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Corporate Crime & Compliance UK
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February 18, 2025
Trading Firm Fined £1.7M For Financial Crime Control Failings
The Financial Conduct Authority said Tuesday it has fined trader Mako Financial Markets Partnership LLP £1.66 million ($2 million) for its failure to have effective controls against financial crime in cum-ex trading.
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February 17, 2025
Russell Brand Sued By Macmillan After Suspended Book Deal
Macmillan Publishers International has sued Russell Brand two years after pausing the launch of the comedian's "Recovery" self-help book and all future projects over a spate of sexual assault and rape accusations.
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February 17, 2025
Bulgarian Decorator In Russia Spy Trial Claims He Was Duped
A painter decorator accused of spying for Russia "sang like Justin Bieber" to the police after he realized he had been "duped" into believing he was assisting Interpol, his barrister told a London trial on Monday.
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February 17, 2025
Gov't Can't Intervene In Motor Finance Case At Top Court
The U.K. government has been refused permission to intervene in a landmark appeal over motor finance commission payments that has left finance firms fearing they will be hit with a huge compensation bill, Britain's highest court confirmed Monday.
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February 17, 2025
Financial Adviser Fired For Calling Boss 'Idiot' Wins Claim
An adviser at a financial planner has won his claim alleging that the company botched his firing over explicit language he used to describe his boss — but could not convince the tribunal that he was a whistleblower.
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February 17, 2025
Pensions Watchdog To Go Further On Prudential Oversight
The retirement savings watchdog said Monday it will go further this year on managing risks affecting the wider pensions market and financial ecosystem, after announcing last year it would take on a more "prudential" approach to supervising the sector.
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February 17, 2025
Ex-NCA Manager Wins £63K For Surprise Poor Review
An employment tribunal has ordered the National Crime Agency to pay a former senior manager £63,264 ($80,000), after an underperformance rating that came "without prior warning" caused her upset and distress and forced her to quit.
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February 17, 2025
Former Entain Execs Sue Addleshaw For Privileged Docs
The former chief executive at the predecessor of Entain and the betting giant's former chair have sued Addleshaw Goddard LLP, seeking the release of privileged advice believed to have been turned over to regulators and prosecutors in a major bribery investigation.
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February 17, 2025
E-Money Biz Enters Insolvency After FCA Ban Amid AML Fears
Payment services company Nvayo has entered into special administration, six months after it was banned from electronic money services because of serious concerns about its compliance with anti-money laundering regulations, the Financial Conduct Authority has said.
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February 14, 2025
Heineken Can Face €160M Antitrust Claim In Netherlands
Heineken can face antitrust claims worth over €160 million ($168 million) in its homeland, the Netherlands, after the European Union's highest court ruled that there was nothing preventing the Dutch courts from dealing with the case.
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February 14, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Spice Girls star Mel B's ex-husband bring a defamation claim against the publisher of The Sun, a hotel sue a former director convicted of embezzling its funds for breach of fiduciary duty, and comedian Russell Brand face a sexual abuse claim. Here, Law360 looks at these and other new claims in the U.K.
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February 14, 2025
Trump Tariff Plan Sparks UK Fears Of Retaliation For VAT
The U.K. could be hit with tariffs as part of U.S. President Donald Trump's plan to impose reciprocal measures on countries that levy value-added taxes on American products, with sectors such as pharmaceuticals under threat, experts in Britain warned.
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February 14, 2025
Shell Calls Nigerian Oil Spill Claims 'Human Rights Mysticism'
Shell argued at a London court on Friday that it could not be held liable to thousands of Nigerian villagers for widespread pollution of the Niger Delta area, saying that the claimants' arguments were "human rights mysticism."
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February 14, 2025
ENRC Can't Directly Appeal $120M Cut From SFO Claim
A London judge Friday refused Eurasian Natural Resources Corp. a direct route to challenge his decision to pare its claim against the Serious Fraud Office over its criminal investigation, a move the company's lawyers say "went behind" its evidence and should have been aired at trial.
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February 14, 2025
Magomedov Must Pay £7M Costs Amid 'Secrecy' Over Funding
Imprisoned oligarch Ziyavudin Magomedov must pay £7.3 million ($9.2 million) in interim court costs after losing his claim over an alleged Russian state-led conspiracy to strip his assets, as a judge criticized on Friday the "secrecy" surrounding who funded the litigation.
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February 14, 2025
5 Questions For Spencer West Partner Karl Foster
The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
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February 14, 2025
EU Watchdog Probes Bloc-Wide Fund Manager Compliance
The European Union's financial markets regulator on Friday launched a bloc-wide probe with national regulators on compliance and internal audit functions of fund managers.
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February 13, 2025
Barclays Reveals FCA Probe Over Money Laundering Controls
Barclays revealed in its annual report on Thursday that it is being probed by the Financial Conduct Authority over its compliance with anti-money laundering and financial crime regulations.
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February 13, 2025
Immigration Officer Loses Pay Bid After Calling Boss A Nazi
An employment tribunal has declined to secure the pay of a former chief immigration officer who was sacked after likening his superior to top Nazi Heinrich Himmler, ruling that his whistleblowing allegations are unlikely to hold up.
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February 13, 2025
Alleged Russian Spy Says She Was Used By Lying Partner
A woman on trial for allegedly spying for Russia didn't know she was working for the Kremlin because her ex-partner, who claimed he worked for Interpol and had cancer, lied to her "on a fundamental level," her lawyers told a London jury Thursday.
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February 13, 2025
Former SFO HR Boss Loses Claim He Was Forced Out
A former head of human resources at the Serious Fraud Office has lost his case that he was forced to quit the white-collar crime agency because executives "deliberately and increasingly undermined" him and hired someone else to take over his duties.
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February 13, 2025
Shell's Negligence Caused Oil Pollution, Nigerian Villagers Say
Thousands of Nigerian villagers urged the High Court on Thursday to find that Shell can be held liable for environmental damage that they say was a foreseeable consequence of the energy giant failing to stop pipeline sabotage and theft.
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February 13, 2025
Insider Dealing Suspect Denies Illegally Profiting From Trades
A man appeared at a criminal court in London on Thursday to deny using inside information to profit from oil and gas stocks over a four-year period.
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February 13, 2025
FCA Files Criminal Charges Against Financial Adviser
The Financial Conduct Authority said Thursday it has charged an independent financial adviser with multiple criminal offenses that resulted in more than £2.3 million ($2.9 million) in losses for clients.
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February 13, 2025
Radical Reform A Must To Save Courts, Ex-CPS Chief Says
Radical reforms are required to clear the backlog of criminal cases in the U.K. that will push the economic crime crisis further down the queue if it is not tackled, a former chief crown prosecutor has told Law360.
Expert Analysis
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Drafting Settlement Agreements That Avoid Future Disputes
Several recent U.K. rulings highlight the importance of drafting precise settlement agreements to prevent time-consuming and costly disputes over what claims the agreements were meant to cover, says Michelle Radom at Osborne Clarke.
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Int'l Treaties May Aid Investors Amid UK Rail Renationalization
The recently introduced Passenger Railway Services Bill seeks to return British railways to public ownership without compensating affected investors, a move that could trigger international investment treaty protections for obligation breaches, says Philipp Kurek at Signature Litigation.
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
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EU Competition Report Spotlights Areas For Future Focus
The European Commission’s recent report on protecting competition highlights the importance of safeguarding innovation and preventing exploitative conduct by dominant firms, signaling that strong and focused law enforcement is to remain a priority with an even greater application of abuse-of-dominance rules, say Nicole Kar and Charlotte Mann at Paul Weiss.
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A Primer On EU's Updated Human Substance Regulations
The European Union's updated standards regarding quality and safety of substances of human origin meant for human application carry significant implications for companies that work with cells and tissues, and U.S. companies active in the EU market should pay particular attention to the import and export rules, say Geneviève Michaux and Georgios Symeonidis at King & Spalding.
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Autonomy Execs' Acquittal Highlights Good Faith Instruction
The recent acquittal of two former Autonomy executives demonstrates that a good faith jury instruction can be the cornerstone of an effective defense strategy in white collar criminal cases, in part because the concept of good faith is a human experience every juror can relate to, says Sara Kropf at Kropf Moseley.
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Implications Of The EU AI Act For Medtech Companies
Lawyers at Hogan Lovells discuss challenges the medtech sector faces in conforming with the requirements of the recently enacted European Union Artificial Intelligence Act, and the necessity for a detailed comparison with existing legislation to identify and address potential gaps.
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Insurance Rulings Show Court Hesitancy To Fix Policy Errors
Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.
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What New UK Listing Rules Mean For Distressed Companies
The Financial Conduct Authority’s recently published overhaul of U.K. listing rules makes it easier for advisers to restructure distressed listed companies, and in moving to a more disclosure-based approach, simplifies timelines and increases opportunities for investors, say Kate Stephenson and Sarah Ullathorne at Kirkland & Ellis.
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AI Reforms Prompt Fintech Compliance Considerations
With the EU Artificial Intelligence Act's Aug. 1 enforcement, and the U.K.'s new plans to introduce AI reforms, fintech companies should consider how to best focus limited resources as they balance innovation and compliance, says Nicola Kerr-Shaw at Skadden.
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Irish Businesses Should Act Now To Prepare For EU AI Act
Artificial intelligence is increasingly transforming the Irish job market, and proactive engagement with the forthcoming European Union AI Act, a significant shift in the regulatory landscape for Irish businesses, will be essential for Irish businesses to responsibly harness AI’s advantages and to maintain legal compliance, say lawyers at Pinsent Masons.
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Takeaways From World Uyghur Congress Forced Labor Ruling
The Court of Appeal’s recent judgment in the World Uyghur Congress' case against the National Crime Agency confirms that companies dealing in goods that they suspect to be products of forced labor are potentially liable to criminal prosecution, presenting significant legal risks that cannot always be mitigated through conducting supply chain due diligence, say lawyers at King & Spalding.
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10 Ways To Manage AI Risks In Service Contracts
With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.
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What Future May Hold For AI Innovation In UK Under Labour
Labour’s recent King's Speech was notable in its absence of discussion of a comprehensive artificial intelligence bill, and while this may indicate to many that the UK is open for business, the party’s approach to cross-sectoral engagement will be critical for shaping Britain's AI landscape in the near term, says Alexander Amato-Cravero at Herbert Smith.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.