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Corporate Crime & Compliance UK
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July 05, 2024
Shabana Mahmood Named Labour's New Justice Secretary
Prime Minister Keir Starmer named former barrister Shabana Mahmood as the Labour government's new justice secretary on Friday following a sweeping victory in the U.K. general election.
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July 05, 2024
Nordea Laundered $4B For Russians, Denmark Police Say
Police in Denmark charged Nordic bank Nordea on Friday with allegedly laundering $3.8 billion for Russian customers, in what could be the biggest violation of the country's safeguards against dirty money.
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July 05, 2024
Starmer Starts Work As Cabinet Appointments Expected
Keir Starmer, the newly elected prime minister, promised change that focuses on the economy and wealth creation as he prepared on Friday to begin appointing cabinet ministers to form the Labour Party's first government since 2010.
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July 05, 2024
Ex-Bird & Bird Partner Can't Ax Sexual Misconduct Case
A former Bird & Bird LLP partner lost his fight at a tribunal on Friday to strike out a sexual misconduct case over allegations he harassed two junior female colleagues.
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July 05, 2024
Mastercard Fails In Jurisdiction Bid To Cut Swipe Fees Claim
Mastercard failed Friday to knock out claims worth more than £200 million ($255 million) from a mammoth swipe fees class action after the appeals court in London said the law governing the dispute should be that of England and Wales or Scotland.
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July 04, 2024
Labour Gov't To Prioritize Competitive Financial Regulation
The Labour government is expected to step up regulatory change to make the country's financial services more innovative and globally competitive, with centralized oversight of the watchdogs to ensure they help consumers and facilitate economic growth.
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July 04, 2024
What Labour Means For UK White Collar Crime Enforcement
The new Labour government will introduce an "expanded fraud strategy" as part of its reform of the means to tackle financial crime. And lawyers have told Law360 that the new government will find a valuable partner in a newly energized SFO.
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July 04, 2024
Labour Sweeps Tories From Power In UK Election Rout
Keir Starmer was poised to become Britain's next prime minister on Friday after his Labour Party ousted Rishi Sunak's Conservatives in a landslide general election victory, ending 14 years of Tory government with a pledge of "national renewal."
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July 04, 2024
WSJ Publisher Dow Jones Must Face Bankers' GDPR Claims
The Wall Street Journal publisher Dow Jones has failed to strike out data protection allegations brought against it by two investment bankers as a London court found the claims were not a tactic to avoid the difficulties of bringing a defamation claim.
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July 04, 2024
Pope Aide Says Vatican 'Trapped' By UK Property Deal
A close aide to the pope testified Thursday that he authorized payments of Є15 million ($16.2 million) to an Italian broker to regain full ownership for the Vatican of a London building at the heart a now-notorious property deal.
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July 04, 2024
Lender Hits Elite Law For £1.9M Over Alleged Loan Breach
A lender has sued Elite Law Solicitors after it allegedly failed to spot that its client was a fraud and did not secure necessary protections over a £1.9 million ($2.4 million) property loan, telling a court that this has left it unable to recover its cash.
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July 04, 2024
Emirati Scrap Metal Sellers Lied To Secure $45M Loan
A Dubai shipping broker and his son made false and fraudulent representations when they secured a $45 million loan arrangement from a Norwegian security agent and other lenders, a London court has ruled.
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July 04, 2024
Briton Wins Bid To Challenge $99M Wine Fraud Extradition
A British businessman accused of defrauding investors out of $99 million by persuading them to make interest-bearing loans using valuable wine collections as collateral won a chance on Thursday to challenge his extradition to the U.S.
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July 03, 2024
Ex-Post Office Chair Says Legal Review Buried On Advice
The former chair of the U.K.'s Post Office told a London inquiry Wednesday that he had not shared a legal review of prosecutions of subpostmasters due to advice that it would be legally privileged, despite warnings in the report that some of the convictions may have been unsafe.
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July 03, 2024
Royal Mail Faces £878.5M Mass Claim Over Bulk Deliveries
The owner of Royal Mail is facing an estimated £878.5 million ($1.1 billion) collective action, as the representative of potentially 290,000 retail businesses asked the U.K.'s specialist antitrust court to approve the class claim Wednesday.
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July 03, 2024
Credit Suisse Units Fined $19.5M For South Korea Breaches
South Korea's financial services watchdog said Wednesday it has fined two subsidiaries of the Credit Suisse group, which was absorbed by UBS in 2023, a record total of 27.17 billion South Korean won ($19.5 million) for breaching short selling rules.
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July 03, 2024
UralChem Owner Can't Shift EU Sanctions
The European Union's General Court on Wednesday upheld sanctions against oligarch Dmitry Mazepin, finding he remains a leading businessperson in Russia's economy and a major owner of UralChem, one of the country's biggest mineral fertilizer manufacturers.
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July 02, 2024
Gambling Biz Settles €273M Buyout Dispute With Financier
Gambling hall operator MaxBet has settled a host of international legal disputes with Luxembourg-based financial holdings company Maximus stemming from a deal for Maximus to purchase various MaxBet-owned businesses that went south, lawyers for MaxBet told Law360 on Tuesday.
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July 02, 2024
£8.5M Property Deal Said To Defraud Creditors In Debt Row
A British Virgin Islands-registered company has asked a London court to declare that the transfer of an estimated £8.5 million ($10.8 million) property by one of its debtors was done to intentionally hinder the company's chances to reclaim the money it is allegedly owed.
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July 02, 2024
Worldpay Faces Demand For Client Info In Alleged FX Fraud
An architecture firm has asked a London court to order merchant service provider Worldpay to hand over a virtual ledger of one of its customer's accounts in an attempt to track down $1.17 million allegedly missing in a forex broker fraud.
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July 02, 2024
Ex-Bird & Bird Pro Fights To Toss Sexual Misconduct Case
A former Bird & Bird LLP partner asked the Solicitors Disciplinary Tribunal on Tuesday to throw out allegations of sexual misconduct toward two junior female colleagues, arguing that the sector's watchdog was prosecuting him after "egregious" delays and an "inadequate" investigation.
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July 01, 2024
Solicitor's COVID Letters Had 'No Legal Merit,' SRA Says
The Solicitors Regulation Authority accused a solicitor at a London tribunal Monday of wrongly sending threatening legal letters to bodies for his clients who refused the COVID-19 vaccine, saying the letters had "no legal merit."
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July 01, 2024
Meta 'Pay Or Consent' Model Breaches Digital Rules, EU Says
Meta's "pay or consent" advertising model for Facebook and Instagram users does not comply with the European Union's Digital Markets Act, the bloc's antitrust watchdog said in preliminary findings on Monday.
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July 01, 2024
Global Group Tells Banks To Report Suspected Crime Better
A global banking group for combating financial crime warned Monday that banks should improve the quality of suspicious activity reports to make them more useful to law enforcement and cutting current over-reporting.
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July 01, 2024
Company Director Accused Of Funds' Use For Own Expenses
A supply chain company is suing a former director and his wife for over £2 million ($2.5 million), alleging he authorized company payments toward hotels in Dubai, a London private members club and his daughter's tuition fees for his family's benefit.
Expert Analysis
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What UK Energy Charter Treaty Exit Would Mean For Investors
While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Uber Payout Offers Employer Lessons On Mitigating Bias
Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.
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Apple Ruling Offers Morsel Of Certainty On Litigation Funding
An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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Gov't Probe Highlights Computer-Based Evidence Issues
A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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Why Computer Evidence Is Not Always Reliable In Court
Recent challenges to the admissibility of encrypted communication from the messaging tool EncroChat highlight the flawed presumption in the U.K. common law framework that computer evidence is always accurate, and why a nuanced assessment of such evidence is needed, say Sam De Silva and Josie Welland at CMS Legal.