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Corporate Crime & Compliance UK
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February 03, 2025
All-Risk Insurers Demand War-Risk Payouts For Stranded Jets
Insurers that covered aircraft lessors whose planes were stranded in Russia after the invasion of Ukraine told a London court on Monday that other insurers that covered the lessors for war-related risks should pay out for the allegedly lost aircraft.
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February 03, 2025
Uyghur Rights Group To Sue FCA If Shein Gets LSE Listing
A Uyghur human rights group has threatened to take the Financial Conduct Authority to court if it permits Shein to list on the London Stock Exchange, stepping up its fight against the ultra-fast-fashion giant over slavery concerns.
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February 03, 2025
EPPO Probes Steel Tax Fraud In UK And Germany
The European Public Prosecutor's Office is investigating suspected tax fraud linked to imports of Indian steel into Germany via the U.K. to dodge the European Union's import duties, the office said Monday.
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February 03, 2025
FCA Response To Critical Report 'Disappointing,' MPs Say
The Financial Conduct Authority's response to a highly critical parliamentary report has been lackluster and continues to demonstrate that the regulator is "in dire need of transformation," the MPs who penned the report said Monday.
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February 03, 2025
EU Watchdog Warns That All Crypto Firms Are High Risk
The European Union's finance watchdog has briefed national regulators authorizing crypto-assets firms to consider every candidate high risk, particularly from money laundering.
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February 03, 2025
Ex-Goldman Analyst Told To Pay £586K For Insider Trading
The Financial Conduct Authority said Monday that it has secured £586,000 ($722,000) from a former Goldman Sachs employee imprisoned for insider dealing after using price-sensitive information to trade in shares.
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January 31, 2025
Brexit Five Years On: The Legal Landscape After Europe
Five years after the U.K. formally left the European Union, Law360 looks at how Brexit has changed the legal, regulatory and financial terrain.
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January 31, 2025
UK Cos. See Brexit's Legacy In Steeper Compliance Costs
British companies doing business in the European Union have seen their tax compliance burden rise as the U.K.'s tax rules have moved further away from EU rules in the five years since Brexit, though the largest companies have been able to absorb the costs.
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January 31, 2025
Ex-IP Co. Director Says Lawyer, Founders Hid $40M Takeover
A former director of a celebrity intellectual property licensing company has claimed in court filings that two fellow directors, aided by an ex-Russells Solicitors partner, concealed plans for a $40 million takeover to try to convince him to sell his shares on the cheap.
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January 31, 2025
Valorem Sues Former CEO For Violating Russia Sanctions
A luxury perfume group has sued its former chief executive officer, who is accused of bragging to a private investigator about selling his product to Russia in breach of sanctions, for fiduciary and contractual breaches and failure to protect its intellectual property rights.
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January 31, 2025
Ex-BigLaw Atty Can't Escape OneCoin Conviction At 2nd Circ.
The Second Circuit on Friday upheld a former Locke Lord LLP partner's conviction and 10-year sentence for helping launder roughly $400 million in proceeds from the multibillion-dollar OneCoin cryptocurrency scheme, rejecting the attorney's contention that a sole cooperating government witness' perjury and other purported errors warranted reversing his punishment.
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January 31, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen another claim by Woodford investors against Hargreaves Lansdown in the widening £200 million ($248 million) dispute over the fund's collapse, a solicitor barred for his role in a suspected advance fee fraud face action by a Swiss wholesaler, and The Resort Group, which markets investments in luxury hotel resorts, hit with a claim by a group of investors. Here, Law360 looks at these and other new claims in the U.K.
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January 31, 2025
Cleaners Punished For Union Membership Win £101K
DOC Cleaning must pay £101,479 ($126,010) for mistreating and belittling six staff members in order to dissuade them from participating in union activities, an employment tribunal has ruled.
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January 31, 2025
SFO Gets Nod To Bring DPA Enforcement Case Against Guralp
A judge ruled Friday that the Serious Fraud Office could proceed with efforts to hold a seismic technology company liable for breaching its corporate bribery settlement, in its first-ever attempt to enforce the terms of a suspended prosecution agreement.
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January 31, 2025
Claims Management Sector Warned Over Misleading Adverts
The Financial Conduct Authority has written to claims management companies warning that it will respond to multiple cases of misleading advertising with new consumer protection measures.
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January 31, 2025
CMA Beats Motorola In Emergency Network Price Cap Appeal
Motorola has failed in its bid to overturn a decision by the antitrust watchdog that restricted how much the technology giant can charge the emergency services in Britain to use its Airwave network, after an appeals court found the move was "fully justified."
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January 31, 2025
BBC Apologizes For Mismanaging Russell Brand Complaints
The BBC has apologized to members of staff who felt unable to raise concerns about Russell Brand's behavior while he worked for the broadcaster because they "felt that there was no point in raising a concern as it would not be listened to."
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January 31, 2025
Construction Co. Denies Infringing UK Biz's 'Briticom' TM
A construction business has denied infringing a U.K. company's "Briticom" trademark on counterfeit supplies for a building project in Benin, telling a court that it did not procure any goods unlawfully bearing the brand.
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January 31, 2025
Investment Manager Must Repay £6M To Ponzi Victims
A judge has ordered a former investment manager serving six years in prison for defrauding more than 200 investors to repay victims £5.9 million ($7.3 million), the Financial Conduct Authority said Friday.
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January 30, 2025
Wise Reaches $2.5M CFPB Deal Over Disclosure, Fee Issues
In its first new enforcement action since President Donald Trump's return to office, the Consumer Financial Protection Bureau on Thursday ordered Wise, a global money transfer fintech, to pay nearly $2.5 million on allegations it committed misleading fee marketing and disclosure-related violations.
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January 30, 2025
Chancery Tosses Last Of Deutsche Bank, Vik Debt Suit
A more than seven-year Delaware Court of Chancery battle tied to Norwegian billionaire Alexander Vik's alleged efforts to avoid a $236 million U.K. judgment in 2009 ended on Wednesday with a quiet fizzle.
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January 30, 2025
Beautician In Spy Trial Thought She Was Helping Interpol
A Bulgarian beauty technician accused of spying for Russia said she believed that she was assisting a "charming" Interpol officer while she put targets across Europe under surveillance, as she gave evidence at her trial Thursday.
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January 30, 2025
Energy Group Urges UK To Link To EU's Carbon-Tax Measure
The U.K. government should link to the European Union's Emissions Trading System to mitigate the impact of carbon border taxes on businesses in Northern Ireland, an energy industry group said.
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January 30, 2025
Denmark Cuts British Trader's Tax Fraud Prison Sentence
A British hedge fund trader convicted of defrauding Denmark's tax authority out of more than 320 million Danish krone ($47 million) in a sham trading scheme to reclaim tax has had his prison sentence shortened by an appeals court.
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January 30, 2025
SMEs Urged To Insure Against The Risk Of Cyberattacks
There is a "severe" cyber-protection gap among small and midsized business in the U.K., a trade body for the insurance sector has warned as it urged companies to reassess whether they are too small to fall victim to an attack.
Expert Analysis
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How AI Treaty Will Further Global Governance Cooperation
The EU’s recently adopted treaty on artificial intelligence represents a significant step toward global cooperation in AI governance in emphasizing human rights obligations, although additional guidance and clarity would be beneficial to minimize varied interpretations at national level, say lawyers at Eversheds Sutherland.
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EU Investor-State Dispute Transparency Rules: Key Points
The European Union's recent vote to embrace greater transparency for investor-state arbitration will make managing newly public information more complex for all parties in a dispute — so it is important for stakeholders to understand the risks and opportunities involved, say Philip Hall, Tara Flores and Charles McKeon at Thorndon Partners.
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How Regulation Of Tech Providers Is Breaking New Ground
The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
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Takeaways From EU's Initial Findings On Apple's App Store
A deep dive into the European Commission's recent preliminary findings that Apple's App Store rules are in breach of the Digital Markets Act reveal that enforcement of the EU's Big Tech law might go beyond the literal text of the regulation and more toward the spirit of compliance, say William Dolan and Pratik Agarwal at Rule Garza.
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Why Trustees Should Take Note Of Charity Code Consultation
The Charity Governance Code Steering Group's recently launched governance code consultation is unlikely to result in a radical overhaul, but with the bigger issue being awareness and application by smaller underresourced charities, trustees should engage with the process to help shape the next iteration of this valuable tool, says Chris Priestley at Withers.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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How CMA's AI Strategic Update Addresses Industry Risks
The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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Examining The EU Sanctions Directive Approach To Breaches
In criminalizing sanctions violations and harmonizing the rules on breaches, a new European Union directive will bring significant change and likely increase enforcement risks across the EU, say lawyers at Hogan Lovells.
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What New UK Labour Gov't Is Planning For Financial Services
Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
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Companies Trading In The EU Should Heed Mondelēz Ruling
The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.
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Why Reperforming Loan Securitization In UK And EU May Rise
The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.