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Corporate Crime & Compliance UK
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August 23, 2024
HMRC Can Be Liable For Damage To Biz Shut Over £7.4M Debt
The tax authority cannot lift a court order that requires it to repay a payroll business damages for losses suffered after it was put into provisional liquidation, as a court found on Friday that it had failed to pursue that action for law enforcement purposes.
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August 22, 2024
UK Antitrust Arm Pauses Google, Apple Probes For New Law
United Kingdom antitrust authorities hit pause on investigations into Google and Apple policies allegedly locking app developers into their in-app payment systems, preferring to wait until new powers come online even as officials said commitments offered by Google aren't enough to address their concerns.
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August 22, 2024
Fidelis Denies Liability For $238M Over Stranded Planes
Fidelis has argued it should not be liable for paying out claims totaling more than $238 million over planes stranded in Russia, arguing the lessors had not been irretrievably deprived of the aircraft under the terms of the policies.
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August 22, 2024
Mike Lynch's Path From Tech Founder To DOJ Target
Friends and colleagues paid tribute to Mike Lynch following his death in a yachting accident on Thursday, hailing the British tech entrepreneur for the decades he spent furthering the industry despite the legal troubles that threatened to overshadow his career.
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August 22, 2024
'Beloved By Everyone': Attys Recall Clifford Chance's Morvillo
Clifford Chance LLP partner Christopher Morvillo, who died this week after a luxury yacht he was on sank off the coast of Sicily, is being remembered not only as a lion of the legal community but also as an "extraordinary human being" and a "Renaissance man" who was devoted to his family.
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August 22, 2024
Over 3M UK Pensioners To Be Dragged Into Higher Tax Rates
Government data shows 3.1 million U.K. pensioners will be dragged into paying higher taxes in the next four years due to the freeze on income thresholds, financial firm Quilter PLC said Thursday.
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August 22, 2024
Mike Lynch's Body Recovered From Yacht Wreck
Mike Lynch, founder of technology company Autonomy, died when a yacht he was aboard sank off the Sicilian coast, his family confirmed Friday, after a trip the entrepreneur had reportedly chartered with his legal team to celebrate their victory in a U.S. fraud case.
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August 22, 2024
Sports Hospitality Biz Shuttered Over Fake Tickets Scam
A company that scammed customers out of more than £600,000 ($787,000) by offering half-price hospitality at sold-out sporting events including Formula 1 races has been shut down, the U.K.'s Insolvency Service said Thursday.
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August 22, 2024
Insurance Conman Gets 20-Month Sentence For Bogus Claims
A fraudster has been hit with a 20-month prison sentence after he pocketed almost £12,000 ($15,700) after he used multiple identities to file fake home insurance claims under multiple identities, a London police force said Thursday.
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August 21, 2024
Top Commercial Disputes To Watch In 2nd Half Of 2024
A claim against BHP from victims of Brazil's deadliest environmental disaster, a $10 billion insurance megatrial over planes stranded in Russia and a legal challenge to the response by the U.K. financial regulator to the mis-selling scandal are just some of the trials to look out for in the second half of 2024.
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August 21, 2024
Sporting Co.'s Ex-Director Sentenced For COVID Loan Misuse
The former director of a Sussex-based sporting services company has been sentenced to eight months in prison, suspended for 12 months, and 150 hours of unpaid work for exploiting a government COVID-19 business loan, the U.K.'s Insolvency Service announced Wednesday.
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August 28, 2024
Squire Patton Hires Disputes Partner From Curtis
Squire Patton Boggs LLP has recruited a dispute resolution partner in Geneva, Switzerland, from Curtis Mallet-Prevost Colt & Mosle LLP as it looks to grow its international arbitration arsenal.
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August 21, 2024
VAT Fraudster Loses Bid To Escape Repaying £1.4M
A man involved in a £40 million ($52 million) criminal tax fraud scheme has lost a bid to avoid repaying £1.4 million as a London court ruled on Wednesday that he had failed to prove he no longer had hidden assets.
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August 21, 2024
Tribunal Lifts 21-Year Practice Ban, Praises Lawyer's 'Tenacity'
A tribunal praised a solicitor for her "tenacity" on Wednesday as it restored her to the profession 21 years after she was struck off for taking a loan from a client and paying clients' money into a personal account.
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August 21, 2024
UK Fraud Fund Pays Out £9.8M To Norton Pension Members
The pensions fraud compensation body said it has paid out £9.8 million ($12.8 million) to retirement savings plans sponsored by manufacturer Norton Motorcycles Holdings Ltd., after the company director was convicted of misappropriating funds.
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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.
Expert Analysis
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
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Implications Of EU Network Directive For Data Center Owners
With the October implementation deadline of the EU’s new cybersecurity regime under the Network Systems Directive fast approaching, data center owners and operators need to consider compliance steps, and U.K. companies providing services in the EU should take note, say lawyers at Bird & Bird.
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New EU Guidelines Provide Insights On Global AI Regulation
The European Data Protection Supervisor’s first guidelines on artificial intelligence only apply to governmental bodies, but together with the EU AI Act they demonstrate a strong and prescriptive policy, and offer a glimpse into what could be the next phase in world AI regulation, says Kevin Benedicto at Redgrave.
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Boeing Plea Deal Is A Mixed Bag, Providing Lessons For Cos.
The plea deal for conspiracy to defraud regulators that Boeing has tentatively agreed to will, on the one hand, probably help the company avoid further reputational damage, but also demonstrates to companies that deferred prosecution agreements have real teeth, and that noncompliance with DPA terms can be costly, says Edmund Vickers at Red Lion Chambers.
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Keeping Up With Carbon Capture Policy In The US And EU
Recent regulatory moves from the U.S. Environmental Protection Agency and the European Commission in the carbon capture, sequestration and storage space are likely to further encourage the owners and operators of fossil fuel-fired power plants to make decisions on shutdowns or reconfiguration to meet the expanding requirements, say Inosi Nyatta and Silvia Brünjes at Sullivan & Cromwell.
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How AI Treaty Will Further Global Governance Cooperation
The EU’s recently adopted treaty on artificial intelligence represents a significant step toward global cooperation in AI governance in emphasizing human rights obligations, although additional guidance and clarity would be beneficial to minimize varied interpretations at national level, say lawyers at Eversheds Sutherland.
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EU Investor-State Dispute Transparency Rules: Key Points
The European Union's recent vote to embrace greater transparency for investor-state arbitration will make managing newly public information more complex for all parties in a dispute — so it is important for stakeholders to understand the risks and opportunities involved, say Philip Hall, Tara Flores and Charles McKeon at Thorndon Partners.
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How Regulation Of Tech Providers Is Breaking New Ground
The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
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Takeaways From EU's Initial Findings On Apple's App Store
A deep dive into the European Commission's recent preliminary findings that Apple's App Store rules are in breach of the Digital Markets Act reveal that enforcement of the EU's Big Tech law might go beyond the literal text of the regulation and more toward the spirit of compliance, say William Dolan and Pratik Agarwal at Rule Garza.
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Why Trustees Should Take Note Of Charity Code Consultation
The Charity Governance Code Steering Group's recently launched governance code consultation is unlikely to result in a radical overhaul, but with the bigger issue being awareness and application by smaller underresourced charities, trustees should engage with the process to help shape the next iteration of this valuable tool, says Chris Priestley at Withers.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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How CMA's AI Strategic Update Addresses Industry Risks
The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.