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Corporate Crime & Compliance UK
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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.
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June 21, 2024
Surveyor Wins £110K After Director's Unfounded Fraud Report
A tribunal has ordered a surveyors company and two of its directors to pay a former trainee almost £110,000 ($139,000) after ruling that she was subject to harassment relating to her sex and victimization.
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June 21, 2024
Apple Can't Challenge £853M IPhone Battery Class Action
Apple failed in its bid to challenge an £853 million ($1 billion) proposed class action that accuses it of concealing problems with batteries in the phones of 24 million customers, after an appeals court found Friday the claim had prospects of success.
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June 21, 2024
Part-Time Judge Gets Prison Over £1.8M Legal Aid Fraud
A barrister and part-time judge was sentenced to three years in prison at a London criminal court Friday for fraudulently submitting false claims for criminal defense costs after he was convicted for engaging in a conspiracy to inflate legal fees.
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June 21, 2024
Russian Bank Founder Hit With Asset Freeze In $850M Claim
A London judge froze the assets of the co-founder of a Russian bank in a hearing Friday, in the latest development of an $850 million fraud claim in which two Russian lenders are seeking to claw back allegedly embezzled funds.
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June 21, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.
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June 21, 2024
Salmon Farmers Hit With £382M Price-Fixing Class Action
Several Atlantic fish farming companies face a £382 million ($482 million) class action on behalf of millions of U.K. consumers who accuse the businesses of running a cartel to artificially inflate salmon prices.
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June 21, 2024
European Funds Want Laxer Rules On Derivatives Calls
A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.
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June 21, 2024
Axiom Stays £65M Action As Directors Claim Bankruptcy
A London judge ruled on Friday that shuttered firm Axiom Ince can stay its almost £65 million ($82 million) claim against its ex-director and several of his companies for allegedly misappropriating client funds, saying the main defendant has been declared bankrupt.
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June 20, 2024
SRA Confirms 20-Plus Investigations Into Post Office Scandal
The solicitors' watchdog said Thursday it is running more than 20 investigations into practitioners and law firms implicated in the Post Office IT scandal — but maintained it has no plans to take enforcement action because the public is not at risk.
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June 20, 2024
Mastercard Settles Retailers' Swipe Fees Group Litigation
Mastercard has settled a class action claim brought by more than 1,900 businesses in ongoing litigation over allegations it imposed excessively high credit card fees on merchants, a person familiar with the case has confirmed.
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June 20, 2024
Financial Watchdog Launches First-Ever ESG Probe Into Biz
The Financial Conduct Authority has opened its first-ever enforcement investigation into a company over climate-related issues, lawyers from an environmental legal campaign group said on Thursday.
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June 20, 2024
FCA Backs Police In Illegal £1B Crypto-Scheme Arrests
The Financial Conduct Authority said Thursday that it worked with the Metropolitan Police on an operation that resulted in the arrest of two individuals suspected of running an illegal £1 billion ($1.3 billion) crypto-asset business.
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June 20, 2024
Tory Donor Charged With Bribing Official To Face 2027 Trial
An entrepreneur and political donor charged with bribing a public official in the Caribbean to secure contracts for his solar power company will face trial in early 2027, a judge at a London court said Thursday.
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June 20, 2024
UK Gov't Must Face War Crime Libel Claim, Top Court Rules
A Bangladesh-born British citizen can revive his libel claim over a Home Office report that said he was guilty of war crimes after the U.K. Supreme Court ruled Thursday that it was not an abuse of process, allowing it to continue to trial.
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June 19, 2024
Drivers Sue Amazon Over Alleged Work Visa Scam
A group of drivers for Amazon who say they were lured to the U.K. from Spain as part of a sophisticated visa scam have filed an employment claim against the retail giant and its logistics provider.
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June 19, 2024
Rosling King And Ex-Client Clash Over Negligence Claim
Tonstate Group and its former legal counsel Rosling King LLP sought Wednesday to toss parts of each other's cases in the claim by the investment company accusing the law firm of negligently managing litigation against Tonstate's ex-CEO.
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June 19, 2024
Russian Billionaire Loses Bid To Overturn EU Sanctions
The European Union's General Court upheld sanctions against Russian billionaire Igor Rotenberg on Wednesday, ruling that there is enough evidence to show he profited from Russia supporting companies he managed and owned shares in.
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June 19, 2024
Mastercard Cuts Time-Barred Claims From £10B Class Action
A London tribunal has wiped out a swathe of claims from a £10 billion ($12.7 billion) class action against Mastercard for being time-barred, dismissing allegations on Wednesday that the credit card giant had hidden information about its interchange fees from consumers.
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June 19, 2024
PPE Distributor Claims $11M Lost In 'Secret Commissions'
A British medical supplier is suing its former agent for $10.8 million for allegedly defrauding it by taking secret commission on orders of personal protective equipment during the COVID-19 pandemic.
Expert Analysis
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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.
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Trial By AI Could Be Closer Than You Think
In a known first for the U.K., a Court of Appeal justice recently admitted to using ChatGPT to write part of a judgment, highlighting how AI could make the legal system more efficient and enable the judicial process to record more accurate and fair decisions, say Charles Kuhn and Neide Lemos at Clyde & Co.