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Corporate Crime & Compliance UK
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August 13, 2024
1st Sub-Class CPO Gives Funders Chance To Hedge Bets
A recent decision by the U.K. antitrust tribunal makes it possible for litigation-funders to hedge their bets on complex competition disputes with rival sub-classes of claimants by allowing a truck-cartel claim to proceed after it tackled concerns about conflicts of interest by reshaping the financing arrangements that back the case.
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August 13, 2024
Firm Ex-Director Gets 15-Year Sanction For Investment Scam
A former director of an investment firm has had a ban on working as a company executive extended to 2033 after he was convicted of a Ponzi scheme fraud at an English court, the U.K.'s Insolvency Service has said.
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August 13, 2024
UK Regulators Mull Digital Reporting Future Outside EU
Britain's accounting watchdog on Tuesday proposed a number of potential reforms for the future of digital reporting in the U.K., amid recent legislative changes after the country's departure from the European Union.
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August 12, 2024
UK Railway Project Forced To Pay £6.2M Tax Bill
A public agency building a high-speed railway in the U.K. had to pay a £6.2 million ($8 million) tax bill for failing to comply with "off-payroll rules" for the contracted employees it engages, according to the agency's annual report.
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August 19, 2024
Kirkland Hires Simmons & Simmons' Antitrust Head In London
Kirkland & Ellis LLP announced Monday that it has recruited the head of competition, antitrust and trade at Simmons & Simmons LLP in a move to boost its capabilities representing clients in U.K. and European Union matters in its London office.
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August 12, 2024
Kuwaiti Diplomat's Maid Cannot Sue For Modern Slavery
A Kuwaiti diplomat has won his bid to nix an employment claim brought by an employee for forced labor, with a tribunal finding that while her working conditions violated U.K. law, they did not amount to servitude.
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August 12, 2024
Spanish Lawyer Arrested For Alleged €4.5M Fishery Bribe
The Spanish national police have arrested a lawyer who allegedly transferred €4.5 million ($4.9 million) through his own company to officials close to the Equatorial Guinea government to secure a factory contract, according to the European Union's law enforcement agency.
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August 12, 2024
EU Watchdog Warned Of Crypto Risk For Retail Funds
Fund managers warned the European Union markets regulator Monday that there is no consensus on how to value crypto-assets, in a consultation on whether such products should be accessible to retail funds.
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August 12, 2024
Glencore Charges Tee Up 'Mother Of All' Disclosure Fights
Charges brought by the Serious Fraud Office accusing former Glencore employees of bribery — including the commodities company's ex-head of oil — mark one of the biggest prosecutions the agency has taken on in years, which will test its resources and appetite for the toughest fights, lawyers say.
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August 12, 2024
Man Who Incited Violence Against Lawyers Gets 3 Years
A man who incited violence online against immigration solicitors and asylum seekers has been imprisoned for more than three years.
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August 09, 2024
X Halts Training AI On EU Users' Posts After Irish Backlash
X Corp., formerly known as Twitter, has agreed to suspend its efforts to train its artificial intelligence chatbot Grok on personal data lifted from public posts made by its users in the European Union, on the heels of Ireland's data protection commission making an urgent appeal to an Irish court to shut down the practice.
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August 09, 2024
Ex-Mozambique Finance Minister Convicted For $2B Scheme
Mozambique's former finance minister was convicted of wire fraud and money laundering conspiracy charges in connection with his role in the $2 billion "tuna bonds" scandal, prosecutors announced.
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August 09, 2024
Conveyancing Firm Fined Over AML Failings
An English solicitors firm has been fined £21,843 ($27,864) for failing to keep records required under anti-money laundering regulations, the Solicitors Regulation Authority said Friday.
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August 09, 2024
Kuwaiti Investment Arm Immune From Ex-CEO's Claim
The Kuwait Investment Authority has succeeded in getting a whistleblowing claim from its former chief executive thrown out of a London tribunal after a judge ruled that he was employed as a diplomat, and therefore the authority has sovereign immunity against his claim.
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August 09, 2024
Landlords, Lawyers Accused Of Lying To Get Costs Ruling
A man who was in a legal dispute over rent arrears has sued his landlord and the landlord's legal team for more than £147,500 ($187,383), alleging that two cost judgments were obtained by fraud.
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August 09, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen China Evergrande Group file a commercial fraud claim against its founder's ex-wife, legal action by Manolete Partners against the directors of an insolvent construction company, VietJet tackle a claim by French banking group Natixis and more developments in the "Dieselgate" scandal. Here, Law360 looks at these and other new claims in the U.K.
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August 09, 2024
UK Tightens Disclosure Rules For Greensill-Type Finance
The U.K.'s accounting watchdog on Friday set out amendments to reporting exemptions from international accounting standards available to subsidiaries of groups, including around disclosure of supplier finance arrangements, as used by collapsed Greensill Capital.
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August 09, 2024
Judge Tells Katie Price To Attend Court Or Be Arrested Again
A judge told Katie Price on Friday that she needed to attend the next court hearing in relation to her bankruptcies, warning the former model that failing to do so would result in her being arrested again.
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August 09, 2024
The Top Commercial Dispute Trials & Rulings Of 2024 So Far
So far in 2024 disputes lawyers have been treated to the first trial in the U.K. of an opt-out collective action, the Pope's chief of staff giving evidence, and Mozambique being awarded more than $825 million for the tuna bond scandal.
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August 09, 2024
SFO To Charge Two More Over Glencore Bribery Probe
The Serious Fraud Office said Friday that it intends to charge two more individuals in connection with its major bribery probe of Glencore PLC in addition to the five former executives hit with corruption charges last week.
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August 08, 2024
SEC Wins Jurisdiction Over German As Sanction For Default
A German national who the U.S. Securities and Exchange Commission says has ignored discovery requests in its attempt to recover proceeds from a $150 million international pump and dump scheme involving his son is subject to personal jurisdiction in the U.S., a Boston federal judge ordered as a sanction.
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August 08, 2024
Judge In HMRC Case Won't Step Aside Over 'Scurrilous' Claim
A London judge has refused to recuse himself from litigation involving HM Revenue & Customs because of apparent bias and institutional corruption owing to his former connection to the department, finding some of the allegations "frankly scurrilous."
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August 08, 2024
Derivatives Co. Fails To Refreeze Assets In Global Fraud Case
Multibank has failed to revive a freezing order against two investment companies and an executive it alleges were involved in an unlawful conspiracy, after an appeals court upheld a ruling that the international derivatives provider had made serious disclosure failings.
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August 08, 2024
Funder Nera Capital Buys 50,000 Spanish Car Cartel Claims
Litigation funder Nera Capital has bought 50,000 claims for compensation valued at an estimated €1 billion ($1.1 billion) over a Spanish auto cartel involving many of the largest vehicle manufacturers in the world, including General Motors and Honda.
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August 08, 2024
Watchdog Tees Up £6M Fine For IT Co. Over NHS Cyberattack
The U.K.'s data privacy regulator said it intends to fine a British software company £6 million ($7.6 million) over failings that allowed hackers to disrupt the National Health Service and steal the sensitive personal information of more than 80,000 individuals.
Expert Analysis
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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Behind The Stagecoach Boundary Fare Dispute Settlement
The Competition Appeal Tribunal's recent rail network boundary fare settlement offers group action practitioners some much-needed guidance as it reduces the number of remaining parties' five-year dispute from two to one, says Mohsin Patel at Factor Risk Management.
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Assessing The Energy Act 2023, Eight Months On
Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.
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Decoding Arbitral Disputes: Spanish Judicial Oversight
The recent conviction of arbitrator Gonzalo Stampa underscores the critical importance of judicial authority in the realm of international arbitration in Spain, and emphasizes that arbitrators must respect the procedural frameworks established by Spanish national courts, says Josep Galvez at 4-5 Gray’s Inn.
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Opinion
Why Timing Makes UK Libor Judgments Controversial
The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.
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Tips For Orgs Using NDAs In Light Of New UK Legislation
The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.
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Comparing UK, EU Digital Products Cybersecurity Approaches
New U.K. and EU legislation impose different cybersecurity requirements on manufacturers of connectable products, but despite its higher overall standard and holistic approach, organizations should be aware that compliance with the EU act does not necessarily mean satisfying the U.K. regime, says Christopher Foo at Ropes & Gray.
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Lessons From Epic's Dutch Fine For Unfair Marketing To Kids
Dutch regulators' imposition of a €1.1 million fine on Epic Games for unfair commercial practices targeting children marks a significant moment in the ongoing scrutiny of digital market practices, and follows an increased focus on children's online safety in the U.S. and European Union, say attorneys at Crowell & Moring.
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Risks And Promises Of AI In The Financial Services Industry
Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.
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EU Anti-Greenwashing Guide Analyzed For Fund Managers
Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
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FCA 'Finfluencer' Trial Exposes Social Media Promo Risks
The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.
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Appeal Ruling Clarifies 3rd-Party Contract Breach Liability
The Court of Appeal's recent decision in Northamber v. Genee World serves as a warning to parties that they may be held liable for inducing another party to breach a contract, even if that party was a willing participant, say Neil Blake, Maura McIntosh and Jennifer O'Brien at HSL.
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How Law Firms Can Handle Challenges Of Mass Claims
With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.
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EU Directive Significantly Strengthens Enviro Protection
The recently revised European Union directive on environmental protection significantly strengthens its prior legislation and broadens the scope of environmental crime through the introduction of offenses for conduct resulting in severe damage, say Katharina Humphrey and Julian Reichert at Gibson Dunn.
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How Revision Of The EU Works Directive May Affect Cos.
The European Union’s proposed revision of the Works Councils Directive, motivated by perceived shortcomings of existing legislation and the transformation of the world of work, includes significant changes that would increase workers' rights, including through strengthened enforcement and confidentiality provisions, says Thomas Player at Eversheds Sutherland.