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Corporate Crime & Compliance UK
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July 19, 2024
Edwin Coe Adds To Team Ahead Of Planned UK Tax Changes
Edwin Coe LLP is preparing for an expected surge in disputes following the U.K.'s planned tax changes by hiring as a partner a Harbottle & Lewis lawyer with expertise in litigation and tax planning, according to a news release.
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July 19, 2024
Ex-Lib Dem Leader Swinson Grilled Over Horizon Scandal
Former Liberal Democrat leader Jo Swinson told an inquiry on Friday into the Post Office accounting scandal that she was reassured when she was the minister responsible for the organization that its systems were robust.
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July 19, 2024
Solicitor Sanctioned Over False £1M Gov't Loan Declaration
A solicitor who signed an inaccurate declaration confirming that an investor had £1 million in a client account for the purposes of a government loan scheme was fined £15,000 ($19,400) on Friday and banned from being a partner.
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July 19, 2024
Cifas Justifies Marking Bank Activity For Suspected Fraud
The operator of the U.K.'s national fraud database has hit back at a £144,000 ($186,000) data protection claim in a London court, saying it was justified in marking a London resident's bank activity for suspected fraud.
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July 19, 2024
Lawyers Test New Routes For Redress For APP Fraud Victims
A year after the decision by Britain's Supreme Court that curbed the liability owed by lenders to customers tricked into transferring money to fraudsters, victims are now looking to use the courts to test novel routes for redress.
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July 19, 2024
From Doughty Street To Downing St.: A Look At Starmer's CV
Keir Starmer's rise to prime minister comes almost 40 years after the new resident of 10 Downing Street began to practice law. Here, Law360 looks back at five notable cases that shaped Starmer's legal career.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 19, 2024
Cyber-Insurers Could Be On Hook From Global IT Outages
The global IT outage that disrupted air travel, financial institutions and thousands of businesses on Friday could result in billions of dollars of losses and potentially major claims against insurance companies, analysts are warning.
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July 19, 2024
Businessman Found Guilty Of Fraud For COVID Loan Abuse
A British businessman accused of dishonestly obtaining a COVID-19 small business loan was convicted of fraud on Friday after prosecutors accused him of scamming the system to repay an associate embroiled in a fight with the Serious Fraud Office.
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July 19, 2024
Casino Group Faces French Price-Fixing Probe
Casino Group, the French retail giant that has recently undergone a restructuring, said it is being investigated by France's financial crime agency for possible price manipulation and corruption.
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July 18, 2024
Truck Buyers Seek To Stop Cartel 'Picking Off' Claimants
A trade group suing major truck makers in a £2 billion ($2.6 billion) class action over an alleged price-fixing cartel told a London tribunal on Thursday the manufacturers should be prevented from making the group claim unviable by "picking off" claimants through settlement offers.
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July 18, 2024
Law Firm Did Not Think SRA Alerts Applied To Former Client
Matthew & Matthew Solicitors has told liquidators for a now-defunct group of companies that it did not believe that warnings about investment schemes by the English solicitors' regulator applied to its client, arguing that the businessman's care home scheme appeared legitimate.
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July 18, 2024
Post Office Execs 'Lied To Me,' Ed Davey Tells Inquiry
Ed Davey told an inquiry on Thursday into the miscarriage of justice at the Post Office that senior officials at mail service, including its former chief executive, "lied" to him about the IT system used to prosecute innocent people.
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July 18, 2024
Justice Secretary Looks To Fire Head Of Criminal Review Body
The U.K.'s justice secretary said Thursday she will seek to remove the head of the body that investigates miscarriages of justice because of concerns that she is "unfit to fulfill her duties" after a report exposed failings in the handling of the review of a historical conviction.
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July 18, 2024
Treat Politically Exposed People Better, FCA Tells Firms
The Financial Conduct Authority told all financial services companies on Thursday to do more to ensure that high-profile individuals and their families are not treated unfairly after it found widespread deficiencies in a review of the sector.
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July 18, 2024
Attorney General Puts Gerrard Contempt Case On Backburner
Britain's attorney general is not pursuing contempt of court proceedings "at this stage" against former Dechert partner Neil Gerrard for lying under oath while testifying about his work for mining company ENRC.
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July 17, 2024
Retired Couple Seek To Override Ex-Solicitor's Deceit Win
A financial advisor and his wife battled to reverse a ruling finding them liable to a former solicitor for his investment in a now-defunct forex trading scheme, arguing they had wrongly been found to be partners.
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July 17, 2024
Ex-Minister Admits Failing To See Post Office Injustice Sooner
A former junior business minister in place when the Post Office was fighting wrongly convicted subpostmasters in court told the government inquiry into the scandal on Wednesday that she "absolutely" should have recognized a possible injustice sooner.
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July 17, 2024
UK Gov't Moves Ahead With Accounting Reform Bill
The new Labour Government said on Wednesday that it will push ahead with draft legislation to toughen up regulation of auditors to help to reduce the risk of corporate failures.
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July 17, 2024
Gov't Sets Out 'Duty Of Candor' Law For Public Officials
Britain will introduce a legal duty of candor for officials and authorities to prevent perceived cover-ups of public scandals, part of a wider package of legislation that the government said Wednesday it will pursue in the coming parliamentary session.
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July 17, 2024
TikTok Loses 1st Challenge Against EU Big Tech Law
TikTok lost its bid to escape European Union digital market rules on Wednesday, when the bloc's General Court found the social media platform's global market value shows the company has significant potential to make money from European users.
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July 17, 2024
EU Financial Watchdogs Set Up Cyber-Risk Info Exchange
European Union financial watchdogs said Wednesday that they will establish a framework for authorities in the bloc and international bodies to share information on cyberthreats and incidents that pose a risk to financial stability.
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July 16, 2024
Tycoon's Pilot Says Feds' Stock Tip Claims Don't Add Up
A private pilot who used to work for convicted insider trader and U.K. billionaire Joe Lewis is arguing federal prosecutors can't use allegations that his own trades were suspicious to ramp up a sentence for a separate tax evasion charge.
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July 16, 2024
Ex-Goldman Banker Denies Bribe Charges After Extradition
A former Goldman Sachs banker pled not guilty Tuesday before a Brooklyn federal magistrate judge to charges that he bribed Ghanaian officials, after losing an extradition battle in British courts.
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July 16, 2024
Ex-Mozambique Official Accused Of $2B Fraud As Trial Opens
Federal prosecutors told a Manhattan jury Tuesday that Mozambique's former finance minister took $7 million in bribes in a "corrupt" plot to enrich himself and defraud investors after $2 billion in state-backed development projects flopped.
Expert Analysis
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.
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Legal Sector Will Benefit From New Data Security Standard
The U.K. Information Commissioner's Office-approved new privacy certification scheme for the legal profession will inevitably become the default for law firms, chambers and vendors to prove their U.K. General Data Protection Regulation compliance, says Orlagh Kelly at Briefed.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EU Inquiry Offers First Insight Into Foreign Subsidy Law
The European Commission's first in-depth investigation under the Foreign Subsidies Regulation into a public procurement process, and subsequent brief on regulatory trends, sheds light on the commission's approach to such cases, as well as jurisdictional, procedural and substantive issues under the regulation, says Matthew Hall at McGuireWoods.
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Opinion
PACCAR Should Be 1st Step To Regulating Litigation Funders
Rather than reversing the U.K. Supreme Court's well-reasoned judgment in PACCAR v. Competition Appeal Tribunal, imposing a regulatory regime on litigation funders in parity with that of lawyers, legislators should build upon it to create a more transparent, competitive and fairer funding industry, says Rosa Curling at Foxglove.
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EEA Equivalence Statement Is Welcomed By Fund Managers
The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.
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Post Office Scandal Stresses Key Directors Duties Lessons
The Post Office scandal, involving hundreds of wrongful convictions of subpostmasters based on an IT failure, offers lessons for company directors on the magnitude of the impact that a failure to fulfill their duties can have on employees and the company, says Simon Goldberg at Simons Muirhead.
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Employer Tips For Handling Data Subject Access Requests
As employers face numerous employee data-subject access requests — and the attendant risks of complaints to the Information Commissioner's Office — issues such as managing deadlines and sifting through data make compliance more difficult, highlighting the importance of efficient internal processes and clear communication when responding to a request, say Gwynneth Tan and Amy Leech at Shoosmiths.
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Comparing UK And EU's View On 3rd-Party Service Providers
The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.
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CMA Road Map Helps Cos. Prepare For UK Digital Markets Bill
Although only provisional, the recent publication of the Competition and Markets Authority's road map for the implementation of the U.K. Digital Markets Bill demonstrates that the regulator is keen to reassure Parliament that it takes accountability seriously, and that there will be sufficient safeguards in place regarding its decision making, say lawyers at Morgan Lewis.
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Opinion
European Union Criticisms Of The FCPA Are Misguided
Some in the European Union have criticized U.S. enforcement of the Foreign Corrupt Practices Act for what they perceive as jurisdictional overreach, but this appears to overlook the crucial fact that jurisdiction is voluntary, and critics should focus instead on the lack of equivalent laws in their own region, say John Joy and YuTong Wang at FTI Law.
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Key Points Of BoE Response To Digital Pound Consultation
Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.
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Bribery Class Action Ruling May Revive Bifurcated Processes
The Court of Appeal's recent decision allowing the representative bribery action in Commission Recovery v. Marks & Clerk offers renewed hope for claimants to advance class claims using a bifurcated process amid its general absence as of late, say Jon Gale and Justin Browne at Ashurst.