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Corporate Crime & Compliance UK
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May 02, 2024
BofA Beats Whistleblower Claim Without Settlement Defense
An employment judge has ruled a whistleblower working for Bank of America did not breach the terms of a settlement when he brought fresh litigation against the bank — but still dismissed his claims for filing them too late.
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May 02, 2024
Insurers Don't Have To Cover Deal Soured Over Bribery Woes
A London appeals court on Thursday rejected a holding company's bid to overturn a ruling that found its insurers were not liable for losses it suffered when its acquisition of a construction contractor went south after bribery and corruption allegations.
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May 02, 2024
Financial Watchdog Boss Summoned Over Plan To ID Targets
The head of the Financial Conduct Authority has been summoned to explain to lawmakers why he has not responded to their request to pause the watchdog's controversial plan to name the firms it probes amid mounting criticism that doing so could harm those later found innocent.
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May 09, 2024
Dentons Hires Disputes Partner With Green Expertise
Dentons has hired an environmental litigation guru, who spent over a decade at Freshfields Bruckhaus Deringer LLP, to take up a partner position in its disputes team.
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May 02, 2024
PPF Says Norton's Pensions Top-Up Payments Starting Soon
The pensions compensation program has confirmed that former employees of Norton Motorcycles will get top-up payments soon, after they were left financially disadvantaged when an executive siphoned off funds from a staff retirement savings plan.
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May 02, 2024
Europol Helps Bust 12 Fraudulent Call Centers
Police have raided 12 call centers in several countries for making thousands of investment scam calls and other telephone fraud, Europol said Thursday, as the agency revealed the cost to victims could have been more than €10 million ($10.7 million.
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May 02, 2024
Stalker Ex-BBC Presenter Must Pay Libel Damages To Cop
A former BBC radio presenter imprisoned for stalking broadcaster Jeremy Vine must pay "substantial" compensation to the police officer who investigated him after she settled her libel claim on Thursday over false allegations that he posted about her online.
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May 02, 2024
Uber Hit With £250M Claim From London's Black Cab Drivers
Uber was hit on Thursday with a multimillion-pound claim brought by more than 10,500 drivers of London's black cabs, who say the ride-hailing app operates unlawfully in the capital.
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May 01, 2024
Autonomy CEO's Atty Says Judge 'One-Sided' Against Client
A Steptoe LLP partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial accused the judge overseeing the case of making comments to the jury that are "one-sided" in a way that prejudices the defense.
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May 01, 2024
Teacher Argues Ban Over Pronoun Use Violates Human Rights
A teacher banned from the profession for misgendering a transgender pupil argued Wednesday that the prohibition unjustifiably interfered with his rights as a Christian.
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May 01, 2024
FCA Opposes Paying Ex-Julius Baer Manager's Legal Costs
The U.K.'s Financial Conduct Authority urged a London appellate court Wednesday to overturn a tribunal's decision to make it pay part of a former Julius Baer employee's legal costs, saying the tribunal unfairly ruled that the FCA had unreasonably not called witnesses who were overseas.
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May 01, 2024
Pension Scam Group's Future Hit By Lack Of Volunteers
A voluntary body that works against pensions scams said on Wednesday that it is considering winding up its operations and is concerned that a fall in volunteer numbers might jeopardize its effectiveness.
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May 01, 2024
FCA's Investigation Regime May Tarnish Unnamed Individuals
Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.
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May 01, 2024
Ex-Cartwright King Lawyer Denies Post Office Stalling Tactic
A former Cartwright King lawyer who prosecuted people for the Post Office based on faulty IT data denied there was a "tactic" to delay the disclosure of vital evidence to the defense, as he gave evidence to the inquiry into the Horizon scandal on Wednesday.
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May 01, 2024
Boris Becker Gets UK Bankruptcy Order Lifted
Boris Becker is no longer bankrupt after a London court released the multiple Grand Slam tennis champion on Wednesday from any further liability arising from his bankruptcy debt in the U.K.
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May 01, 2024
SFO Needs Urgent Funding Plan, Disclosure Review Warns
The Serious Fraud Office "urgently" needs a long-term funding strategy if it is to compete to keep experienced staff, the U.K. prosecution watchdog has warned, although it said the agency has improved its practice on disclosure in investigations.
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April 30, 2024
Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors
A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."
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April 30, 2024
Cartwright King Warned Post Office Of Giving Defense Ammo
A Cartwright King lawyer warned that the Post Office announcing an independent review into the IT system used to wrongfully prosecute innocent people would "give ammunition" to the defense, according to documents disclosed to the inquiry into the scandal Tuesday.
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April 30, 2024
German Banker Gets 3 Years For €93M Cum-Ex Tax Evasion
A German court on Tuesday sentenced a former bank board member to three years and two months in prison for his part in a €93.4 million ($100 million) so-called cum-ex dividend tax fraud.
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May 07, 2024
Kingsley Napley Hires M&A Pro From Deloitte
Kingsley Napley LLP has hired a partner from Deloitte LLP as it seeks to expand its corporate practice and its focus on mergers and acquisitions despite the slowdown in the U.K. deals market.
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April 30, 2024
Oil Co. Claims Nigeria In For Windfall From $11B Win Legal Bill
An oil and gas company urged a London appellate court on Tuesday to change the currency for Nigeria's legal costs from a battle over an $11 billion arbitration award due to bribery and fraud, arguing the West African state would profit from exchange rate fluctuations.
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April 30, 2024
Deliveroo, Uber Eats Commit To Extra Illegal Working Checks
Food delivery giants Deliveroo, Just Eat and Uber Eats have agreed to extra security checks to stop delivery drivers from sharing their accounts in a bid to crack down on drivers working illegally, the U.K. government announced Tuesday.
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April 30, 2024
EU Banking Watchdog Warns Of New Payment Scams
The European Union's banking watchdog has warned of the emergence of new forms of payment scams facing consumers and proposed new measures to "future proof" the bloc's anti-fraud rules in an opinion published Tuesday.
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April 30, 2024
Insurers Warn Of 'Irreparable Damage' From FCA's New Rules
An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.
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April 30, 2024
Tesco Sues Truckmaker Over Emissions Price Fixing Cartel
Supermarket giant Tesco is seeking damages from Scania after the Swedish truck manufacturer was fined by the European Commission over its role in a price-fixing cartel, according to a claim filed with the U.K.'s antitrust court Tuesday.
Expert Analysis
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FCA Consumer Duty May Pose Enforcement Challenges
The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.
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GDPR Proposal Would Lead To Changes In Enforcement
The European Commission recently proposed rules to harmonize member state approaches to General Data Protection Regulation enforcement, and if they're implemented the coordination may mean answering for breaches in multiple jurisdictions when it would have been limited to one previously, say Anne-Gabrielle Haie and Leigh Mallon at Steptoe & Johnson.
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What To Know About AI Fraudsters Before Facing Disputes
The potential of artificial intelligence to augment fraudsters' efforts is arguably unprecedented, so lawyers will swiftly need to become familiar with the fundamentals of AI to deal with it in the context of disputes, says Daniel Wyatt and Christopher Whitehouse at RPC.
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UK Insolvency Reform Review Shows Measures Are Working
The U.K. Insolvency Service's recently published review of legislative reforms to the corporate insolvency regime demonstrates that despite being underutilized, the measures have been shown to help viable companies survive, and with the current difficult economic environment, will likely be an important aspect of organizational restructuring going forward, says Kirsten Fulton-Fleming at Taylor Wessing.
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More UK Collective Actions On The Horizon After Forex Ruling
A U.K. appeals court's recent decision in Forex case Evans v. Barclays is likely to significantly widen the scope of opt-out collective proceedings that can be brought, paving the way for more class actions by prospective claimants who have previously been unable to bring individual claims, say Robin Henry and Tamara Davis at Collyer Bristow.
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FCA Listing Reform Proposals Aim To Modernize UK Markets
The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.
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Takeaways From ICO's Action In NatWest Privacy Dispute
The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.
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Employer Steps Ahead Of Sexual Harassment Prevention Law
A new Parliamentary bill on employers' duties to prevent sexual harassment in the workplace is expected to enter into force next year, so companies should prepare by rethinking their prevention strategies to avoid fines or being investigated by the Equality and Human Rights Commission, says Joanne Moseley at Irwin Mitchell.
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How Russia Sanctions May Complicate Contract Obligations
Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.
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New Guidance Offers Clarity For Charities On ESG Investing
The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.
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US And EU Poised For Closer Ties In Tech Financial Market
The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.
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FCA Case Failures Highlight Value Of Robust Investigation
The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.
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Reputation Management Lessons From Spacey Case
While a U.K. jury recently acquitted actor Kevin Spacey of sexual assault charges, his reputation has been harmed, illustrating the importance for lawyers to balance a client's right to privacy with media engagement throughout the criminal process, says Jessica Welch at Simkins.
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Factors To Consider In Protecting Software With Trade Secrets
With trade secrets protecting subject matter that would not otherwise be eligible for a patent now a mainstay of many multinationals’ intellectual property strategies, software developers have a number of considerations in deciding whether this is a viable alternative to protect their invention, says Dave Clark at Potter Clarkson.
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What ClientEarth Ruling Means For Shareholder Climate Suits
The High Court recently confirmed its earlier decision in ClientEarth v. Shell, illustrating that environmental groups seeking to bring a derivative action against corporate directors' strategic decision making may find it challenging to obtain admissible evidence to establish a prima facie case of a breach, say lawyers at Herbert Smith.