribunal said Friday it would approve a £200 million ($250 million) settlement between Mastercard and Walter Merricks to end litigation over credit card fees, despite "some concerns about how the matter was dealt with" in the lead-up to the deal being reached.
February 21, 2025
Ex-Dechert GC Subpoenaed Over Gerrard Abuse Claims

An imprisoned Jordanian lawyer can subpoena the former general counsel of Dechert LLP over what the leadership of the law firm knew of alleged human rights abuses committed by a former partner in the United Arab Emirates, a U.S. federal judge has ruled.
February 21, 2025
4 Banks To Pay £100M To Settle UK Bond Trading Probe

Four banks including HSBC and Morgan Stanley will pay more than £100 million ($126 million) in fines for their involvement in a cartel that shared sensitive information on trading in government bonds, the U.K. antitrust authority said on Friday.
February 20, 2025
Another Ex-Allianz Exec Gets No Time For $7B Investor Fraud

A former managing director for Allianz SE's U.S. unit on Thursday avoided a term of imprisonment for his role in a ploy to con investors about the riskiness of a group of private funds that lost over $7 billion when the COVID-19 pandemic hit.
February 20, 2025
Actor Fights To Add Conspiracy Claim To Guardian Libel Case

Actor Noel Clarke on Thursday fought to add six people to his libel battle against The Guardian newspaper over articles about allegations he was a sexual predator, arguing he should be allowed to try to claim they conspired to destroy his reputation.
February 20, 2025
Analyst Used COVID To Cloak Insider Dealing, FCA Tells Court

A former analyst at global asset management firm Janus Henderson used the "cloak" of COVID-19 restrictions to run an insider dealing syndicate while working from home, the Financial Conduct Authority said at the beginning of a criminal trial in London on Thursday.
February 20, 2025
Ex-Spanish Soccer Chief Guilty, Fined For Sexual Assault

A Spanish judge on Thursday found former Spanish football president Luis Rubiales guilty of sexually assaulting national team midfielder Jenni Hermoso, coloring the forcible kiss he gave to Hermoso after the team's 2023 World Cup victory a "reprehensible act."
February 20, 2025
Gambling Watchdog Denies Publication Hurt Ex-Entain Execs

The Gambling Commission has denied that it caused two former top executives at the predecessor of betting giant Entain "unquantifiable" harm by publishing information relating to potential bribery.
February 20, 2025
Conflicts Should Block Mastercard Settlement, Innsworth Says

Litigation-funder Innsworth told the Competition Appeal Tribunal on Thursday that the negotiating process behind a £200 million ($250 million) settlement to end a mass claim against Mastercard has created conflicts of interest which mean the deal should be refused.
February 20, 2025
FCA Explains Deleted Emails Plan As Modernization Move

The Financial Conduct Authority has said its plan to delete staff emails after a year is designed to modernize how it manages its records, amid criticism that the proposals undermined transparency at the regulator.
February 20, 2025
Justices Hand Creditors Boost In Hunt For Fraudulent Assets

Britain's top court has broadened the ability of judges to claw back assets on behalf of defrauded creditors in a decision that lawyers say may also catch benign commercial arrangements.
February 20, 2025
Job Applicants Don't Need Whistleblowing Rights, UK Argues

The government argued on Thursday that it is "perfectly justified" that job applicants do not benefit from the same whistleblowing rights as workers as it responded to a woman's attempt to convince the Court of Appeal to extend legal protection to her.
February 20, 2025
Lloyds Sets Aside £700M For Motor Finance Probe Costs

Lloyds said Thursday that it has set aside an additional £700 million ($880 million) to cover potential costs arising from a Financial Conduct Authority investigation into "secret" agreements on motor finance commissions and a related appeal at the top U.K. court.
February 19, 2025
Gov't Unfairly Fired Whistleblower On Afghanistan Exit

A civil servant has won a landmark unfair dismissal case after losing her job following a BBC Newsnight interview about the "chaotic" evacuation of Afghan citizens during NATO's withdrawal.
February 19, 2025
Law Prof Can't Revive £500M Apple, Amazon Class Action

A law professor lost a bid to revive her nearly £500 million ($628 million) price-fixing class action against Apple and Amazon on Wednesday, with a U.K. competition tribunal reiterating that she was not independent enough to bring the case.
February 19, 2025
Gov't Can Shield Material In Case Over Leaked Trump Cables

A London judge on Wednesday agreed to let the government withhold sensitive evidence in its fight with a civil servant who claims he was falsely accused of leaking an ambassador's criticisms of Donald Trump.

Editor's Picks

5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
UK Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.
NCA Has 'Pokers In The Fire' On Sanctions, Top Official Says

The effectiveness of Britain's sanctions regime should not be judged solely by court victories, according to a top U.K. law enforcement official who said there are "unrealistic" expectations about the policing of sanctions imposed in response to the war in Ukraine.

Expert Analysis

Market Infrastructure Regs Aim To Reinvigorate EU Trading

The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
The Pros And Cons Of A 2nd Trump Term For UK Tech Sector

While U.S. President Donald Trump’s protectionist stance on trade could disrupt global supply chains on which many U.K. tech firms are reliant, anticipated deregulation could provide fertile ground for investment and growth, and the U.K. tech sector is bracing for a mix of opportunities, say lawyers at Shoosmiths.
Why EU Omnibus Package Is Receiving Mixed Reactions

Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
Review Of Computer Evidence Use Raises Complex Issues

The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
How Proposed Private Share Trading System May Benefit Cos.

The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
New Bill Introduces Important Whistleblower Protections

If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
What EU Sustainable Category Proposals Will Mean For Funds

The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
What To Expect As CAT Considers Mastercard Settlement

It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
Managing Transatlantic Antitrust Investigations And Litigation

As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
What 2025 Holds For UK, EU Restructuring And Insolvency

European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
What To Know As EU Urges Outbound Investment Reviews

A recent European Commission recommendation urges European Union member states to review outbound investments in certain critical technologies sectors, but does not clarify the next steps for states once information on relevant transactions in third countries is received, say lawyers at Cleary.
Competition Act Brings Important UK Merger Control Changes

Although recently effective sections of the Digital Markets, Competition and Consumers Act provide clarity on the transactions that may attract Competition and Markets Authority attention, some reforms potentially expanding the regulator's scope may be concerning to transacting parties, say lawyers at Fried Frank.
How GCs Can Protect Cos. From Geopolitical Headwinds

Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
What BT Ruling Will Mean For UK Class Actions

The Competition Appeal Tribunal’s recent dismissal of a £1.3 billion mass consumer claim against BT, the first trial decision for a U.K. collective action, reminds claimants and funders of the high bar for establishing an abuse, and provides valuable insight into how pending mass consumer cases may be resolved, say lawyers at Ashurst.