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Corporate Crime & Compliance UK
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July 16, 2024
Ex-Armstrong Teasdale Solicitor Fined £20K Over AML Failure
A former Armstrong Teasdale compliance officer has been fined over £19,600 ($25,400) for failing to ensure her firm had policies to prevent money laundering and terrorist financing, the Solicitors Regulation Authority has said.
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July 16, 2024
Nigerians Claim Right To Sue Leigh Day For Oil Spill Victims
A Nigerian argued to the High Court on Tuesday that he can sue Leigh Day for negligence on behalf of oil spill victims in his country after a judge refused to adjourn the trial for a second time over the claimants' lack of counsel.
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July 16, 2024
Lawyer Faces Tribunal Over 'Fraudulent' £1M Gov't Loan
The solicitors' watchdog accused a lawyer on Tuesday of entering into a fraudulent loan agreement when she allegedly falsely claimed that her corporate client had secured £1 million ($1.3 million) in private investment that was being held in her law firm's client account.
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July 23, 2024
Disputes Boutique Hires Fladgate Insolvency Pro As Partner
Alius Law has hired an insolvency and restructuring partner from Fladgate LLP as it looks to build up its financial services practice in London — and the disputes boutique wants to tempt more senior litigators to leave behind the "constraints" of larger firms.
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July 16, 2024
Fraudster Allegedly Used COVID Loans For PA's Legal Fees
A British businessman imprisoned for theft and false accounting scammed the government-backed pandemic funding scheme to repay the legal costs of an associate after she became embroiled in efforts to claw back his assets, prosecutors said Tuesday.
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July 15, 2024
SEC Says German Flouting Discovery In $150M Fraud Probe
A German national suspected of receiving proceeds of a $150 million "pump and dump" scheme from his son can't pick and choose when to avail himself of U.S. legal processes, the U.S. Securities and Exchange Commission said Monday as it seeks to recover funds.
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July 15, 2024
Care Workers' Vaccine Preference Can't Top Residents' Safety
An employment appeals panel has affirmed that a healthcare provider's mandatory COVID-19 vaccine policy did not infringe a group of care home workers' human rights, ruling that they were justifiably sacked because the company had a right to protect its residents.
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July 15, 2024
Nigerian Oil Spill Victims Can't Put Off Leigh Day Trial
A judge declined on Monday to adjourn the case of Nigerian villagers suing Leigh Day over the negotiation of a £55 million ($71 million) settlement with a Shell subsidiary, saying that the claimants had failed to explain why they were not ready on the first day of trial.
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July 15, 2024
SFO Beats Trader's Costs Demand Over Delayed Disclosure
A London court found on Monday that the Serious Fraud Office is not on the hook for the legal fees incurred by a former trader in biodiesel fuel after his trial, where he was acquitted of fraud charges, was delayed more than a year amid problems with disclosure.
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July 15, 2024
BHP, Vale To Split Damages 50/50 Ahead Of £36B Dam Trial
Mining giants BHP and Vale have agreed to equally share the cost of any damages awarded to hundreds of thousands of claimants in legal proceedings in England, the Netherlands and Brazil over a dam disaster operation that killed 19 people.
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July 15, 2024
PayPal Fined $27.3M By Polish Competition Watchdog
Poland's competition regulator said Monday that it has fined PayPal 106.6 million Polish złoty ($27.3 million) for using prohibited provisions in its user agreement that could lead to sanctions against users that are unpredictable.
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July 12, 2024
Lawyer Beats Allegation He Helped Tycoon Duck Asset Freeze
A leading Monégasque lawyer did not conspire to help an embattled Taiwanese shipping magnate evade an asset freezing order, as he "honestly believed" he was entitled to transfer $26 million from the sale of the businessman's villas, a London judge ruled Friday.
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July 12, 2024
Apple, Amazon Fight Over Class Terms In £500M Price Claim
A consumer advocate clashed in a London tribunal on Friday with Apple and Amazon over the terms of her £500 million ($649 million) class action that accuses them of inking a secret deal to limit independent sales of Apple's products.
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July 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.
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July 12, 2024
Prisoners To Be Released Early As System Nears Capacity
Thousands of prisoners will be released early after serving less than half of their sentences, the government said on Friday, as the justice system teeters on the edge of collapse amid overcrowding in the country's prisons.
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July 12, 2024
Dentons To Face SRA Appeal On AML Misconduct Ruling
The Solicitors Regulation Authority has appealed against a London tribunal's decision that inadvertent anti-money laundering failures at the U.K. arm of Dentons over a politically exposed client did not amount to professional misconduct.
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July 12, 2024
Oil Co. Loses Bid To Alter £43M Legal Bills In $11B Nigeria Win
The Court of Appeal refused on Friday to change the currency used in the payment of Nigeria's legal costs arising from an $11 billion battle over a fraudulent arbitration award for the "straightforward" reason that the solicitors' invoices are in sterling.
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July 12, 2024
Fix AML Defenses Or Face Fines, German Banking Group Told
Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.
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July 11, 2024
Volvo Wasn't Properly Served In Cartel Case, ECJ Says
The European Union's top court ruled Thursday that Volvo was not validly served when documents were sent to its Spanish subsidiary, in a major setback for a competition damages claim in the Iberian country.
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July 11, 2024
Former EuroChem CEO Escapes EU Sanctions
The European General Court has lifted sanctions on the former chief executive officer of Russian fertilizer manufacturer EuroChem, finding there is not enough evidence to show the businessman is still involved in sectors generating revenue for the Russian government.
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July 11, 2024
NCA Can Seize Money Linked To £55M Tax Scam
A 13-year money laundering investigation involving a lottery winner, a bomb hoax and a £55 million ($71 million) tax fraud neared its end at a London court on Thursday as a judge ordered funds from three defunct companies to be forfeited to the National Crime Agency.
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July 11, 2024
Social Media Influencers Deny FCA Charges Over Forex Ads
Eight reality TV stars and social media influencers pleaded not guilty to charges brought by the Financial Conduct Authority at a London court on Thursday over claims that they promoted a high-risk trading scheme dealing in financial products without authorization.
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July 11, 2024
Ex-Clifford Chance Veteran Accused Of Pocketing Client Funds
The Solicitors Regulation Authority is taking the former managing partner of Clifford Chance's Brussels office to a tribunal in London after he allegedly attempted to misappropriate approximately $1 million in client funds and then tried to shield his misconduct from the firm.
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July 11, 2024
Ex-Autonomy CFO Formally Banned After Conviction
The U.K. audit watchdog said on Thursday that it has formalized its 20-year exclusion from the accountants' professional body of the chief financial officer of software company Autonomy after he was convicted of fraud and securities offenses in the U.S.
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July 10, 2024
Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit
Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.
Expert Analysis
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.
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Investors' Call For Voting Changes Faces Practical Challenges
A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.
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Litigation Funding Implications Amid Post-PACCAR Disputes
An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.
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EU Product Liability Reforms Represent A Major Shakeup
The recent EU Parliament and Council provisional agreement on a new product liability regime in Europe revises the existing strict liability rules for the first time in 40 years by easing the burden of proof to demonstrate that a product is defective, a hurdle that many had previously failed to overcome, say Anushi Amin and Edward Turtle at Cooley.
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Amazon's €32M Data Protection Fine Acts As Employer Caveat
The recent decision by French data privacy regulator CNIL to fine Amazon for excessive surveillance of its workers opens up a raft of potential employment law, data protection and breach of contract issues, and offers a clear warning that companies need coherent justification for monitoring employees, say Robert Smedley and William Richmond-Coggan at Freeths.
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What Extension Of French FDI Control Means For Investors
The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.
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What To Expect For Private Capital Investment Funds In 2024
As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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EU Report Is A Valuable Guide For Data Controllers
The European Data Protection Board recently published a study of cases handled by national supervisory authorities where uniform application of the General Data Protection Regulation was prioritized, providing data controllers with arguments for an adequate response to manage liability in case of a breach and useful insights into how security requirements are assessed, say Thibaut D'hulst and Malik Aouadi at Van Bael.
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UK Court Ruling Reinforces CMA's Info-Gathering Powers
An English appeals court's recent decision in the BMW and Volkswagen antitrust cases affirmed that the U.K. Competition and Markets Authority can request information from entities outside the U.K., reinstating an important implement in the CMA's investigative toolkit, say lawyers at White & Case.
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Cos. Should Plan Now For Extensive EU Data Act Obligations
The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Together, GDPR And AI Act Can Boost Digital Rights In EU
The overlap between the General Data Protection Regulation and the forthcoming EU Artificial Intelligence Act is intriguing in that it demonstrates a shared commitment to upholding individual digital rights, and understanding this synergy is paramount in comprehending how the two domains can work in tandem, says Maria Moloney at PrivacyEngine.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
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What Extending Corporate Liability Will Mean For Foreign Cos.
Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.