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Corporate Crime & Compliance UK
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August 20, 2024
Insurers Deny Liability Over $790M Stranded Aircraft Claims
Two insurers have argued they are not liable for paying out claims totaling more than $790 million over planes stranded in Russia, arguing the aircraft had not been "lost" to their lessors under the terms of the policies.
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August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner
Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
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August 20, 2024
FCA Move To Results-Based Regulation Could Hurt Firms
The Financial Conduct Authority's planned move to an outcomes-based approach to regulation is raising concerns among lawyers that the resulting uncertainty could undermine companies in the sector and weaken the government's push for international competitiveness.
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August 20, 2024
Ex-Bird & Bird Partner Banned For Pursuing Junior Colleague
A former partner at Bird & Bird LLP has been banned from the legal profession for five years after he admitted behaving inappropriately toward a junior female colleague and abusing his position in an attempt to pursue a sexual relationship with her.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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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.
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What Future May Hold For AI Innovation In UK Under Labour
Labour’s recent King's Speech was notable in its absence of discussion of a comprehensive artificial intelligence bill, and while this may indicate to many that the UK is open for business, the party’s approach to cross-sectoral engagement will be critical for shaping Britain's AI landscape in the near term, says Alexander Amato-Cravero at Herbert Smith.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
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EU WhatsApp Deletion Fine Sends Clear Message
The recent European Commission fine of International Flavors & Fragrances — the first for the deletion of social media messages during a dawn raid — although halved as a result of IFF's cooperation, shows the commission's view on obstruction poses a real risk to companies under investigation, says Matthew Hall at McGuireWoods.
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
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Implications Of EU Network Directive For Data Center Owners
With the October implementation deadline of the EU’s new cybersecurity regime under the Network Systems Directive fast approaching, data center owners and operators need to consider compliance steps, and U.K. companies providing services in the EU should take note, say lawyers at Bird & Bird.
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New EU Guidelines Provide Insights On Global AI Regulation
The European Data Protection Supervisor’s first guidelines on artificial intelligence only apply to governmental bodies, but together with the EU AI Act they demonstrate a strong and prescriptive policy, and offer a glimpse into what could be the next phase in world AI regulation, says Kevin Benedicto at Redgrave.
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Boeing Plea Deal Is A Mixed Bag, Providing Lessons For Cos.
The plea deal for conspiracy to defraud regulators that Boeing has tentatively agreed to will, on the one hand, probably help the company avoid further reputational damage, but also demonstrates to companies that deferred prosecution agreements have real teeth, and that noncompliance with DPA terms can be costly, says Edmund Vickers at Red Lion Chambers.