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Corporate Crime & Compliance UK
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September 19, 2024
EU Top Court Rules UK's CFC Tax Breaks Not State Aid
The European Court of Justice ruled Thursday that tax breaks the U.K. gave to certain companies under controlled foreign company regulations did not breach European Union state aid law.
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September 19, 2024
Apple Ruling Prompts EU Lawmakers To Call For Tax Justice
Citing the recent European court judgment requiring Apple to pay €13 billion ($14.5 billion) in taxes to Ireland, European Union lawmakers demanded Thursday that the fight against tax evasion and for corporate tax harmonization be stepped up.
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September 19, 2024
SFO Ordered To Disclose Total Cost Of Failed ENRC Probe
The Serious Fraud Office must disclose the total cost of its now-moribund corruption investigation into Eurasian Natural Resources Corp., a London tribunal ruled on Wednesday.
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September 19, 2024
Insurers Wrestle With 'Cyberwar' Policy Exclusions
The evolving cyberinsurance market could be heading for a seismic shift if more insurers scale back standard business IT breach policies to limit the impact of state-backed cyberattacks on their bottom line.
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September 19, 2024
UK Issues Disclosure Exemptions For Investment Trusts
The government and Financial Conduct Authority announced Thursday plans to reform the U.K. retail disclosure rules in early 2025, with immediate interim exemption of investment trusts from current requirements on cost disclosures to retail investors.
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September 19, 2024
AI Helping Rise In UK Insurance Fraud, Report Shows
Nearly one in five insurance claim handlers believe that many fraud claims now involve fake supporting documents created or altered using artificial intelligence tools, a new report shows.
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September 19, 2024
Google Accused Of Apple 'Stranglehold' In £7B Class Action
A consumer champion bringing a £7 billion ($9.3 billion) class action against Google told a tribunal Thursday that the tech giant has maintained a "stranglehold" on Apple devices through an illegal exclusivity deal with the iPhone-maker.
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September 18, 2024
FCA Accuses 4 Of Textile Co. Pump-And-Dump Scheme
Four businessmen connected to Worthington Group were accused by the Financial Conduct Authority at the beginning of a London criminal trial Wednesday of being involved in a scheme to artificially pump up the price of shares of the former textiles company while it was effectively insolvent.
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September 18, 2024
Google Fights To Ax £7B Apple Search Engine Abuse Case
Google asked a tribunal on Wednesday to strike out a £7 billion ($9.25 billion) case alleging it abused its dominance by securing exclusivity for its search engine on Apple devices, arguing that the case against it must fail.
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September 18, 2024
Privinvest Says Missing Disclosure Made Fair Trial Impossible
A shipbuilding company is seeking to dodge having to pay approximately $2 billion in damages awarded to Mozambique over a bribery scheme that wrecked the country's economy, urging a court to stay enforcement of the judgment to await the outcome of any appeal.
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September 25, 2024
CMA Consumer Protection Chief Joins Lewis Silkin
Lewis Silkin LLP has hired a former director at the Competition and Markets Authority to boost its services for clients being investigated over their compliance with consumer regulations.
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September 18, 2024
Dutch Government Issues Tax Cuts In First Budget
The new Dutch government issued its first budget since the 2023 elections, including plans to cut taxes on earnings and raise the limit on certain corporate tax deductions.
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September 18, 2024
Justices Say €450M RusChem Case Governed By English Law
English courts had the jurisdiction to prevent a Gazprom subsidiary from pursuing a €450 million ($500 million) claim in the Russian courts against UniCredit Bank AG, Britain's top court said Wednesday as it delivered its reasons for halting the litigation earlier this year.
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September 18, 2024
Danske Bank Ends French AML Probe With $7M Settlement
Disgraced lender Danske Bank said Wednesday that it has agreed to pay €6.33 million ($7 million) to French prosecutors to end a formal investigation into suspected money laundering involving transactions totaling €21.6 million.
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September 18, 2024
Qualcomm Gets Predatory Pricing Fine Trimmed To €239M
A European Union court has pared back the penalty handed to Qualcomm for abusing its dominance by selling 3G baseband chipsets below cost, trimming it on Wednesday from €242 million ($266 million) to €238.7 million after finding that enforcers had not properly applied their own fining guidelines.
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September 18, 2024
Google Gets €1.49B Antitrust Fine Tossed In AdSense Case
A European Union court on Wednesday annulled a €1.49 billion ($1.65 billion) fine against Google for abusing its dominance in markets for brokering online search advertising, saying the bloc's competition enforcer had not adequately weighed how long the contracts had been in place.
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September 17, 2024
BBC Backs Public Interest Value Of Tory Donor Bribery Claims
The BBC has defended itself against a defamation claim from Mohamed Amersi, arguing that statements it made about the telecoms magnate and Conservative Party donor's connection to potentially corrupt deals were substantially true and in the public interest.
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September 17, 2024
Investors' Losses Were Caused By Own Failures, Firm Says
A Liverpool-based law firm has denied claims it was negligent when advising investors on a real estate investment deal alleged to be a Ponzi scheme, arguing that investors' losses were caused by their failure to follow legal advice.
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September 17, 2024
Competitiveness Outranks Climate In New EU Commission
European Commission President Ursula von der Leyen shifted her focus from climate change to boosting competitiveness as she proposed her team of commissioners for the next five-year mandate Tuesday, handing out key jobs covering everything from competition enforcement to trade policy.
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September 17, 2024
Iveco Poland, Truck Distributors Fined $62M For Collusion
A Polish antitrust authority has imposed a fine of 238 million Zloty ($62 million) on truck-maker Iveco Poland and 10 distributors of the vehicles for restricting competition for almost a decade by colluding to share the market between them.
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September 17, 2024
Crypto-Scam Victim's Loss Hands Tracing Lessons To Experts
A recent decision that dismissed a claim brought by a victim of crypto-fraud against an exchange because of flaws in his expert evidence provides a warning for litigators that efforts to trace money will fail unless there is a clear digital trail.
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September 17, 2024
Crypto-Fraud Victim Sues Lawyers Over 'Valueless Advice'
An alleged victim of a cryptocurrency fraud has claimed that a specialist investment law firm owes her £635,000 ($839,000) for providing "valueless advice" on how to recover her lost money.
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September 17, 2024
Lawyer Cleared Of Dishonesty Over Insurance Failure
A solicitor was cleared of dishonesty on Tuesday after he was accused of lying to his insurer to hide the acquisition by his company of another firm's work and staff after his insurer refused to offer cover for the change.
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September 17, 2024
Swiss Seize $15M From Bank For 'Serious' Market Violations
The Swiss financial markets regulator said Tuesday it has seized 12.7 million Swiss francs ($15 million) from Mirabaud & Cie SA after it ruled that the private bank had "seriously violated" the law and breached its anti-money-laundering obligations.
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September 16, 2024
Apple Ruling May Embolden EU's Tax Policing, Experts Say
The European Court of Justice's ruling against Apple and Ireland last week runs contrary to its logic in a 2022 state aid ruling, potentially giving the European Commission a reason to think it can decide tax norms across Europe, tax experts said.
Expert Analysis
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Why Law Firms Should Heed Calls To Put ESG Over Profit
According to Deloitte’s recent survey, the majority of Gen Z and millennials remain unimpressed with businesses’ societal impact, and junior lawyers in particular are increasingly expecting the legal profession to shift to a business model that prioritizes sustainability above profitability, says Dana Denis-Smith at Obelisk Support.
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UK Review May Lead To Lower Investment Screening Burden
The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
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What Prince Harry Privacy Case May Mean For Media Ethics
An English High Court recently allowed the privacy case brought by Prince Harry and six other claimants against the Daily Mail publisher to proceed, which, if successful, could embolden other high-profile individuals to bring claims and lead to renewed calls for a judicial public inquiry into British press ethics, says Philippa Dempster at Freeths.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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How European Authorities Are Foiling Anti-Competitive Hiring
Lawyers at Squire Patton discuss key labor practice antitrust concerns and notable regulation trends in several European countries following recent enforcement actions brought by the European Commission and U.K. Competition and Markets Authority.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
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The State Of UK Litigation Funding After Therium Ruling
The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
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UK Shareholding Report A Missed Opportunity For New Tech
The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
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What Lawyers Need To Know About The UK Online Safety Act
The recently passed U.K. Online Safety Act requires regulated providers to take action to assess and mitigate user risks, and counsel for these companies should take advantage of Ofcom’s clear desire to have a collaborative relationship and improve governance, say Rachael Annear and Tristan Lockwood at Freshfields.
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Trial By AI Could Be Closer Than You Think
In a known first for the U.K., a Court of Appeal justice recently admitted to using ChatGPT to write part of a judgment, highlighting how AI could make the legal system more efficient and enable the judicial process to record more accurate and fair decisions, say Charles Kuhn and Neide Lemos at Clyde & Co.
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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.