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Corporate Crime & Compliance UK
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July 16, 2024
Ex-Mozambique Official Accused Of $2B Fraud As Trial Opens
Federal prosecutors told a Manhattan jury Tuesday that Mozambique's former finance minister took $7 million in bribes in a "corrupt" plot to enrich himself and defraud investors after $2 billion in state-backed development projects flopped.
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July 16, 2024
Atty Seeks Protection From 'Swords Of Damocles' In $4B Fight
A private wealth solicitor fought Tuesday in a London court to remove "Swords of Damocles" hanging over him after he was appointed as the representative of a late Russian billionaire's estate in the latest chapter of a $1 billion dispute over the businessman's $3.7 billion fortune.
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July 16, 2024
Self-Styled Bitcoin Founder Could Face Criminal Prosecution
A London judge referred Craig Wright to prosecutors on Tuesday for potential perjury charges after concluding that the Australian computer scientist had repeatedly lied about inventing bitcoin for financial gain.
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July 16, 2024
Nurse Who Lied About Qualifications Guilty Of Fraud
A nurse who lied about her qualifications and work experience while applying for a senior role at a neonatal unit in Wales was convicted of nine counts of fraud on Tuesday.
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July 16, 2024
Ex-Armstrong Teasdale Solicitor Fined £20K Over AML Failure
A former Armstrong Teasdale compliance officer has been fined over £19,600 ($25,400) for failing to ensure her firm had policies to prevent money laundering and terrorist financing, the Solicitors Regulation Authority has said.
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July 16, 2024
Nigerians Claim Right To Sue Leigh Day For Oil Spill Victims
A Nigerian argued to the High Court on Tuesday that he can sue Leigh Day for negligence on behalf of oil spill victims in his country after a judge refused to adjourn the trial for a second time over the claimants' lack of counsel.
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July 16, 2024
Lawyer Faces Tribunal Over 'Fraudulent' £1M Gov't Loan
The solicitors' watchdog accused a lawyer on Tuesday of entering into a fraudulent loan agreement when she allegedly falsely claimed that her corporate client had secured £1 million ($1.3 million) in private investment that was being held in her law firm's client account.
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July 16, 2024
Fraudster Allegedly Used COVID Loans For PA's Legal Fees
A British businessman imprisoned for theft and false accounting scammed the government-backed pandemic funding scheme to repay the legal costs of an associate after she became embroiled in efforts to claw back his assets, prosecutors said Tuesday.
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July 15, 2024
SEC Says German Flouting Discovery In $150M Fraud Probe
A German national suspected of receiving proceeds of a $150 million "pump and dump" scheme from his son can't pick and choose when to avail himself of U.S. legal processes, the U.S. Securities and Exchange Commission said Monday as it seeks to recover funds.
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July 15, 2024
Care Workers' Vaccine Preference Can't Top Residents' Safety
An employment appeals panel has affirmed that a healthcare provider's mandatory COVID-19 vaccine policy did not infringe a group of care home workers' human rights, ruling that they were justifiably sacked because the company had a right to protect its residents.
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July 15, 2024
Nigerian Oil Spill Victims Can't Put Off Leigh Day Trial
A judge declined on Monday to adjourn the case of Nigerian villagers suing Leigh Day over the negotiation of a £55 million ($71 million) settlement with a Shell subsidiary, saying that the claimants had failed to explain why they were not ready on the first day of trial.
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July 15, 2024
SFO Beats Trader's Costs Demand Over Delayed Disclosure
A London court found on Monday that the Serious Fraud Office is not on the hook for the legal fees incurred by a former trader in biodiesel fuel after his trial, where he was acquitted of fraud charges, was delayed more than a year amid problems with disclosure.
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July 15, 2024
BHP, Vale To Split Damages 50/50 Ahead Of £36B Dam Trial
Mining giants BHP and Vale have agreed to equally share the cost of any damages awarded to hundreds of thousands of claimants in legal proceedings in England, the Netherlands and Brazil over a dam disaster operation that killed 19 people.
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July 15, 2024
PayPal Fined $27.3M By Polish Competition Watchdog
Poland's competition regulator said Monday that it has fined PayPal 106.6 million Polish złoty ($27.3 million) for using prohibited provisions in its user agreement that could lead to sanctions against users that are unpredictable.
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July 12, 2024
Lawyer Beats Allegation He Helped Tycoon Duck Asset Freeze
A leading Monégasque lawyer did not conspire to help an embattled Taiwanese shipping magnate evade an asset freezing order, as he "honestly believed" he was entitled to transfer $26 million from the sale of the businessman's villas, a London judge ruled Friday.
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July 12, 2024
Apple, Amazon Fight Over Class Terms In £500M Price Claim
A consumer advocate clashed in a London tribunal on Friday with Apple and Amazon over the terms of her £500 million ($649 million) class action that accuses them of inking a secret deal to limit independent sales of Apple's products.
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July 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.
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July 12, 2024
Prisoners To Be Released Early As System Nears Capacity
Thousands of prisoners will be released early after serving less than half of their sentences, the government said on Friday, as the justice system teeters on the edge of collapse amid overcrowding in the country's prisons.
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July 12, 2024
Dentons To Face SRA Appeal On AML Misconduct Ruling
The Solicitors Regulation Authority has appealed against a London tribunal's decision that inadvertent anti-money laundering failures at the U.K. arm of Dentons over a politically exposed client did not amount to professional misconduct.
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July 12, 2024
Oil Co. Loses Bid To Alter £43M Legal Bills In $11B Nigeria Win
The Court of Appeal refused on Friday to change the currency used in the payment of Nigeria's legal costs arising from an $11 billion battle over a fraudulent arbitration award for the "straightforward" reason that the solicitors' invoices are in sterling.
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July 12, 2024
Fix AML Defenses Or Face Fines, German Banking Group Told
Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.
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July 11, 2024
Volvo Wasn't Properly Served In Cartel Case, ECJ Says
The European Union's top court ruled Thursday that Volvo was not validly served when documents were sent to its Spanish subsidiary, in a major setback for a competition damages claim in the Iberian country.
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July 11, 2024
Former EuroChem CEO Escapes EU Sanctions
The European General Court has lifted sanctions on the former chief executive officer of Russian fertilizer manufacturer EuroChem, finding there is not enough evidence to show the businessman is still involved in sectors generating revenue for the Russian government.
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July 11, 2024
NCA Can Seize Money Linked To £55M Tax Scam
A 13-year money laundering investigation involving a lottery winner, a bomb hoax and a £55 million ($71 million) tax fraud neared its end at a London court on Thursday as a judge ordered funds from three defunct companies to be forfeited to the National Crime Agency.
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July 11, 2024
Social Media Influencers Deny FCA Charges Over Forex Ads
Eight reality TV stars and social media influencers pleaded not guilty to charges brought by the Financial Conduct Authority at a London court on Thursday over claims that they promoted a high-risk trading scheme dealing in financial products without authorization.
Expert Analysis
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What Legal Cannabis In Germany Means For Employers
Since April 1, the consumption and limited possession of cannabis has been permitted in Germany, so employers should take a few steps to maintain safe and productive workplaces while respecting the new legal landscape, says Sven Lombard at Simmons & Simmons.
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What French Watchdog Ruling Means For M&A Landscape
Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.
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New Directors' Code Of Conduct May Serve As Useful Guide
Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.
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Comparing EU, Southeast Asia Approaches To AI Regulation
Although Southeast Asian countries often adopt statutory frameworks similar to those in the European Union, the region’s more business-friendly approach to artificial intelligence regulation may be a setback to the EU’s push for coordination with its AI Act and a barrier to establishing a global standard, say Anne-Gabrielle Haie at Steptoe and Nop Chitranukroh at Tilleke & Gibbins.
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Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
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Assessing Exposure Under UK Foreign Influence Scheme
While the proposed Foreign Influence Registration Scheme, designed to ensure transparency around foreign state-directed activities, may be delayed by the snap general election, organizations should prepare for compliance, including addressing concerns about the extent of unintended consequences arising from the scheme's scope, say Gavin Costelloe and Gillian Sproul at Greenberg Traurig.
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How FCA Guidance Aligns With Global Cyberattack Measures
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.
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Contractual Drafting Takeaways From Force Majeure Ruling
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.
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Takeaways From Regulators' £61.6M Citigroup Trading Fine
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.
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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.