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Meet The Lawyers Tapped To Defend In Glencore Bribery Case

Six former Glencore employees, including the commodity giant's billionaire former head of oil, who have been charged with bribery by the Serious Fraud Office, have tapped an all-star list of the U.K.'s most experienced trial solicitors and barristers with a track record of prevailing against the white-collar agency.
October 02, 2024
FCA Fines Starling £29M For 'Shockingly Lax' Client Screening

The U.K.'s City watchdog said Wednesday that it has hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine over failures to screen for financial sanctions and for breaching a ban on opening accounts for high-risk clients.
October 01, 2024
Ireland Eyes Infrastructure With €14B From ECJ Apple Case

The Irish government is aiming to build infrastructure with the €14.1 billion ($15.6 billion) in corporate tax payments due from Apple Inc. following a European Court of Justice ruling that Ireland granted Apple illegal state aid, officials said Tuesday in announcing next year's budget.
October 01, 2024
Investors Settle Wirecard Fraud Case With Transfer Provider

Two businessmen have settled claims worth €33 million ($36.5 million) brought by investors who alleged the pair duped them into selling their stake in a money transfer provider for a pittance before the company was sold on to payments giant Wirecard for many times the price.
October 01, 2024
Ex-Police Officer Denies Seeking Probe Against NI Lawyers

A senior English police officer denied at a tribunal Tuesday of attempting to make Northern Ireland's legal regulator take action against journalists' legal counsel over litigation connected to his investigation into leaked information about alleged collusion by the local police with terrorists.
October 01, 2024
Stellantis Accuses Car Part Makers Of Cartel In €770M Trial

Peugeot and other car manufacturers told Britain's Competition Appeal Tribunal Tuesday that auto parts makers colluded to artificially drive up prices of car safety components, in the opening of a €770 million ($925 million) trial.
October 01, 2024
I Was Made A 'Fall Guy,' Sacked Post Office Chair Tells Inquiry

The former chairman of the Post Office told the inquiry into the Horizon accounting scandal on Tuesday that he was made a "fall guy" and sacked for raising concerns about the treatment of wrongly convicted branch managers.
October 01, 2024
UK's 1st Sanction Fine Fires Warning Shot, But A Muffled One

Britain's sanctions enforcer's recently imposed its first fine for a breach of Russia-related restrictions — a modest reminder that the watchdog will penalize companies that fail to understand black-letter regulations rather than the warning shot that lawyers had expected.
October 01, 2024
EU Markets Watchdog To Help Tighten Greenwashing Rules

The markets watchdog of the European Union said Tuesday that it will concentrate more on sustainable finance rules, and will develop tools to help national regulators address risks such as greenwashing.
September 30, 2024
Angola's Isabel Dos Santos Can't Shake £580M Asset Freeze

The daughter of Angola's former president lost her challenge to a £580 million ($775 million) asset freeze, after a London appeals court ruled Monday that a lower judge had used the correct test to find that telecoms operator Unitel SA has a good case against her.
September 30, 2024
German Lawyer Charged Over €428M Cum-Ex Fraud

A lawyer has been charged in Germany with several counts of "serious tax evasion" over his alleged role in a €428 million ($477 million) so-called cum-ex dividend tax fraud, a German court confirmed Monday.
September 30, 2024
Ex-Meghraj Boss Still Being Pursued Over £1.8M Pension Bill

The U.K.'s retirement watchdog said Monday that a former company director was still being pursued for payment into a staff pension scheme, more than a year after he was slapped with a £1.8 million ($2.4 million) bill.
September 30, 2024
FCA Secures 1st Conviction Of Illegal Crypto ATM Operator

A businessman pled guilty on Monday in London to running an illegal crypto ATM network in the U.K. in what the Financial Conduct Authority said was the first conviction in the country of its kind.
September 30, 2024
Ex-Human Rights Lawyer Pleads Guilty To Fraud

A former British human rights lawyer admitted on Monday to making a fraudulent application for legal aid on behalf of Iraqi detainees bringing claims against British soldiers who served in Iraq, the National Crime Agency said.
September 30, 2024
FCA And BoE Launch Digital Securities Sandbox

The Financial Conduct Authority and Bank of England said Monday they have opened a digital securities sandbox for applications, enabling entrants to use new technologies to issue and trade securities in traditional financial markets.
September 30, 2024
UK Urged To Help Tackle Global £420B "Fraudemic"

Britain must do more to tackle the global "fraudemic," as one in five adults in the world has fallen victim to fraudsters at total cost of £420 billion ($560 billion) in the past three years, according to a think-tank's new report.
September 27, 2024
Meta's Password Storage Flub Draws €91M Irish Fine

Ireland's data protection authority has hit Facebook parent company Meta Platforms Inc. with a €91 million ($101.5 million) penalty for allegedly storing users' passwords without encryption or other necessary safeguards, the regulator announced Friday.
September 27, 2024
UK Man Indicted On $4M 'Hack-To-Trade' Scheme

New Jersey federal prosecutors announced Friday that a U.K. man has been arrested and is awaiting extradition on charges of hacking into the email accounts of several corporate executives in order to steal nonpublic information that he used to turn a profit of almost $4 million.
September 27, 2024
FCA Efforts To Curb Misconduct Surge Behind The Scenes

The Financial Conduct Authority has brought a record number of criminal prosecutions against individuals, yet its crackdown on corporations is happening largely behind the scenes as the regulator challenges misconduct without opening formal investigations.
September 27, 2024
Pair Defrauded Investors In UK Real Estate Ponzi Scheme

Two businessmen duped investors into putting their money into real estate developments across the U.K. by promising them unrealistic returns and using the proceeds of sales to pay previous investors, a London court ruled Friday.
September 27, 2024
OFSI Issues 1st Fine For Breach Of Ukraine-Tied Sanctions

Britain's sanctions' enforcer has slapped a fine on a concierge company, marking the watchdog's first financial penalty for an alleged breach of the far-reaching financial restrictions imposed following Russia's invasion of Ukraine.
September 27, 2024
Candey Cleared Of AML Breaches Over £24M Of Client Funds

Candey Ltd. was cleared on Friday of breaching money laundering regulations by failing to adequately check the source of nearly £24 million (£32 million) of client funds, by a tribunal that also found a former partner improperly transferred some of the money to third parties.
September 27, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Coca-Cola bring a trademark infringement claim against its former marketing director, Glencore face legal action by American Century ETF Trust, law firm Bishop Lloyd & Jackson defend itself against two solicitors it worked alongside during inquiries into Grenfell Tower, and a U.K. cruise line face a claim by a subsidiary of the sanctioned gambling platform GTLK.
September 26, 2024
Syrian Refugees' Terror Finance Case At Risk Over Costs

Syrian refugees must provide £1.6 million ($2.2 million) in security or risk having their case dismissed against two major Qatari banks they accuse of waging a "campaign of intimidation" because of their claims that the lenders funded a terrorist group.
September 26, 2024
Sanctioned Billionaire Beats Claim Over $1B PhosAgro Stake

A Russian oligarch has lost his case accusing a former friend of unlawfully taking away his stake in a £3.7 billion ($5 billion) fertilizer business, as a London court found on Thursday that his claim to have been granted the share in a handshake agreement was implausible.
September 26, 2024
Companies House Cracks Down On Misuse With New Powers

Companies House said Thursday that it has introduced new penalties for businesses that misuse the national register, the latest stage in implementing the U.K.'s sweeping anti-fraud reforms to tackle economic crime.

Editor's Picks

NCA Ducks Litigation Risk In 1st Seizure Of Sanctioned Assets

The decision by the National Crime Agency to secure the forfeiture of the assets of a sanctioned Russian oligarch is a pragmatic victory that avoids the risk of setting a damaging legal precedent, lawyers say.
How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
Starmer Could Crack Judicial Crisis, Former CPS Chiefs Say

Keir Starmer's lead in the polls as the general election in July approaches has sparked hopes among criminal justice advocates that the Labour leader — a former top prosecutor — will implement reforms as prime minister.

Expert Analysis

What To Know About The UK Overseas Funds Regime

The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
5 Cyber Risk Tips For Lawyers Contracting Cloud Services

With the U.K. government's recent announcement of a forthcoming cybersecurity bill, and the European Union's imminent deadline to transpose the second Network and Information Systems Directive into national law, it is important for in-house lawyers to be alive to potential risks when contracting for cloud services, say lawyers at Addleshaw Goddard.
Takeaways From SRA Consumer Protection Review

While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
Reflecting On 12 Months Of The EU Foreign Subsidy Regime

New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
The Road Ahead For Tokenized Investment Funds In The UK

With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.

Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
Integrating ESG Into Risk Management Programs

Amid increasing regulations and reporting requirements for corporate sustainability in the European Union and the U.S., companies might consider how to incorporate environmental, social and governance factors into more formalized risk management, say directors at Alvarez & Marsal.
The EU AI Act's Influence Around The World

Although the European Union's Artificial Intelligence Act's implementation will be staggered over the next six years, we are already witnessing its authority across the world, with legislators in other countries drawing inspiration from its sector-agnostic approach, say lawyers at Paul Weiss.
Lawyers' Role In Decarbonizing The Global Economy Is Vital

Businesses can future-proof themselves against climate risks by incorporating science-based language into legal documents, but lawyers must understand how their legal work intersects with advising on climate risks and decarbonization opportunities, says Humzah Khan at The Chancery Lane Project.
A Look At UK, EU And US Cartel Enforcement Trends

The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
Testing The Limits Of English Courts' Pro-Arbitration Stance

Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
What Green Claims Directive Proposal Means For Businesses

With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
EU Merger Control Concerns Remain After ECJ Illumina Ruling

The recent European Court of Justice judgment in Illumina-Grail is a welcome check on the commission's power to review low-threshold transactions, but with uncertainty persisting under existing laws and discretion left to national regulators, many pitfalls in European Union merger control remain, says Matthew Hall at McGuireWoods.
£43M Legal Bill Case Shows Courts' View On Exchange Rates

A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.
Examining The EU's New Payments Services Package

Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.