Corporate Crime & Compliance UK

  • August 19, 2024

    Mike Lynch, Clifford Chance Pro Among Missing After Yacht Sinks

    Former Autonomy CEO Michael Lynch and a Clifford Chance LLP partner who helped him beat federal fraud charges back in June are among those missing after their chartered luxury yacht sank during a storm off Sicily early Monday during a trip reportedly to celebrate Lynch's legal victory.

  • August 19, 2024

    Deutsche Bank Moved Money For ISIS, Victims' Families Say

    Families of two journalists and an aid worker captured and killed by the Islamic State sued Deutsche Bank AG in New York federal court for allegedly facilitating the financing of the terrorist group, a case that comes on the 10th anniversary of the death of journalist James Foley.

  • August 19, 2024

    German State Liable In €500M Timber Sales Antitrust Fight

    A German state breached antitrust laws for decades in its sales of round timber, leaving it liable to antitrust suits worth an estimated €500 million ($553 million), a German regional appeals court has ruled.

  • August 19, 2024

    Ex-Finance Co. Director Denies Forcing CEO's Share Transfer

    The former director of a lending business has denied forcing the chief executive of the company to transfer shares by concocting a false fraud allegation, and told a London court that his report to a regulator was justified.

  • August 19, 2024

    Simpson Thacher To Face Tribunal Over AML Failings

    Simpson Thacher & Bartlett LLP has been referred to a London tribunal over allegations that it failed to implement measures to lower the risk of money laundering and terrorist financing, the Solicitors Regulation Authority said Monday.

  • August 19, 2024

    Former BHS Directors Liable For £110M Over Collapsed Biz

    Two former directors of the defunct British Home Stores retail chain have been found liable for more than £110 million ($142 million) after they allowed the company to continue trading when there was no prospect of recovery.

  • August 16, 2024

    Deutsche, Ex-Trader End 2nd Libor Malicious Prosecution Suit

    Deutsche Bank and a former U.K. derivatives trader who accused the bank of scapegoating him to U.S. authorities investigating interest rate-rigging have resolved his $30 million malicious prosecution lawsuit in New York state court.

  • August 16, 2024

    UN Votes For Global Services As First Priority Under Tax Pact

    The United Nations voted Friday to make taxation of cross-border services the most prioritized topic for a legally binding agreement to be finalized by late 2027 alongside the organization's framework convention on international tax cooperation.

  • August 16, 2024

    Telecom Directors Deny Adviser's HMRC Fraud Claim

    Two directors have denied owing a financial adviser a fee for attempting to source a £5 million ($6.4 million) investment for their telecommunications business, characterizing his July claim that they hoped to defraud the U.K.'s tax department through the company as "entirely fictitious."

  • August 16, 2024

    Local Council Accuses Tycoon Of Misappropriating £150M

    A local English council pushed into effective bankruptcy after a spate of failed investments has sued a businessman for upward of £150 million ($194 million) it claims he siphoned off to buy yachts, private jets and a country estate.

  • August 16, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.

  • August 16, 2024

    PwC Fined £15M For Failing To Flag LC&F Fraud Suspicion

    The Financial Conduct Authority said Friday it has fined PricewaterhouseCoopers LLP £15 million ($19.3 million) for failing to report to the regulator its belief that London Capital & Finance PLC might be involved in fraud.

  • August 23, 2024

    Orrick Gains Ex-BCLP Antitrust Pro As Partner In UK

    Orrick Herrington & Sutcliffe LLP has hired a partner to its London antitrust unit from Bryan Cave Leighton Paisner LLP as it looks to build out a "world-class" team in the City.

  • August 16, 2024

    FCA Apologizes For Treatment of 'Voluntary Requirement'

    Britain's financial watchdog has apologized for an unnecessary extension of two years of publishing on its register a "voluntary requirement" for a company indicating failure to meet standards after the Complaints Commissioner upheld a claim.

  • August 15, 2024

    Importer Denies Secret Commission For PPE In Fraud Claim

    A British import company, its former directors and a former consultant all denied that they defrauded a medical supplier by taking a secret $10.8 million commission for personal protective equipment orders during the initial stages of the COVID-19 pandemic, saying it was obvious that the company would earn profits in that way.

  • August 15, 2024

    PACCAR Bill Delay Could Hurt UK Legal Industry, Experts Say

    The U.K. government's decision to hold off introducing legislation reversing the effects of the U.K. Supreme Court's PACCAR ruling could be at odds with ambitions to make the U.K. legal sector the fastest in the world, a panel of experts suggested Thursday.

  • August 15, 2024

    Thousands Of Fare-Dodging Convictions To Be Quashed

    Up to 74,000 convictions for evading train fares are set to be quashed after a senior district judge ruled on Thursday that rail operators should never have used the single justice procedure to prosecute passengers behind closed doors.

  • August 15, 2024

    Medical Tester Wins Order To Stop Release Of Hacked Data

    A medical testing company hit in a ransomware attack that disrupted London hospitals has secured an injunction at the High Court in an effort to prevent publication of patients' private medical data that was stolen by the hackers.

  • August 15, 2024

    FCA Censures Audit Firm On Client Assets Report Breaches

    The Financial Conduct Authority said Thursday it has censured auditor Macintyre Hudson LLP for failing to report breaches of the FCA's rules on treatment of client assets.

  • August 15, 2024

    Hamlins Media Pro To Face SDT Over Alleged Litigation Threat

    A Hamlins LLP partner will face a disciplinary tribunal over allegations that he improperly threatened to bring litigation, the solicitors' watchdog has said, marking the second time the SRA has prosecuted a lawyer over the use of SLAPPs.

  • August 14, 2024

    NC Court Defers Ruling To Unseal Cadwalader Coverage Suit

    The North Carolina Business Court on Monday did not outright reject a bid by a Lloyd's of London syndicate looking to unseal a complaint by Cadwalader Wickersham & Taft LLP seeking coverage for a November 2022 data breach, though the judge did admonish the syndicate for failing to consult with Cadwalader's counsel before filing the motion.

  • August 14, 2024

    Mauritius Gov't Report On Lawyer's Conduct Was Unfair

    A Mauritian barrister can challenge a report that branded him a "spy" for drug traffickers, as the Judicial Committee of the Privy Council found on Wednesday that the principles of fairness and natural justice were not followed when those conclusions were reached.

  • August 14, 2024

    Tribunal Must Re-Try Harassment Win Against Now-Dead Boss

    An appellate tribunal has overturned a £19,000 ($24,400) payout made to an administrative assistant over claims of sexual harassment, ruling that her boss, who has since died, might have been too sick to defend himself at the time.

  • August 14, 2024

    EU Watchdog Sets Priorities For Bank Resolution Rules

    The European Union banking watchdog has found banks need to prepare better for the process of orderly failure known as resolution, including by obtaining more accurate data for assessing their financial positions.

  • August 14, 2024

    FCA Fines, Bans Consultant For Leaving Clients Uninsured

    The financial regulator said Wednesday that it has banned an insurance consultant from working in financial services and hit him with a fine of just over £5,000 ($6,430) fine for using funds from clients to pay his business and personal debts.

Expert Analysis

  • What Prince Harry Privacy Case May Mean For Media Ethics

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    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.

  • Economic Crime Act Exposure: What Companies Can Expect

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    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.

  • How European Authorities Are Foiling Anti-Competitive Hiring

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    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.

  • FCA Promotions Review Sends A Strong Message To Firms

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    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.

  • When Can Bonuses Be Clawed Back?

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    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.

  • The State Of UK Litigation Funding After Therium Ruling

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    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.

  • UK Shareholding Report A Missed Opportunity For New Tech

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    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.

  • What Lawyers Need To Know About The UK Online Safety Act

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    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.

  • Trial By AI Could Be Closer Than You Think

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    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.

  • Employer Considerations After Visa And Application Fee Hikes

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    The U.K.'s recent visa and application fee increases are having a significant financial impact on businesses, and may heighten the risk of hiring discrimination, so companies should carefully reconsider their budgets accordingly, says Adam Sinfield at Osborne Clarke.

  • Why It's Urgent For Pharma Cos. To Halt Counterfeit Meds

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    With over 10.5 million counterfeit medicines seized in the EU in 2023, it is vital both ethically and commercially that pharmaceutical companies take steps to protect against such infringements, including by invoking intellectual property rights protection, says Lars Karnøe at Potter Clarkson.

  • Nix Of $11B Award Shows Limits Of Arbitral Process

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    A recent English High Court decision in Nigeria v. Process & Industrial Developments, overturning an arbitration award because it was obtained by fraud, is a reminder that arbitration decisions are ultimately still accountable to the courts, and that the relative simplicity of the arbitration rules is not necessarily always a benefit, say Robin Henry and Abbie Coleman at Collyer Bristow.

  • How The Netherlands Became A Hub For EU Class Actions

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    As countries continue to implement the European Union Collective Redress Directive, the Netherlands — the country with the largest class action docket in the EU — provides a real-world example of what class and mass litigation may eventually look like in the bloc, say lawyers at Faegre Drinker and Houthoff.

  • Navigating The Novel Challenges Facing The Legal Profession

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    The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.

  • Sustainable Finance Consultations May Signal Key Changes

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    The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.

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