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Corporate Crime & Compliance UK
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June 19, 2024
PPE Distributor Claims $11M Lost In 'Secret Commissions'
A British medical supplier is suing its former agent for $10.8 million for allegedly defrauding it by taking secret commission on orders of personal protective equipment during the COVID-19 pandemic.
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June 19, 2024
Train Operator Denies Hiding Cheaper Fares From Passengers
A rail operator told a class action trial in London on Wednesday that allegations by rail passengers that it had concealed the existence of cheaper tickets from customers are not backed up by any evidence.
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June 19, 2024
Nasdaq Stockholm Fined $9.6M For Compliance Breaches
The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.
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June 18, 2024
Train Operators' Boundary-Fare Class Action Trial Opens
At a class action trial in London on Tuesday, rail passengers accused English rail operators of abusing their dominant market position by failing to sell cheaper tickets to some customers and forcing them to pay up to double the price for their journey.
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June 18, 2024
Solicitor Who Stalked Ex-Girlfriend Struck Off
A solicitor convicted of stalking over repeatedly kicking his ex-girlfriend's door and threatening to "sort her out" has been struck off by a tribunal Tuesday.
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June 18, 2024
Ex-Yukos Oil Investors Auction Russian Vodka TMs For €1.6M
The former shareholders of Yukos Oil Co. said Monday they have auctioned the Benelux rights to trademarks for 18 Russian vodka brands, including Stolichnaya and Moskovskaya, as they continue their effort to enforce $50 billion in arbitral awards against Russia.
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June 18, 2024
HSBC Hit With Swiss Restrictions After Compliance Breaches
Switzerland's financial regulator said Tuesday that HSBC's Swiss private bank had breached anti-money laundering requirements in banking transactions with two high-profile individuals, restricting its new business relationships until it completes reviews overseen by a monitor.
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June 18, 2024
EU Finance Watchdogs Call For Improved Sustainability Rules
The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.
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June 18, 2024
Serco Settles Landmark Shareholder Dispute Mid-Trial
Serco settled a landmark shareholders' claim on Tuesday with investors who sued the outsourcing giant for compensation over an overbilling scandal that caused its share price to nosedive.
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June 17, 2024
OECD Tax Plan Is Developing Nations' Best Choice, Prof Says
Developing countries could gain more revenue from the OECD's multilateral plan to tax the digital economy than the U.N. Tax Committee's bilateral alternative because they have small treaty networks, many customers and few large companies, an academic argued Monday during an Oxford University panel.
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June 17, 2024
Ex-Energy Minister Revives Bid To Ax Libel Defense
A lawyer for an Iraqi politician said an investigative journalism article about the Iraqi oil business is "cherry-picking" bits of a court judgment to "create a story of corruption," urging a judge Monday to throw out the journalists' defense to his libel claim.
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June 24, 2024
Leading Blockchain Lawyer Joins Lawrence Stephens
Lawrence Stephens Ltd. has hired a litigator with expertise in blockchain technology and digital assets from Shoosmiths amid growing demand from clients for advice on cryptocurrency asset recoveries and all other issues associated with emerging technologies.
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June 17, 2024
Solicitor Accuses MI5 Of Breaching Her Rights With Spy Alert
A solicitor and her son argued in a London tribunal Monday that the U.K. Security Service had unfairly labeled her as a spy for China, saying the security service had unlawfully and unfairly acted against her, breaching her human rights.
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June 17, 2024
Feds Take Hard Line On Tycoon's Pilots After He Goes Free
Manhattan federal prosecutors asked a sentencing judge to consider aggravating circumstances for two pilots who allegedly traded on stock tips from U.K. billionaire Joe Lewis, despite not seeking a prison term for the private equity honcho and former soccer club owner.
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June 17, 2024
Next Gov't Urged To Install Criminal Justice Reforms
A criminal justice advocacy group on Monday said the next British government should be transparent and honest about its ability to fix the country's criminal justice system and proposed measures to address overcrowded prisons and a backlog in Crown Court cases.
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June 17, 2024
Judge Axes Ex-Stobart CEO's Conspiracy Claim
Allowing Stobart Group's former chief executive to reargue that he was the victim of a conspiracy to remove him as chair would be "an abuse of process," a London court ruled Monday as it struck out his claim against the company and five of its directors.
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June 17, 2024
SFO Intends To Charge Individuals In Glencore Bribery Case
The Serious Fraud Office is seeking permission to charge individuals in its bribery probe into international commodities trader and miner Glencore, the crime-fighting agency confirmed at a London court on Monday.
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June 17, 2024
StanChart Investors Can 'Piggyback' On US Sanctions Claims
Standard Chartered PLC lost its bid at a London appellate court on Monday to toss accusations by investors that the bank downplayed by hundreds of billions of dollars the extent to which it had breached U.S. sanctions against Iran.
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June 17, 2024
Political Parties Urged To Accelerate Financial Inclusion
An independent body of parliamentarians and finance experts called on Monday on the main political parties to establish a national strategy on financial inclusion in the first 100 days of a new government.
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June 17, 2024
UBS Sets $900M Aside For Greensill-Linked Redemptions
UBS said on Monday that it expects to record a $900 million liability to pay back inherited Credit Suisse clients the money they lost in funds linked to Greensill Capital, the supply-chain finance company that collapsed in 2021.
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June 14, 2024
Meta Halts AI Tech Debut In EU After Regulatory Backlash
Meta Platforms Inc. said Friday that it was putting on hold plans to expand its artificial intelligence offerings to the European market after the Irish privacy regulator raised concerns about the company's efforts to use public content posted on Facebook and Instagram to fuel these models.
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June 14, 2024
Tesco Car Crash Scammer Found In Contempt
A scammer who made a false compensation claim against Tesco over a staged traffic accident was on Friday found in contempt of court for having another man impersonate him in a hearing and trying to blame his lawyers for the fraudulent claim.
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June 14, 2024
Swiss Re, Chubb Deny Liability In £13B Stranded Planes Feud
Swiss Re and Chubb have denied that they are liable for aircraft detained in Russia after it invaded Ukraine amid a slew of claims totaling £13 billion ($16.5 billion), telling a London court that their insurance policies do not cover the fallout of war.
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June 14, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.
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June 14, 2024
Labour Eyes Flexible Financial Regulation To Spur Growth
The Labour Party prioritized financial services growth this week as it eyes Downing Street, suggesting a new era of more flexible regulation to drive technological innovation and competitiveness, regulatory lawyers say.
Expert Analysis
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Employer Considerations After Visa And Application Fee Hikes
The U.K.'s recent visa and application fee increases are having a significant financial impact on businesses, and may heighten the risk of hiring discrimination, so companies should carefully reconsider their budgets accordingly, says Adam Sinfield at Osborne Clarke.
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Why It's Urgent For Pharma Cos. To Halt Counterfeit Meds
With over 10.5 million counterfeit medicines seized in the EU in 2023, it is vital both ethically and commercially that pharmaceutical companies take steps to protect against such infringements, including by invoking intellectual property rights protection, says Lars Karnøe at Potter Clarkson.
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Nix Of $11B Award Shows Limits Of Arbitral Process
A recent English High Court decision in Nigeria v. Process & Industrial Developments, overturning an arbitration award because it was obtained by fraud, is a reminder that arbitration decisions are ultimately still accountable to the courts, and that the relative simplicity of the arbitration rules is not necessarily always a benefit, say Robin Henry and Abbie Coleman at Collyer Bristow.
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How The Netherlands Became A Hub For EU Class Actions
As countries continue to implement the European Union Collective Redress Directive, the Netherlands — the country with the largest class action docket in the EU — provides a real-world example of what class and mass litigation may eventually look like in the bloc, say lawyers at Faegre Drinker and Houthoff.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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Sustainable Finance Consultations May Signal Key Changes
The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.
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Deal Over Jets Stranded In Russia May Serve As Blueprint
In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
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Economic Crime Act Brings Changes For Limited Partnerships
The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.
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Key Lessons From The SRA's 2023 AML Report
The Solicitors Regulation Authority’s recent anti-money laundering report conducted supervisory activities that revealed a variety of breaches, and with an increasingly regulated landscape, lawyers can play an important part in preventing criminal activity by taking responsibility for ensuring compliance, says Harriet Holmes at Thirdfort.
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ESMA Report Offers A Glimpse At EU's Securitization Future
The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.
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Collapse-Risk Buildings Present Liability Challenges
Recently, buildings, such as Harrow Crown Court, have been closed due to risk of collapse from use of reinforced autoclaved aerated concrete in their construction, but identifying who will pay for the associated damages may be challenging due to expired limitation periods, say Theresa Mohammed, Jonathan Clarke and Villem Diederichs at Watson Farley.
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How The Legal Sector Can Enhance Its Data Resilience
In view of the U.K. National Cyber Security Centre’s recent report shedding light on the legal sector’s increased vulnerability to cyberattacks, law firms need not only establish robust defenses, but also to redefine their approach to data security by fostering a culture of continuous learning, adaptability and vigilance, says Katie McCullough at Panzura.
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Age Bias Cases Illustrate Key Employer Issues On Retirement
Recent Employment Tribunal cases demonstrate that age discrimination claims are increasingly on employees' radars, particularly regarding retirement, so employers should be proactive and review their current practices for managing older employees, say Jane Mann and Lucy Sellen at Fox Williams.
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Why Indonesia Feels Frustrated By Airbus Dispute Outcome
Although the U.K. Serious Fraud Office’s Airbus bribery investigation achieved a record payout for regulators, Indonesia’s threat to sue for lack of credit for its contribution serves as a reminder of the need to take care when settlements are distributed among investigating partners, says Niall Hearty at Rahman Ravelli.
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EU Tech Guidance Is First Step In Minimizing Security Risks
The European Commission's recent recommendation on critical technologies that likely pose immediate risks to technology security has prompted an evaluation of the European Union's vulnerabilities in these areas, which could have significant implications for businesses operating in and with the bloc, say lawyers at Cooley.