Corporate Crime & Compliance UK

  • October 29, 2024

    WSJ Articles On $1B Fraud Did Not Contain Criminal Data

    Two articles in the Wall Street Journal about court proceedings in the Cayman Islands did not contain criminal offense data, a judge ruled Tuesday, in a preliminary stage of a data protection claim against its publisher over reports on allegations of a $1 billion fraud.

  • October 29, 2024

    Marine Charity Sues IT Provider After 'Outlandish Allegations'

    A maritime navigation charity has sued its former IT provider in a London court, accusing it of making "outlandish and unfounded allegations" to justify suspending access to its own app when the organization tried to switch providers.

  • October 29, 2024

    Santander Delays Results To Weigh Motor Finance Ruling

    Santander said Tuesday that it will delay the publication of its third-quarter results as it seeks to review the implications of a landmark court ruling that lenders must fully disclose to customers the commission that is paid to car dealers.

  • October 29, 2024

    SFO Pursues Committal Of Ex-GP Over Luxury Meals, Drinks

    A businessman in prison for fraud could face more time behind bars after the Serious Fraud Office accused him on Tuesday of continuing to enjoy a lavish lifestyle despite spending limits imposed after he stole £35 million ($45 million) from a software company.

  • October 28, 2024

    CPS Launches Training Program For New Barristers

    The Crown Prosecution Service said Monday that it has launched a pilot training program for newly qualified barristers to tackle a shortage of prosecutors that is contributing to delays in cases being heard in criminal courts across England and Wales.

  • October 28, 2024

    BHP Exec Denies Company Operated Brazilian Mine Biz

    A BHP executive said at a £36 billion ($46.6 billion) London trial Monday that the mining giant was not involved in the running of a mine that caused Brazil's worst environmental disaster, arguing it was a mere shareholder in the joint venture.

  • October 28, 2024

    CE Energy Seeks To Keep Asset Freeze On Oil Trader Owner

    An oil trading company asked a London court on Monday to continue a freezing order against a Nigerian businessman as it fights to recover around £30 million ($39 million) that it says the founder of a rival oil trader has failed to pay.

  • October 28, 2024

    Tommy Robinson Imprisoned For Contempt Of Court

    Far-right activist Stephen Yaxley-Lennon was sentenced to 18 months in prison at a London criminal court on Monday for breaching a court order 10 times by republishing false allegations against a Syrian schoolboy refugee.

  • October 28, 2024

    Wise Boss Hit With FCA Fine For Not Disclosing Tax Penalty

    The finance regulator said on Monday that it has fined the chief executive of a money transfer company £350,000 ($454,500) for his failure to tell the watchdog he had been penalized by HM Revenues and Customs for not paying his taxes.

  • October 25, 2024

    Barclays Slashes £330M From UK Investors' 'Dark Pool' Claim

    Barclays on Friday won its bid to more than halve the value of a £560 million ($726 million) securities fraud claim brought by investors at the High Court in London based on allegations it misled them about its "dark pool" trading platform.

  • October 25, 2024

    Close Brothers Lose Appeal In Landmark Motor Finance Case

    Close Brothers Ltd. and other motor finance lenders must fully disclose commissions charged to customers taking out a car loan, or face repaying the secret fee, a London appeal court ruled Friday in a landmark test case.

  • October 25, 2024

    'Business Guru' Denies Claim Of £5.6M Ponzi Scheme

    A self-styled "business guru" has hit back at a £5.6 million ($7.3 million) fraud claim in the High Court, denying running a Ponzi scheme and duping an investor into funding a bogus loan scheme for a luxury hotel development.

  • October 25, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen the Competition and Markets Authority take action against a mattress retailer after it was caught pressuring its customers with misleading discounts, Lenovo and Motorola target ZTE Corporation with a patents claim, Lloyds Bank hit by another claim relating to the collapse of Arena Television and U.K. tax authority HMRC sued by the director of an electronics company that evaded millions of pounds in VAT. Here, Law360 looks at these and other new claims in the U.K.

  • October 25, 2024

    Lloyds Hit With Fraud Claim By Collapsed Broadcast Co.

    Lloyds Bank PLC has been sued by liquidators of a broadcasting equipment company in the latest legal claim to be filed against the bank by parties related to the collapse of Arena Television amid fraud allegations.

  • October 25, 2024

    Baker McKenzie Lawyer Fined For Refusing Breathalyzer Test

    A Baker McKenzie lawyer who was convicted for refusing to take a roadside breath test after being pulled over by the police was fined £2,500 ($3,250) by the Solicitors Disciplinary Tribunal on Friday.

  • October 25, 2024

    BHP, Vale Reach $32B Brazil Dam Settlement Amid UK Trial

    Mining giant BHP announced Friday that the Brazilian government has signed off a final $31.7 billion settlement package to compensate communities devastated by the collapse of a dam nine years ago.

  • October 25, 2024

    Home Office Launches New Crackdown On Insurance Fraud

    A string of leading insurance organizations have agreed to clamp down on criminal attempts to manipulate the U.K. insurance market with fake claims, among a range of other pledges included in a government charter designed to tackle fraud in Britain.

  • October 25, 2024

    Fraud Lawyers Take On Bullying Cases As Complaints Surge

    White-collar criminal lawyers are picking up more and more work investigating allegations of non-financial misconduct inside the world's biggest companies, amid a sharp rise in incidents reported by the City watchdog ahead of an impending crackdown.

  • October 25, 2024

    FCA Sets Consumer Duty As Top Priority For CEOs In 2025

    The Financial Conduct Authority told CEOs of retail banks and other lenders in letters published Friday it will give a top priority to the Consumer Duty regime in 2025, focusing in addition on fair claims about sustainable products and managing financial crime risk.

  • October 25, 2024

    Commerzbank Can Pursue Staffer For Fake Sex Assault Claim

    A London court ruled Friday that a former Commerzbank AG analyst will face contempt of court proceedings after making false sexual assault allegations against a colleague as part of his failed harassment case against the bank.

  • October 25, 2024

    Pensions Watchdog Wants Tougher Action Against Scammers

    The Pensions Regulator has urged retirement savings plans to take action to protect savers from scams as part of Scams Awareness Week, with a video campaign featuring a victim.

  • October 24, 2024

    LinkedIn Hit With €310M Irish Fine For Targeted Ad Practices

    Ireland's data protection commission has handed down a €310 million ($335 million) penalty against LinkedIn for allegedly failing to have an adequate legal basis for processing European Union users' personal data for targeted advertising purposes, the regulator announced Thursday.

  • October 24, 2024

    FCA Finds Reports Of Bullying, Harassment Up Over 3 Years

    The Financial Conduct Authority on Friday said it has recorded a steady rise in nonfinancial misconduct reports over the past three years, including bullying, harassment and discrimination across banks, asset managers and insurers.

  • October 24, 2024

    Heineken Faces €160M Claim After Dutch Market Abuse Ruling

    Heineken was held jointly liable for its Greek subsidiary abusing its dominant position to hold back competitors by a Dutch court, paving the way for a rival brewery to press home its over €160 million ($173 million) antitrust claim against the beer giant.

  • October 24, 2024

    Union Threatens First-Ever Private Case Over Museum Strike

    A trade union threatened on Thursday to launch a private prosecution against the security contractors for London's Science and Natural History museums if they hire agency workers to replace workers who plan to strike during the busiest week of the year. 

Expert Analysis

  • How FCA Guidance Aligns With Global Cyberattack Measures

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    The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.

  • Contractual Drafting Takeaways From Force Majeure Ruling

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    Lawyers at Cleary discuss the U.K. Supreme Court's recent judgment RTI v. MUR Shipping and its important implications, including how the court approached the apparent tension between certainty and commercial pragmatism, and considerations for the drafting of force majeure clauses going forward.

  • Takeaways From Regulators' £61.6M Citigroup Trading Fine

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    Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.

  • Factors For London Cos. To Consider If Adding US Listings

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    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.

  • Behind The Stagecoach Boundary Fare Dispute Settlement

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    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.

  • Assessing The Energy Act 2023, Eight Months On

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    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.

  • Decoding Arbitral Disputes: Spanish Judicial Oversight

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    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.

  • Opinion

    Why Timing Makes UK Libor Judgments Controversial

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    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.

  • Tips For Orgs Using NDAs In Light Of New UK Legislation

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    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.

  • Comparing UK, EU Digital Products Cybersecurity Approaches

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    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.

  • Lessons From Epic's Dutch Fine For Unfair Marketing To Kids

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    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.

  • Risks And Promises Of AI In The Financial Services Industry

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    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.

  • EU Anti-Greenwashing Guide Analyzed For Fund Managers

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    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.

  • FCA 'Finfluencer' Trial Exposes Social Media Promo Risks

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    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.

  • Appeal Ruling Clarifies 3rd-Party Contract Breach Liability

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    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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