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Corporate Crime & Compliance UK
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February 20, 2025
Analyst Used COVID To Cloak Insider Dealing, FCA Tells Court
A former analyst at global asset management firm Janus Henderson used the "cloak" of COVID-19 restrictions to run an insider dealing syndicate while working from home, the Financial Conduct Authority said at the beginning of a criminal trial in London on Thursday.
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February 20, 2025
Ex-Spanish Soccer Chief Guilty, Fined For Sexual Assault
A Spanish judge on Thursday found former Spanish football president Luis Rubiales guilty of sexually assaulting national team midfielder Jenni Hermoso, coloring the forcible kiss he gave to Hermoso after the team's 2023 World Cup victory a "reprehensible act."
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February 20, 2025
Gambling Watchdog Denies Publication Hurt Ex-Entain Execs
The Gambling Commission has denied that it caused two former top executives at the predecessor of betting giant Entain "unquantifiable" harm by publishing information relating to potential bribery.
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February 20, 2025
Conflicts Should Block Mastercard Settlement, Innsworth Says
Litigation-funder Innsworth told the Competition Appeal Tribunal on Thursday that the negotiating process behind a £200 million ($250 million) settlement to end a mass claim against Mastercard has created conflicts of interest which mean the deal should be refused.
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February 20, 2025
FCA Explains Deleted Emails Plan As Modernization Move
The Financial Conduct Authority has said its plan to delete staff emails after a year is designed to modernize how it manages its records, amid criticism that the proposals undermined transparency at the regulator.
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February 20, 2025
Justices Hand Creditors Boost In Hunt For Fraudulent Assets
Britain's top court has broadened the ability of judges to claw back assets on behalf of defrauded creditors in a decision that lawyers say may also catch benign commercial arrangements.
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February 20, 2025
Job Applicants Don't Need Whistleblowing Rights, UK Argues
The government argued on Thursday that it is "perfectly justified" that job applicants do not benefit from the same whistleblowing rights as workers as it responded to a woman's attempt to convince the Court of Appeal to extend legal protection to her.
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February 20, 2025
Lloyds Sets Aside £700M For Motor Finance Probe Costs
Lloyds said Thursday that it has set aside an additional £700 million ($880 million) to cover potential costs arising from a Financial Conduct Authority investigation into "secret" agreements on motor finance commissions and a related appeal at the top U.K. court.
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February 19, 2025
Gov't Unfairly Fired Whistleblower On Afghanistan Exit
A civil servant has won a landmark unfair dismissal case after losing her job following a BBC Newsnight interview about the "chaotic" evacuation of Afghan citizens during NATO's withdrawal.
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February 19, 2025
Law Prof Can't Revive £500M Apple, Amazon Class Action
A law professor lost a bid to revive her nearly £500 million ($628 million) price-fixing class action against Apple and Amazon on Wednesday, with a U.K. competition tribunal reiterating that she was not independent enough to bring the case.
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February 19, 2025
Gov't Can Shield Material In Case Over Leaked Trump Cables
A London judge on Wednesday agreed to let the government withhold sensitive evidence in its fight with a civil servant who claims he was falsely accused of leaking an ambassador's criticisms of Donald Trump.
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February 19, 2025
Former Latham Secretary Accused Of Defrauding Partner
A former secretary for a Latham & Watkins LLP partner appeared at a London criminal court on Wednesday on charges of defrauding £39,800 ($50,000) from him.
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February 19, 2025
CMS Cashier Barred From Law Firms For Stealing Funds
A cashier at CMS Cameron McKenna Nabarro Olswang LLP has been barred from working for a law firm after she abused her position on more than 100 occasions to steal a "considerable" amount of money from the firm, the Solicitors Regulation Authority has said.
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February 19, 2025
Job Applicant Fights For Whistleblowing Rights In Appeal
An external job applicant to an English council fought Wednesday for status to sue as a whistleblower, arguing at the Court of Appeal that her case falls "squarely within the employment field."
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February 19, 2025
Mastercard Deal Does Not Need To Be Perfect, Tribunal Told
Mastercard's £200 million ($250 million) agreement with Walter Merricks "does not have to be perfect" to get approval from the Competition Appeal Tribunal, lawyers for both sides argued on Wednesday in the court's first hearing in a contested class action settlement.
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February 19, 2025
FCA Calls For Probe Into Digital Wallet Competition Issues
The Financial Conduct Authority and the Payment Systems Regulator on Wednesday urged the U.K. competition watchdog to investigate competition concerns for digital wallets because of market dominance by big tech groups like Apple and Google.
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February 19, 2025
Barrister Denies Owing Duty To Flag Law Firm's Negligence
A barrister has denied breaching his duties to a technology company by failing to highlight a potential negligence claim against a law firm, as he told a London court that no such obligation existed.
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February 19, 2025
Ex-Stella McCartney Employee Admits Fraud On Design Brand
A former employee of the Stella McCartney fashion brand pleaded guilty at a London criminal court on Wednesday to defrauding the company out of more than £275,000 ($346,300).
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February 19, 2025
Supreme Court Says Businessman Can't Dodge £19M Debt
The U.K. Supreme Court ruled Wednesday that a businessman's family cannot avoid a £19 million ($24 million) debt to a UAE bank, finding that insolvency law can prevent a transaction by a company owned by the family because it was intended to put assets beyond the reach of creditors.
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February 18, 2025
Tycoon Fights Bankruptcy Order Over £1B Debt To Banks
An Indian tycoon asked a London court Tuesday to overturn a bankruptcy order against him that he argued was wrongly issued over a £1 billion ($1.26 billion) debt because several banks had already recovered the money in parallel criminal proceedings.
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February 18, 2025
Pensions Pro Loses Whistleblowing Claim Amid Merger Spat
An employment tribunal has ruled that the head of a financial planning firm did not fire her business partner for blowing the whistle on legal breaches but rather because she stopped doing her job.
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February 18, 2025
All Eyes On CAT Ahead Of Mastercard Settlement Hearing
A £200 million deal to end a long-running consumer class action will come under the spotlight on Wednesday when Walter Merricks and Mastercard seek to persuade the Competition Appeal Tribunal to sign off a settlement despite opposition from the finder of the claim.
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February 18, 2025
Quarter Of UK Cos. Hit By Civil Unrest In 2024, Broker Says
More than one in four U.K. businesses were impacted by civil unrest in 2024, broker Gallagher said Tuesday, with similar numbers reportedly reviewing their insurance to ensure they are covered in the event of future damage or disruption.
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February 18, 2025
EU Watchdog To Set Knowledge Standard For Crypto Advisers
The European Union's financial markets regulator has proposed guidelines setting minimum knowledge standards for advisers and information providers at crypto-asset service providers.
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February 18, 2025
Trading Firm Fined £1.7M For Financial Crime Control Failings
The Financial Conduct Authority said Tuesday it has fined trader Mako Financial Markets Partnership LLP £1.66 million ($2 million) for its failure to have effective controls against financial crime in cum-ex trading.
Expert Analysis
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How Digital Markets Act Will Enhance Consumer Protections
The Digital Markets Act represents a major shift in U.K. competition and consumer protection law by introducing a new regulatory regime for large digital firms, and by giving the Competition and Markets Authority broader merger investigation powers and a wider enforcement remit for online activities, say lawyers at Cooley.
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What Steps Businesses Can Take After CrowdStrike Failure
Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.
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Drafting Settlement Agreements That Avoid Future Disputes
Several recent U.K. rulings highlight the importance of drafting precise settlement agreements to prevent time-consuming and costly disputes over what claims the agreements were meant to cover, says Michelle Radom at Osborne Clarke.
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Int'l Treaties May Aid Investors Amid UK Rail Renationalization
The recently introduced Passenger Railway Services Bill seeks to return British railways to public ownership without compensating affected investors, a move that could trigger international investment treaty protections for obligation breaches, says Philipp Kurek at Signature Litigation.
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
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EU Competition Report Spotlights Areas For Future Focus
The European Commission’s recent report on protecting competition highlights the importance of safeguarding innovation and preventing exploitative conduct by dominant firms, signaling that strong and focused law enforcement is to remain a priority with an even greater application of abuse-of-dominance rules, say Nicole Kar and Charlotte Mann at Paul Weiss.
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A Primer On EU's Updated Human Substance Regulations
The European Union's updated standards regarding quality and safety of substances of human origin meant for human application carry significant implications for companies that work with cells and tissues, and U.S. companies active in the EU market should pay particular attention to the import and export rules, say Geneviève Michaux and Georgios Symeonidis at King & Spalding.
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Autonomy Execs' Acquittal Highlights Good Faith Instruction
The recent acquittal of two former Autonomy executives demonstrates that a good faith jury instruction can be the cornerstone of an effective defense strategy in white collar criminal cases, in part because the concept of good faith is a human experience every juror can relate to, says Sara Kropf at Kropf Moseley.
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Implications Of The EU AI Act For Medtech Companies
Lawyers at Hogan Lovells discuss challenges the medtech sector faces in conforming with the requirements of the recently enacted European Union Artificial Intelligence Act, and the necessity for a detailed comparison with existing legislation to identify and address potential gaps.
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Insurance Rulings Show Court Hesitancy To Fix Policy Errors
Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.
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What New UK Listing Rules Mean For Distressed Companies
The Financial Conduct Authority’s recently published overhaul of U.K. listing rules makes it easier for advisers to restructure distressed listed companies, and in moving to a more disclosure-based approach, simplifies timelines and increases opportunities for investors, say Kate Stephenson and Sarah Ullathorne at Kirkland & Ellis.
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AI Reforms Prompt Fintech Compliance Considerations
With the EU Artificial Intelligence Act's Aug. 1 enforcement, and the U.K.'s new plans to introduce AI reforms, fintech companies should consider how to best focus limited resources as they balance innovation and compliance, says Nicola Kerr-Shaw at Skadden.
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Irish Businesses Should Act Now To Prepare For EU AI Act
Artificial intelligence is increasingly transforming the Irish job market, and proactive engagement with the forthcoming European Union AI Act, a significant shift in the regulatory landscape for Irish businesses, will be essential for Irish businesses to responsibly harness AI’s advantages and to maintain legal compliance, say lawyers at Pinsent Masons.
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Takeaways From World Uyghur Congress Forced Labor Ruling
The Court of Appeal’s recent judgment in the World Uyghur Congress' case against the National Crime Agency confirms that companies dealing in goods that they suspect to be products of forced labor are potentially liable to criminal prosecution, presenting significant legal risks that cannot always be mitigated through conducting supply chain due diligence, say lawyers at King & Spalding.
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10 Ways To Manage AI Risks In Service Contracts
With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.