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Corporate Crime & Compliance UK
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June 11, 2024
KC Advised Post Office To Remove Judge From Horizon Trial
A top barrister advised the Post Office to get a High Court judge to recuse himself from a trial dealing with wrongly prosecuted subpostmasters or else risk losing all litigation brought by the subpostmasters, the barrister recalled in an inquiry hearing Tuesday regarding the scandal.
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June 11, 2024
Tories Pledge To Tackle Court Backlog, Carry On Rwanda Plan
The Conservative Party announced a slew of justice plans on Tuesday to cut the criminal court backlog, support third-party litigation funding and abandon international human rights commitments, if necessary, to pursue its Rwanda migrants policy.
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June 11, 2024
Serco Denies Directors Knew Of Fraud In Securities Trial
Serco Group PLC denied investors are entitled to compensation over a fraud that caused the outsourcing giant's share price to nosedive, arguing on the second day of a London trial Tuesday that none of its directors had known about the alleged wrongdoing.
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June 11, 2024
Widow Who Signed Docs 'Without Reading' Still Owes $64M
A London appellate court has ruled that a former Hong Kong resident can't escape a personal guarantee to pay 500 million Hong Kong dollars ($64 million) to cover bonds issued by her husband's company, in part because she entered the contract for business purposes.
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June 11, 2024
FCA Eyes Consumer Impact Of New Legal Cooperation Rules
The Financial Conduct Authority has set out how it is working with the Financial Ombudsman Service and other bodies under a new duty of legal cooperation required by the Consumer Duty and changing payments regulations.
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June 11, 2024
LC&F Administrators Attack Ex-Boss' Credibility In Ponzi Case
The administrators of London Capital & Finance PLC have criticized the company's former head as a "thoroughly unreliable witness" as they closed their case that he and others operated the business as a £237 million ($302 million) Ponzi scheme.
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June 11, 2024
BHS Directors To Pay Liquidators £18M For Wrongful Trading
A London judge ordered two former directors of failed retail chain BHS on Tuesday to pay liquidators at least £18 million ($23 million) after finding that they knew that the company was beyond rescue when it was purchased in 2015.
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June 10, 2024
23andMe Faces UK-Canadian Probe Into Data Breach
The U.K. and Canada said Monday that they are jointly investigating a data breach at genetic testing company 23andMe, which allowed hackers to access data from 6.9 million users.
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June 10, 2024
Man Gets 1 Year For Manslaughter Of Ex-Boss In 2006 Attack
An Albanian man was sentenced to a year in prison Monday for killing his former boss, after the Crown Prosecution Service linked the victim's life-altering head injuries from an attack nearly two decades ago to his death in 2017.
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June 10, 2024
Starmer Could Crack Judicial Crisis, Former CPS Chiefs Say
Keir Starmer's lead in the polls as the general election in July approaches has sparked hopes among criminal justice advocates that the Labour leader — a former top prosecutor — will implement reforms as prime minister.
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June 10, 2024
Serco Accused Of Playing Around With Books As Trial Opens
Institutional investors told a London court Monday that Serco had "played around" with its financial reporting to keeping the government from clocking fraud in its contract for electronic tagging services as a landmark securities trial kicked off.
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June 10, 2024
European Financial Body Calls On UK To Clarify AML Reforms
A European body representing financial market participants has called on HM Treasury to provide more clarity in the Money Laundering Regulations through planned amendments, including by specifying the exact point when a firm must check a potential customer's background.
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June 10, 2024
Amazon Sold Facial Tech To Russia, Ex-Employee Alleges
A former Amazon worker has alleged that the technology giant sold facial recognition software to a Russian company in violation of U.K. sanctions.
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June 07, 2024
Feds Charge UK Trio Over $2M 'Evolved Apes' NFT Scheme
Three United Kingdom residents face criminal wire fraud and money laundering charges brought by federal prosecutors in Manhattan alleging they misappropriated cryptocurrency worth roughly $2 million as part of a "rug pull scheme" involving the digital assets known as non-fungible tokens.
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June 07, 2024
Merchants Get OK For Visa, Mastercard Fees Suit On 2nd Try
A group of merchants got a tentative go-ahead Friday to bring a collective action accusing Visa and Mastercard of unfairly imposing interchange fees on retailers after revising weaknesses in the initial proposal at the U.K.'s specialist antitrust court.
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June 07, 2024
Crypto Developers Fight To Gag Wright After 'Satoshi' Trial
A group of cryptocurrency asset developers urged a London judge on Friday to order Australian computer scientist Craig Wright to never again assert that he is the pseudonymous inventor of bitcoin Satoshi Nakamoto, arguing it was the best way to end his "campaign of dishonesty."
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June 07, 2024
Axed Telecom CEO Loses Early Battle In Whistleblower Suit
A former interim chief executive officer at a telecom company has failed for now to get her job back, with a tribunal saying it was unconvinced by her early-stage claim that she was unfairly dismissed for calling out allegedly unlawful business proposals that would breach agreements with HSBC.
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June 07, 2024
Former Allianz Unit Exec Admits Role In $6B Fund Fraud
A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.
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June 07, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen British broadcaster GB News hit with a libel claim by climate activist Dale Vince, MGM take aim at an immersive events company over intellectual property rights to the James Bond franchise, and law firms Stephenson Harwood and Bowen-Morris & Partners tackle a contracts claim by investment adviser Yieldstreet. Here, Law360 looks at these and other new claims in the U.K.
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June 07, 2024
Trio Make First Appearance In FCA's £8M Pension Fraud Case
Three consultants made their first court appearance on fraud charges in London on Friday to face allegations by the Financial Conduct Authority over an investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.
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June 07, 2024
Financial Adviser Gets 8 Years For Legal Funding Fraud
A London judge sentenced a former financial adviser to eight years in prison on Friday after he was convicted of siphoning £5.8 million ($7.4 million) in secret commission payments from an investment fund in a legal financing fraud.
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June 07, 2024
Swiss Finance Watchdog Issues New Cyber Warnings
Switzerland's financial markets regulator issued new guidance for all regulated firms on Friday, telling them how to manage cyber risks after finding that many are failing to take the right steps to prevent attacks, including those against the service providers they use.
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June 07, 2024
Ex-Goldman Sachs Banker Loses Bribery Extradition Fight
A former Goldman Sachs banker has lost his fight to avoid being extradited to the U.S. for allegedly bribing Ghanaian officials, as a London court ruled on Friday that the alleged crimes were sufficiently linked to America to be tried there.
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June 06, 2024
Ex-Autonomy CEO, VP Both Cleared In HP Criminal Fraud Trial
A California federal jury on Thursday acquitted former Autonomy CEO Michael Lynch and former finance Vice President Stephen Chamberlain of criminal fraud and conspiracy charges following an 11-week trial over allegations that the two conned HP into overpaying billions for the British tech company.
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June 06, 2024
'Brussels Effect' Of EU's AI Act Is Uncertain, Legal Pros Say
BigLaw attorneys advising international clients on the European Union's AI Act tell Law360 there are significant uncertainties over vague terms in the 458-page statute, how its steep eight-figure fines will be enforced, and whether it will set a new standard globally as part of the "Brussels effect."
Expert Analysis
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How UK AI Agency Will Affect Regulatory Landscape
The U.K. government recently unveiled plans for its new Digital Regulation Cooperation Forum AI and Digital Hub, which is poised to be influential in the U.K.’s emerging artificial intelligence landscape through effective collaboration and synchronization between regulators, says Ludovico Lugnani at BDB Pitmans.
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Asset Managers Should Prepare For Nature-Related Reporting
Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.
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Firms Should Prepare For New DEI Reporting Requirements
While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.
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What The UK Digital Markets Bill Will Mean For Businesses
The new investigatory and enforcement powers conferred by the U.K. Digital Markets, Competition and Consumers Bill mean that although businesses may be aware of their market status due to existing EU law, they should ensure they are mindful of the changes to consumer law and the implications for digital markets, says Richard Hugo at Burges Salmon.
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5 Takeaways From ICO's Biometric Recognition Guidance
Recent guidance from the U.K. Information Commissioner’s Office is a helpful reminder of key data protection principles and obligations stemming from the U.K. General Data Protection Regulation that organizations should consider when implementing biometric recognition technology, say lawyers at Dechert.
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TikTok Fine Highlights EU Approach To Children's Data Rights
Following the Irish Data Protection Commission's recent fine against TikTok for breaching children's data protection rights, organizations should adopt a proactive approach and implement measures aiding compliance with the General Data Protection Regulation, says Carla Murray at Myerson.
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A Case For The Green Investment Regime Under The ECT
The EU and U.K.'s potential plans to exit the Energy Charter Treaty, which has been criticized as protecting fossil fuel investments to the detriment of energy transition, ignore the significant strides taken to modernize the treaty and its ability to promote investment in cleaner energy forms, say Amy Frey and Simon Maynard at King & Spalding.
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Considerations For Fund Managers Seeking Retail Investment
With recent legal developments, including a revised Long Term Investment Funds Regulation effective in 2024, supporting the market trend of retailization, there are several practical considerations for alternative fund managers embarking on a European fundraise for retail capital, say Zac Mellor-Clark and Kate Downey at Fried Frank.
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FDI Considerations For UK Venture Capital Transactions
With the U.K. National Security and Investment Act highlighting foreign direct investment matters for venture capital transactions, investors dealing with companies connected to the U.K. should be alive to how the act's requirements can affect deal timelines, structures and terms, say lawyers at Covington.
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What The Anti-Coercion Instrument Will Bring To The EU
Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring discuss why the European Union recently adopted a report on the anti-coercion instrument to reform its trade legislation, how the instrument will be used to respond to unfair economic pressure from third countries, and how businesses can impact the EU's decision making.
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Why FCA Crypto Rules Need To Align With UK Gov't Aims
There is a critical need for cryptocurrency regulations that protect consumers while supporting the government's aim to make the U.K. a crypto hub, but the Financial Conduct Authority’s recently effective rules on financial promotion of crypto-assets bring an unintended risk that legitimate firms will be driven out of the market, says Laura Navarathnam at the Crypto Council for Innovation.
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What To Consider When Making Brand Sustainability Claims
A recent KMPG report shows that while consumers are actively seeking out sustainable products, most will also avoid brands caught misleading customers about their sustainable credentials, meaning companies must walk a fine line between promoting and exaggerating sustainability claims, says Iona Silverman at Freeths.
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In Balancing Commerce And Privacy Interests, Consent Is Key
Although the European Commission's recent adoption of the EU-U.S. data privacy framework will make the use of tracking services with pixels easier, it highlights the significance of website visitor consent and the need for enterprises to provide users with complete and transparent information while adhering to all data protection regulations, say Áron Hegyi and Máté Dura at Schönherr.
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CMA Report On AI May Lead to Greater Competition Control
The U.K. Competition and Markets Authority’s recent report on artificial intelligence foundation models is a sign that developers could face increased merger control and antitrust enforcement, and businesses should be mindful of these views to ensure that their models do not come under investigation, say attorneys at Morgan Lewis.
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UK Mozambique Ruling Will Have Int'l Ramifications
The recent U.K. Supreme Court judgment in Mozambique v. Privinvest considered for the first time stay proceedings under the Arbitration Act, offering guidance on whether claims are a "matter" within the scope of an arbitration clause, which could become a point of reference for foreign courts in the future, say lawyers at Herbert Smith.