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Corporate Crime & Compliance UK
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June 26, 2024
SDT Should Have Granted Anonymity In Iraqi AML Probe
A London court has ruled that the Solicitors Disciplinary Tribunal should have granted an anonymity order to protect client privilege amid its probe into a solicitor's dealings with an Iraqi family, but the judge agreed that the lawyer did not breach anti-money laundering regulations.
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June 26, 2024
Aviva Sees 39% Rise In Insurance Fraud Claims
Insurance giant Aviva on Wednesday said it spotted 39% more instances of fraud in 2023 than it did in the year previous, despite the value of fraudulent claims being lower than 2022.
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July 03, 2024
Paul Hastings Adds 12-Lawyer White Collar Team In Paris
Paul Hastings LLP has boosted its capacity to advise clients on white collar cases and legal actions concerning environmental, social and governance matters by hiring a team of 12 lawyers from a specialist litigation and investigations firm in Paris.
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June 25, 2024
Hedge Fund Exec Avoids Prison After Forex-Rigging Trial
The founder of U.K.-based Glen Point Capital on Tuesday was spared prison time following his conviction at trial for unlawfully manipulating the foreign exchange market in order to secure a $20 million payout for the hedge fund.
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June 25, 2024
UK Billionaire's Pilot Avoids Prison For Insider Trading
A Manhattan federal judge sentenced a former private jet pilot to house arrest Tuesday for insider trading on stock tips from his billionaire boss Joe Lewis, finding that a prison term would be unfair in comparison to Lewis' non-incarceratory sentence.
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June 25, 2024
Int'l Paper Gets US Clearance On $7.2B DS Smith Buy
International Paper Co. and its U.K. competitor DS Smith PLC said Tuesday that the waiting period for U.S. antitrust authorities to try and block their planned roughly $7.2 billion merger has expired.
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June 25, 2024
NatWest Faces Fight To Revive Design School Fraud Case
The founders of an interior design school asked an appeals court to revive their fraud claim against NatWest on Tuesday, arguing that a settlement did not block their case that the bank pretended to help while trying to take the school's assets.
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June 25, 2024
Law Firm Faces £35M Suit Over Troubled Care Home Scheme
Liquidators for a now-defunct group of companies have accused a law firm of ignoring the signs that their client was defrauding investors out of millions of pounds through a luxury care home Ponzi scheme.
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June 25, 2024
Assange Plea Deal Vindicates 'Fight To The End' Strategy
Julian Assange's plea deal with U.S. authorities has validated his legal team's decision to throw the kitchen sink opposing extradition, a strategy that may have cooled prosecutors' appetite for seeing the Wikileaks founder spend more time behind bars, lawyers say.
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July 02, 2024
Top White Collar Barrister Jumps Ship To Fountain Court
A top corporate crime barrister has joined Fountain Court Chambers to boost its offering to high-net-worth individuals and corporate defendants in major investigations by the Serious Fraud Office and other authorities, the set has said.
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June 25, 2024
Insurtech Body Calls For Regulatory Shakeup To Fuel Growth
The next government must create a "positive, enabling policy environment" that allows more insurance technology firms to enter the market and facilitates better funding to drive growth in the sector, a trade body said Tuesday.
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June 24, 2024
Julian Assange To Plead Guilty To US Charge, Feds Say
Julian Assange will plead guilty to a single count of conspiring to disclose national security information, the U.S. Department of Justice told a federal court in the Northern Mariana Islands on Monday, likely ending the WikiLeaks founder's long-running battle to avoid a U.S. prison sentence.
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June 24, 2024
Fragrance Co. Fined €15.9M For Deleting WhatsApp Messages
The European Commission fined International Flavors & Fragrances Inc. €15.9 million ($17 million) on Monday, after enforcers said a senior employee deleted WhatsApp messages during an investigation of potential anti-competitive activity in the fragrance industry.
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June 24, 2024
Businessman Sentenced For Disclosure Failings In Fraud Suit
A real estate investor was given a suspended sentence by a London judge Monday for failing to hand over information about his financial assets to investors suing him for alleged fraud, despite a court order.
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June 24, 2024
BHS Asks For £133M In Damages From Former Director
Liquidators for now-defunct retail chain British Home Stores argued Monday that one of the company's former directors owes it £133.5 million ($169.2 million), maintaining that the court should calculate damages from the day he was found to have agreed to a loan that was not in the interests of shareholders and not likely to save the business.
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June 24, 2024
German Banker's Cum-Ex Trial Dropped Due To Health
The former chairman of M.M. Warburg & Co. KGaA will not face trial for alleged dividend-tax evasion linked to cum-ex transactions spanning from 2006 to 2019 after a German court halted the trial due to his health, according to a Monday court statement.
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June 24, 2024
Ex-Chief Of EU Lender Probed Over Corruption Allegations
Werner Hoyer, the former head of the European Union's lending arm, is being investigated by the bloc's public prosecutor over corruption, abuse of influence and misappropriation allegations that he said on Monday were "unfounded and baseless."
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June 24, 2024
Dentons' Inadvertent AML Error Wasn't SRA Misconduct
Dentons' U.K. arm failed in handling anti-money laundering checks on a politically exposed former client, but its oversight was entirely inadvertent and therefore did not amount to professional misconduct, a London tribunal has ruled.
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June 24, 2024
UAE Fund Can't Shake Asset Freeze As Mogul Chases £20M
A London court agreed on Monday to continue a worldwide asset freezing order against a UAE sovereign wealth fund to allow an aviation tycoon to attempt to recover more than £20 million ($25.4 million) after a fraud allegedly assisted by a Dechert LLP partner.
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June 24, 2024
Charity Urges Better Ways To Fight Investment Greenwashing
A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.
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June 24, 2024
FCA Takes Action Against 3 Fund Mngrs On Risky Investments
The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.
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June 24, 2024
Apple Becomes 1st Target Of New EU Digital Markets Law
European authorities provisionally accused Apple's App Store of violating its new digital antitrust law designed to curtail the power of Big Tech, claiming the iPhone maker's guidelines unfairly prevent developers from steering consumers to alternative platforms.
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June 21, 2024
UK Tax Fraud Cases Rose 49% Over One-Year Period
The U.K. tax authority launched more criminal cases for tax fraud for the year ended June 30, 2023, increasing 49% from 63 cases for the previous year to 94, Pinsent Masons LLP said Monday.
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June 21, 2024
Apple Won't Offer AI Tools In EU Due To Regulatory Concerns
Apple confirmed Friday that the tech giant isn't planning on releasing new artificial intelligence features in the European Union this year due to "regulatory uncertainties" involving the bloc's new Digital Markets Act and the potential security risks that complying with the DMA could pose to Apple users.
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June 21, 2024
Pay-For-Delay Drug Case Not Time-Barred, UK Tribunal Says
The U.K. Competition Appeal Tribunal refused Friday to apply a much more restrictive statute of limitations that would toss government claims that Danish pharmaceutical company Lundbeck Ltd. and generic drug manufacturers anticompetitively agreed to delay generic competition to an antidepressant.
Expert Analysis
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How New Loan Origination Regime Will Affect Fund Managers
Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.
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How EU Sustainability Directive Will Improve Co. Reporting
The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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Extradition Ruling Hints At Ways Around High Burden Of Proof
The U.K. Supreme Court's recent ruling in Popoviciu v. Curtea De Apel Bucharest confirmed that, in a conviction extradition case, the requested person must establish a flagrant violation of their right to a fair trial, but the court's reasoning reveals creative opportunities to test this boundary in the U.K. and Strasbourg alike, says Rebecca Hughes at Corker Binning.
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What Lawyers Can Learn From FDI Screening Report Findings
The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
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Why Law Firms Should Heed Calls To Put ESG Over Profit
According to Deloitte’s recent survey, the majority of Gen Z and millennials remain unimpressed with businesses’ societal impact, and junior lawyers in particular are increasingly expecting the legal profession to shift to a business model that prioritizes sustainability above profitability, says Dana Denis-Smith at Obelisk Support.
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UK Review May Lead To Lower Investment Screening Burden
The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
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What Prince Harry Privacy Case May Mean For Media Ethics
An English High Court recently allowed the privacy case brought by Prince Harry and six other claimants against the Daily Mail publisher to proceed, which, if successful, could embolden other high-profile individuals to bring claims and lead to renewed calls for a judicial public inquiry into British press ethics, says Philippa Dempster at Freeths.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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How European Authorities Are Foiling Anti-Competitive Hiring
Lawyers at Squire Patton discuss key labor practice antitrust concerns and notable regulation trends in several European countries following recent enforcement actions brought by the European Commission and U.K. Competition and Markets Authority.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
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The State Of UK Litigation Funding After Therium Ruling
The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
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UK Shareholding Report A Missed Opportunity For New Tech
The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
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What Lawyers Need To Know About The UK Online Safety Act
The recently passed U.K. Online Safety Act requires regulated providers to take action to assess and mitigate user risks, and counsel for these companies should take advantage of Ofcom’s clear desire to have a collaborative relationship and improve governance, say Rachael Annear and Tristan Lockwood at Freshfields.