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Corporate Crime & Compliance UK
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June 06, 2024
Ex-Fuel Trader 'Has Nothing To Hide' In SFO Fraud Case
Former fuel trader Gianni Rivera testified at his fraud trial on Thursday that he fully cooperated with Serious Fraud Office investigators, saying he handed over trading documents, bank statements and underwent interviews because he had nothing to hide.
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June 06, 2024
Retailers Filing £1B Data Misuse Class Action Against Amazon
Retailers said Thursday they are set to file a £1 billion ($1.3 billion) class action against Amazon in London, accusing it of illegally misusing their data to boost its sales and profits.
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June 05, 2024
DLA Piper Atty, Ex-UK Official On Practicing Across The Pond
In returning to the United States after nearly two decades in London, former Serious Fraud Office official Judy Krieg says DLA Piper was the ideal place to serve clients and leverage the skills she has gained from working on both sides of the Atlantic.
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June 05, 2024
Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison
A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.
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June 05, 2024
Saudi Investor Bids To Revive Legal Costs Claim Against RLS
A Saudi Arabian property investor urged a London judge Wednesday to revive his claim against a law firm to recover the costs of investigating and litigating an alleged £35 million ($44.6 million) fraud by a former property business partner that settled mid-trial.
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June 05, 2024
Binance Fights To Ax Crypto Investors' £9B Delisting Claim
The cryptocurrency exchange Binance asked a U.K. tribunal on Wednesday to strike out a £9 billion ($11.5 billion) claim brought by investors who say the exchange illegally colluded with other trading platforms to delist the Bitcoin Satoshi Vision cryptocurrency.
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June 05, 2024
Trafigura Settles Nickel Fraud Suit With Reuben Brothers Co.
Trafigura has settled a London legal claim allegedly linked to a major ongoing nickel fraud scandal, the commodities trader confirmed Wednesday.
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June 05, 2024
EU Financial Watchdogs Team Up With Cybersecurity Agency
The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.
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June 05, 2024
Google Must Face £14B Class Action Over Advertising
Google must face a £13.6 billion ($17.4 billion) class action brought on behalf of website publishers which run advertisements over alleged anticompetitive practices, Britain's antitrust tribunal said Wednesday.
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June 04, 2024
Microsoft Failing To Protect Students' Data, EU Watchdog Told
A prominent Austrian advocacy group is urging the country's data protection authority to take a closer look at how Microsoft is protecting children's personal information, arguing the tech giant is unfairly trying to "shift" its responsibility under European Union privacy law to the schools that use its educational software and is secretly tracking minors' online activities.
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June 04, 2024
HP Fraud Charges Against Ex-Autonomy Execs Head To Jury
Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."
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June 04, 2024
Art Dealer Can't Block Qatari Sheikh's $3M Forgery Claim
A London judge on Tuesday refused to strike out a claim brought by a Qatari sheikh and his investment fund that a Swiss antiques dealer falsified the provenance of a $3 million marble head of Alexander the Great, ruling it is not abusive relitigation.
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June 04, 2024
Ex-Clarke Willmott Lawyer Suspended For Sexual Misconduct
A former Clarke Willmott LLP partner was suspended on Tuesday after a disciplinary tribunal found he was guilty of sexual misconduct for refusing to leave a female partner's hotel room, trying to pull her on to a bed and asking for sex.
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June 04, 2024
NHS Hospitals Hit By Major Cyberattack In London
Hospitals in London have been hobbled by a "major" cyberattack that has disrupted procedures and hampered services, including blood tests and transfusions, as patients are diverted to other sites.
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June 04, 2024
Payments Biz Can't Revive Anti-Fraud Tech Patent On Appeal
A payments compliance company cannot restore its patent over software designed to limit fraud in call centers because the idea is obvious in light of two earlier U.S. patents covering similar technology, an appeals court ruled Tuesday.
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June 04, 2024
IT Review Would Be Disclosed To Court, Post Office Warned
An internal Post Office report warned that any independent review of the faulty IT system used to prosecute innocent people would have to be disclosed in court, according to documents disclosed to the inquiry into the scandal on Tuesday.
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June 04, 2024
EU Watchdogs Demand Tighter Greenwashing Controls
The European Union's financial regulators on Tuesday called on national regulators across the bloc to take tougher steps to combat greenwashing, using more resources and stepping up enforcement.
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June 04, 2024
Austrian Authorities Reveal Spike In Fake Companies
The number of fake companies in Austria is increasing, according to data from the Finance Ministry, which said that it hoped a new law would aid in combating the trend.
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June 03, 2024
Ex-Autonomy CEO 'Had 500M Reasons' For Fraud, Jury Told
Autonomy's ex-CEO Michael Lynch "had 500 million reasons to defraud HP," since he reaped $500 million by selling his company to the tech giant at an inflated price, a federal prosecutor argued Monday during closings for the businessman's criminal trial, while Lynch's lawyer told jurors, "HP was not a victim."
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June 03, 2024
Broker Blames Mexican Insurance Co. In $18.7M Fraud Row
A London-based insurance broker has denied responsibility for the $18.7 million claimed by a Mexican reinsurance broker and one of its clients, saying the North American company was the "author of its own misfortune" and to blame for not spotting fraud that caused the losses.
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June 03, 2024
Mammoth Swipe Fees Cases Joined Together In Pass On Trial
Two mammoth class actions against Mastercard and Visa will be heard together at a trial in November to resolve common issues about whether retailers passed on the credit and debit card giants' fees to consumers, a London tribunal has ruled.
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June 03, 2024
Energy Exec Would Have Axed Trader If Told Of Side Hustle
The founder of an energy company has denied knowing that a biodiesel trader accused of pocketing £5.2 million ($6.6 million) in secret commissions had a side business trading in alternative fuel, testifying on Monday that the employee would have been sacked if he had been aware.
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June 03, 2024
Director Fined For Withholding Info From Pensions Regulator
The director of a shooting range has been ordered by a crown court to pay a total of £15,000 ($19,000) for withholding information from The Pensions Regulator as it investigated his company, the watchdog has said.
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June 03, 2024
Geale Takes Helm At Payments Watchdog, Hemsley Resigns
The Payment Systems Regulator said on Monday that its managing director Chris Hemsley has resigned and Financial Conduct Authority Director David Geale will replace him temporarily with almost immediate effect.
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May 31, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.
Expert Analysis
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The Outlook For UK Restructuring Plans At Home And Abroad
The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.
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Best Legal Practices For The Holiday Party Season
With the holiday party season in full swing, two recent Solicitors Regulation Authority decisions serve as a useful reminder to both individuals and firms of the potential employment and regulatory consequences when misconduct is alleged to have occurred at a work event, say lawyers at CM Murray.
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Insights For Cos. As Sustainability Reporting Goal Posts Shift
The European Commission’s recent measures proposing relief in sustainability reporting for small- and medium-sized enterprises mean that many businesses already preparing to comply with the Corporate Sustainability Reporting Directive will find they are still on the right path, say Sarah-Jane Denton and Alexandra Macbean at Travers Smith.
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Foreign Assets Ruling Suggests New Tax Avoidance Approach
The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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Key Questions Ahead Of 2024 Right-To-Work Changes
In 2024, the U.K. will increase the maximum civil penalty for companies hiring employees who don't have legal permission to work, so employers should work toward minimizing the risk of noncompliance, including by using an identity service provider to carry out digital right-to-work checks, says Gemma Robinson at Foot Anstey.
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Class Action-Style Claims Are On The Horizon In 2024
Following the implementation of an EU directive enabling consumers to bring actions for collective redress, 2024 will likely see the first serious swathe of class action-style cases in Europe, particularly in areas such as cyber exposures, ESG and product liability, says Henning Schaloske at Clyde & Co.
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An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
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Cos. Must Monitor Sanctions Regime As Law Remains Unclear
While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.
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Unpacking The UK's Proposals To Regulate Crypto-Assets
Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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Proposed Amendment Would Transform UK Collective Actions
If the recently proposed amendment to the Digital Markets Bill is enacted, the U.K.'s collective action landscape will undergo a seismic change that will likely have significant consequences for consumer-facing businesses, say lawyers at Linklaters.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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EU GDPR Ruling Reiterates Relative Nature Of 'Personal Data'
The Court of Justice of the European Union recently confirmed in Gesamtverband v. Scania that vehicle identification number data can be processed under the General Data Protection Regulation, illustrating that the same dataset may be considered "personal data" for one party, but not another, which suggests a less expansive definition of the term, say lawyers at Van Bael.
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How The UK Smart Regulatory Strategy Fuels AI Innovation
Eight months after the U.K. government published its artificial intelligence white paper, the Communications and Digital Lords Committee considered regulators' role regarding large language models, illustrating that the government is ramping up efforts toward solidifying the U.K.'s position as a global leader in AI regulation and development, say attorneys at Akin Gump.