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Corporate Crime & Compliance UK
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August 21, 2024
Insurers Failing To Give Customers Good Value, FCA Warns
The Financial Conduct Authority called on insurers and brokers on Wednesday to remedy failures to demonstrate that they offer fair value to customers with good outcomes.
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August 20, 2024
Insider Trading Won't Impact Pilot's Tax Sentencing Guidelines
A Manhattan federal judge found Tuesday that insider trading allegations won't bump up the guidelines sentencing range for a pilot for U.K. billionaire Joe Lewis who pled guilty to tax evasion.
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August 20, 2024
Judicial Proceedings Immunity Thwarts Whistleblower's Suit
An appellate tribunal ruled Tuesday that immunity from judicial proceedings blocks a former aide from claiming he faced groundless and malicious arbitration from his work after blowing the whistle on alleged staff mistreatment.
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August 20, 2024
Imprisoned Oligarch Bids For ID Linked To $20M Transfer
An imprisoned Russian oligarch pursuing a $13.8 billion conspiracy claim urged a London judge Tuesday to order a group of wealth management companies to disclose the identity of a person who requested a $20 million transfer that he alleges was a bribe.
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August 20, 2024
Insurers Deny Liability Over $790M Stranded Aircraft Claims
Two insurers have argued they are not liable for paying out claims totaling more than $790 million over planes stranded in Russia, arguing the aircraft had not been "lost" to their lessors under the terms of the policies.
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August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner
Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
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August 20, 2024
FCA Move To Results-Based Regulation Could Hurt Firms
The Financial Conduct Authority's planned move to an outcomes-based approach to regulation is raising concerns among lawyers that the resulting uncertainty could undermine companies in the sector and weaken the government's push for international competitiveness.
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August 20, 2024
Ex-Bird & Bird Partner Banned For Pursuing Junior Colleague
A former partner at Bird & Bird LLP has been banned from the legal profession for five years after he admitted behaving inappropriately toward a junior female colleague and abusing his position in an attempt to pursue a sexual relationship with her.
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August 19, 2024
Mike Lynch, Clifford Chance Pro Among Missing After Yacht Sinks
Former Autonomy CEO Michael Lynch and a Clifford Chance LLP partner who helped him beat federal fraud charges back in June are among those missing after their chartered luxury yacht sank during a storm off Sicily early Monday during a trip reportedly to celebrate Lynch's legal victory.
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August 19, 2024
Deutsche Bank Moved Money For ISIS, Victims' Families Say
Families of two journalists and an aid worker captured and killed by the Islamic State sued Deutsche Bank AG in New York federal court for allegedly facilitating the financing of the terrorist group, a case that comes on the 10th anniversary of the death of journalist James Foley.
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August 19, 2024
German State Liable In €500M Timber Sales Antitrust Fight
A German state breached antitrust laws for decades in its sales of round timber, leaving it liable to antitrust suits worth an estimated €500 million ($553 million), a German regional appeals court has ruled.
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August 19, 2024
Ex-Finance Co. Director Denies Forcing CEO's Share Transfer
The former director of a lending business has denied forcing the chief executive of the company to transfer shares by concocting a false fraud allegation, and told a London court that his report to a regulator was justified.
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August 19, 2024
Simpson Thacher To Face Tribunal Over AML Failings
Simpson Thacher & Bartlett LLP has been referred to a London tribunal over allegations that it failed to implement measures to lower the risk of money laundering and terrorist financing, the Solicitors Regulation Authority said Monday.
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August 19, 2024
Former BHS Directors Liable For £110M Over Collapsed Biz
Two former directors of the defunct British Home Stores retail chain have been found liable for more than £110 million ($142 million) after they allowed the company to continue trading when there was no prospect of recovery.
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August 16, 2024
Deutsche, Ex-Trader End 2nd Libor Malicious Prosecution Suit
Deutsche Bank and a former U.K. derivatives trader who accused the bank of scapegoating him to U.S. authorities investigating interest rate-rigging have resolved his $30 million malicious prosecution lawsuit in New York state court.
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August 16, 2024
UN Votes For Global Services As First Priority Under Tax Pact
The United Nations voted Friday to make taxation of cross-border services the most prioritized topic for a legally binding agreement to be finalized by late 2027 alongside the organization's framework convention on international tax cooperation.
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August 16, 2024
Telecom Directors Deny Adviser's HMRC Fraud Claim
Two directors have denied owing a financial adviser a fee for attempting to source a £5 million ($6.4 million) investment for their telecommunications business, characterizing his July claim that they hoped to defraud the U.K.'s tax department through the company as "entirely fictitious."
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August 16, 2024
Local Council Accuses Tycoon Of Misappropriating £150M
A local English council pushed into effective bankruptcy after a spate of failed investments has sued a businessman for upward of £150 million ($194 million) it claims he siphoned off to buy yachts, private jets and a country estate.
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August 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.
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August 16, 2024
PwC Fined £15M For Failing To Flag LC&F Fraud Suspicion
The Financial Conduct Authority said Friday it has fined PricewaterhouseCoopers LLP £15 million ($19.3 million) for failing to report to the regulator its belief that London Capital & Finance PLC might be involved in fraud.
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August 23, 2024
Orrick Gains Ex-BCLP Antitrust Pro As Partner In UK
Orrick Herrington & Sutcliffe LLP has hired a partner to its London antitrust unit from Bryan Cave Leighton Paisner LLP as it looks to build out a "world-class" team in the City.
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August 16, 2024
FCA Apologizes For Treatment of 'Voluntary Requirement'
Britain's financial watchdog has apologized for an unnecessary extension of two years of publishing on its register a "voluntary requirement" for a company indicating failure to meet standards after the Complaints Commissioner upheld a claim.
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August 15, 2024
Importer Denies Secret Commission For PPE In Fraud Claim
A British import company, its former directors and a former consultant all denied that they defrauded a medical supplier by taking a secret $10.8 million commission for personal protective equipment orders during the initial stages of the COVID-19 pandemic, saying it was obvious that the company would earn profits in that way.
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August 15, 2024
PACCAR Bill Delay Could Hurt UK Legal Industry, Experts Say
The U.K. government's decision to hold off introducing legislation reversing the effects of the U.K. Supreme Court's PACCAR ruling could be at odds with ambitions to make the U.K. legal sector the fastest in the world, a panel of experts suggested Thursday.
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August 15, 2024
Thousands Of Fare-Dodging Convictions To Be Quashed
Up to 74,000 convictions for evading train fares are set to be quashed after a senior district judge ruled on Thursday that rail operators should never have used the single justice procedure to prosecute passengers behind closed doors.
Expert Analysis
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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.
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Goldman Prosecution Delivers A Clear Sign Of FCA Strength
The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.
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Whistleblower Pay Is A Risky Path For The SFO To Tread
In a recent speech, Serious Fraud Office director Nick Ephgrave supported the payment of whistleblowers, but implementing such an extreme measure is potentially hazardous and could leave the new director a hostage to fortune, says Richard Cannon at Stokoe Partnership.
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The Good, The Bad And The New Of The UK Sanctions Regime
Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.
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Businesses Using AI Face Novel Privacy, Cybersecurity Risks
Rapid advancements in artificial intelligence are resulting in complex privacy and cybersecurity challenges for businesses, and with the forthcoming EU AI Act and enhancement of existing laws to ensure a high common level of security, key stakeholders should be empowered to manage associated risks, say lawyers at Goodwin.
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A Look At Environment Agency's New Economic Crime Unit
Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.
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Prompt Engineering Skills Are Changing The Legal Profession
With a focus on higher-value work as repetitive tasks are delegated to artificial intelligence, legal roles are set to become more inspiring, and lawyers need not fear the rising demand for prompt engineers that is altering the technology-enabled legal environment, say Eric Crawley, Shah Karim and Paul O’Hagan at Epiq Legal.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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4 Ways To Prepare For EU's Digital Finance Security Law
Companies that will fall under the scope of the Digital Operational Resilience Act when it goes into effect next January should take several proactive steps as they prepare for new corporate governance, risk management, incident reporting and third-party contracting obligations, says Edward Machin at Ropes & Gray.