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Corporate Crime & Compliance UK
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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.
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May 31, 2024
Solicitor Struck Off For Using Client's Card At ATM
The Solicitors Disciplinary Tribunal has struck off a former partner at a Midlands law firm after she admitted she had been jailed for withdrawing thousands of pounds from an elderly client's bank account.
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May 31, 2024
Law Firm Denies Promoting Misleading Investment Scheme
A law firm has denied an accusation by the Financial Conduct Authority that it assisted a client in promoting a misleading care home investment scheme, arguing it provided legal advice in "good faith" based on the information it was given.
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June 07, 2024
Quillon Law Strengthens Litigation Team With Commercial Pro
Quillon Law LLP has recruited Alina Neal, an experienced litigator, from Stephenson Harwood LLP as counsel as the litigation boutique seeks to expand its commercial and financial disputes practice.
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May 31, 2024
EU Watchdog Warns Retail Investment Firms Of AI Pitfalls
The European Union's markets regulator has issued guidance for firms using artificial intelligence to give investment services to retail clients, warning of risks like biased decision-making.
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May 31, 2024
Anti-Fraud Agency Sued For £144K Over Unjustified Suspicion
The operator of the U.K.'s national fraud database is being sued for £144,000 ($183,000) for allegedly marking a London resident's bank activity for suspected fraud without any justification and severely affecting his credit rating.
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May 30, 2024
Autonomy VP Declines To Take Stand As Fraud Trial Nears End
Testimony wrapped Thursday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, as Chamberlain opted not to testify in his own defense after Lynch stepped off the witness stand.
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May 30, 2024
Bulgarian Fraudsters Get 25 Years For Major Benefits Scam
Five Bulgarian individuals were sentenced to more than 25 years in prison Thursday after admitting to making £54 million ($68.7 million) in fraudulent benefits claims, the largest-ever scam of its kind.
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May 30, 2024
Ex-BigLaw Atty Fights 10-Year Sentence In OneCoin Case
A former Locke Lord LLP partner urged the Second Circuit Wednesday to ax his 10-year prison sentence and conviction for laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying the case was contaminated by perjury and errors at the trial court level.
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May 30, 2024
Bar Calls For Inquiry Amid Criminal Case Backlog 'Crisis'
The Bar Council called on Thursday for an independent public inquiry to carry out a comprehensive review of the criminal justice system in order to resolve the backlog of cases currently at "crisis levels."
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May 30, 2024
Co-Founder Says French Incubator Wants To 'Destroy' Him
A co-founder of a French incubator has urged a London court to throw out a claim brought against him by his former company over allegedly misappropriated funds, saying the aim of the "vexatious and oppressive" litigation was to "destroy" him.
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May 30, 2024
Fuel Trader's Side Hustle Was No Secret, Colleagues Say
Former colleagues of a biodiesel trader accused of pocketing £5.2 million ($6.5 million) in secret commissions testified at a London court on Thursday that it was "no secret" he ran a side business buying and selling alternative fuel.
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May 30, 2024
Big Tech Must Help Reimburse Fraud Victims, City Group Says
The next U.K. government should implement legislation that forces big tech and social media giants to shoulder some of the financial burden for victims of online fraud, a financial services trade group said Thursday.
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May 30, 2024
EU Adopts New AML Measures, Sets Up Supervisory Agency
The Council of the European Union adopted anti-money laundering measures on Thursday in a move to close loopholes exploited by organized crime, which include setting up a dedicated agency to fight illicit financial activities across the bloc.
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May 30, 2024
Odey Sues FT For Libel After Sexual Misconduct Allegations
Crispin Odey has sued the Financial Times at a London court after the newspaper published articles that contained a string of allegations of sexual misconduct against the well-known financier.
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May 29, 2024
Autonomy Founder Pushed Sales Team Hard, Jury Hears
A federal prosecutor cross-examining ex-Autonomy CEO Michael Lynch on Wednesday in a criminal fraud trial over claims the British tech tycoon conned HP into overpaying billions for his software company sought to portray Lynch as an overbearing leader who put intense pressure on his team to generate "revenue revenue revenue."
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May 29, 2024
Malaysia Plans Suits Over $14.9B Award To Sulu Claimants
Units of Malaysia's national natural gas company are planning to file litigation in Europe against claimants awarded $14.9 billion and their litigation funder following a high-stakes arbitration with the Southeast Asian country over a 19th-century land deal, according to newly filed documents in New York.
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May 29, 2024
EU Unveils Office To Police New Artificial Intelligence Law
The European Union's executive arm on Wednesday unveiled details of its new AI Office to police compliance with the newly launched Artificial Intelligence Act across member states, including financial services.
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May 29, 2024
Russian Billionaire Beats Sanctions Over Lack Of Evidence
The European Union lacked justification to sanction billionaire Farkhad Akhmedov following Russia's invasion of Ukraine since there's no credible evidence he's a leading figure in economic industries vital to the government, an EU court ruled Wednesday.
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May 29, 2024
Barrister Fined For Not Disclosing SRA Investigation
A lawyer was fined £5,000 ($6,360) Wednesday for not informing the barrister's regulator of an investigation into him by the Solicitors Regulation Authority over a failure to safeguard client information and assets by a law firm he ran.
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May 29, 2024
Belarus Airline Can't Curb Sanctions Over Lukashenko Ties
The General Court of the European Union upheld sanctions against a Belarusian airline on Wednesday, ruling that the carrier is backed by President Alexander Lukashenko and helped to facilitate the illegal entry of migrants from the Middle East into the bloc.
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May 29, 2024
FCA Warns Firms To Prepare Better For Disrupted Operations
The Financial Conduct Authority has warned businesses that some are taking the wrong approach to maintaining operation of important services during a crisis, such as after a cyberattack.
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May 28, 2024
Autonomy Founder Says HP 'Panicked,' Tried To Unwind Deal
Autonomy founder Michael Lynch testified Tuesday in a California federal criminal trial over claims he conned HP into overpaying for his company that HP's board "panicked" after news of the acquisition leaked and HP's stock dropped 20%, that HP fired its CEO and that it attempted to back out of the deal.
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May 28, 2024
RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement
A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
Expert Analysis
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Breaking Down The UK's Draft Updates To Prospectus Regime
While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.
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Italy's Bank-Profits Tax Plan May Become Model For Eurozone
If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.
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Accountability Is Key To Preventing Miscarriages Of Justice
The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.
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4 Compliance Considerations Under FCA Consumer Duty
Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.
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Unpacking The Govt.'s Definition Of 'Professional Enablers'
A new U.K task force, which pursues lawyers who knowingly facilitate illegal immigration, may provide a preview of how the government intends to answer whether merely negligent legal professionals can also be charged as professional enablers of organized crime, says Kathryn Westmore at RUSI.
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6 Key Factors For Successful Cross-Border Dispute Mediation
The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.
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Understanding EU's AI Act And Its Enforcement Mechanisms
Companies wishing to use or market AI technology in the EU will need to become familiar with the risk-based regulatory framework and strict enforcement mechanisms of the draft EU Artificial Intelligence Act, which may be effective as early as next year, say Matthew Justus at AT&T and Wade Barron at Kilpatrick Townsend.
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Operational Resilience Considerations In Financial Services
A recent letter from the Financial Conduct Authority reminds CEOs of U.K. wholesale banks of their role in the safety and soundness of markets, but all firms can draw lessons and consider their own operational resilience for longer-term security and commercial benefit, says Richard Tall at Faegre Drinker.
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UK Tech Cases Warn Of Liability Clause Drafting Pitfalls
The recent U.K. High Court cases Drax Energy Solutions v. Wipro and EE v. Virgin Mobile Telecoms indicate a more literal judicial approach to construing limitations of liability, even when this significantly limits a claimant's recoverable damages, highlighting the importance of carefully drafted liability provisions, say Helen Armstrong and Tania Williams at RPC.
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UK Report Clear On Pro-Innovation Approach To AI Regulation
A recent U.K. government report focuses on the benefits and challenges of artificial intelligence, highlighting an opportunity for the U.K. to be an international leader, but unless it acts soon the EU will dominate and flexibility is likely to be helpful only at the margin, say Caroline Raul, Patrick O’Connell and Greg Palmer at Linklaters.
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How The UK Investment Screening Regime Is Taking Shape
A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.
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Consultations Underpin Mandatory Fraud Victim Repayment
The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.
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EU Directive Implementation Facilitates Class Action Shift
Lawyers at Faegre Drinker discuss the increase in class and consumer action filings leading up to the implementation of the EU's Collective Redress Directive, and predict that certain aspects of the directive will result in a pro-claimant landscape that may mirror that of the U.S. and other common law countries.
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Swiss Privacy Law Reforms Present Divergences From GDPR
The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.
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EU Antitrust Rules Set To Pose Challenges To US Businesses
With stark differences between U.S. and European Union antitrust regimes, and potential for the forthcoming EU guidelines to turbocharge the commission's appetite for intervention, it is important that U.S. businesses with activities in the region take note of the reforms, say Andrea Pomana and Sarah Wilks at Mayer Brown.