Corporate Crime & Compliance UK

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Forced Labor Ruling To Spur NCA Scrutiny On Supply Chains

An English appellate court's landmark findings that the National Crime Agency misunderstood the U.K.'s anti-money laundering powers could cast greater scrutiny on the extent of illicit goods flowing through companies' supply chains, lawyers say.
July 05, 2024
Truckmakers Can Use Pass-On Defense In Price-Fixing Case

European truck manufacturers can argue that local U.K. authorities suing them over a price-fixing cartel passed the inflated costs allegedly paid for vehicles on to residents through tax and service charges, a tribunal ruled Thursday.
July 05, 2024
Legal Teams' Costs Slashed By £253M In UK Dieselgate Case

Legal teams involved in unprecedented U.K "Dieselgate" vehicle emissions tests litigation had more than £250 million ($320 million) of their budgets slashed on Friday after a High Court judge ruled that the estimated costs were "out of all proportion".
July 05, 2024
EU Watchdog Sets Out Sustainability Reporting Expectations

The European Union's financial markets regulator on Friday set out its expectations on new sustainability reporting standards for large companies with shares listed on stock exchanges and their regulators.
July 05, 2024
Bitcoin Fraudster Gets £1.5M Of Assets Frozen

A London court on Friday froze assets worth over £1.5 million ($1.9 million) belonging to Craig Wright, the man who falsely claimed to be the inventor of bitcoin, to cover the costs of a cryptocurrency podcaster who had to defend against Wright's defamation allegation.
July 05, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen collapsed sports television company Arena Television hit Bank of Scotland and Lloyds Bank with a claim, James Vorley, the Deutsche Bank metals trader convicted of fraud, sue his former employer, and journalist John Ware file a defamation claim against Pink Floyd band member Roger Waters and Al Jazeera Media Network. Here, Law360 looks at these and other new claims in the U.K.
July 05, 2024
Barrister Struck Off After Buying Drugs From Clients

A tribunal has disbarred a barrister who spent 14 months in prison after he was convicted of buying crystal meth from his drug dealer clients.
July 05, 2024
Matrix KC Richard Hermer Tapped For Attorney General

Matrix Chambers' human rights barrister Richard Hermer KC will serve as the U.K.'s attorney general in a surprise appointment from newly-elected Prime Minister Keir Starmer late Friday.
July 05, 2024
Liz Kendall Tapped To Head Labour's DWP Amid Reform Talk

The new Labour government named Liz Kendall as Secretary of State for Work and Pensions on Friday as speculation grew about looming reforms to the U.K. benefits system.
July 05, 2024
Shabana Mahmood Named Labour's New Justice Secretary

Prime Minister Keir Starmer named former barrister Shabana Mahmood as the Labour government's new justice secretary on Friday following a sweeping victory in the U.K. general election.
July 05, 2024
Nordea Laundered $4B For Russians, Denmark Police Say

Police in Denmark charged Nordic bank Nordea on Friday with allegedly laundering $3.8 billion for Russian customers, in what could be the biggest violation of the country's safeguards against dirty money.
July 05, 2024
Starmer Starts Work As Cabinet Appointments Expected

Keir Starmer, the newly elected prime minister, promised change that focuses on the economy and wealth creation as he prepared on Friday to begin appointing cabinet ministers to form the Labour Party's first government since 2010.
July 05, 2024
Ex-Bird & Bird Partner Can't Ax Sexual Misconduct Case

A former Bird & Bird LLP partner lost his fight at a tribunal on Friday to strike out a sexual misconduct case over allegations he harassed two junior female colleagues.
July 05, 2024
Mastercard Fails In Jurisdiction Bid To Cut Swipe Fees Claim

Mastercard failed Friday to knock out claims worth more than £200 million ($255 million) from a mammoth swipe fees class action after the appeals court in London said the law governing the dispute should be that of England and Wales or Scotland.
July 04, 2024
Labour Gov't To Prioritize Competitive Financial Regulation

The Labour government is expected to step up regulatory change to make the country's financial services more innovative and globally competitive, with centralized oversight of the watchdogs to ensure they help consumers and facilitate economic growth.
July 04, 2024
What Labour Means For UK White Collar Crime Enforcement

The new Labour government will introduce an "expanded fraud strategy" as part of its reform of the means to tackle financial crime. And lawyers have told Law360 that the new government will find a valuable partner in a newly energized SFO.
July 04, 2024
Labour Sweeps Tories From Power In UK Election Rout

Keir Starmer was poised to become Britain's next prime minister on Friday after his Labour Party ousted Rishi Sunak's Conservatives in a landslide general election victory, ending 14 years of Tory government with a pledge of "national renewal."
July 04, 2024
WSJ Publisher Dow Jones Must Face Bankers' GDPR Claims

The Wall Street Journal publisher Dow Jones has failed to strike out data protection allegations brought against it by two investment bankers as a London court found the claims were not a tactic to avoid the difficulties of bringing a defamation claim.
July 04, 2024
Pope Aide Says Vatican 'Trapped' By UK Property Deal

A close aide to the pope testified Thursday that he authorized payments of Є15 million ($16.2 million) to an Italian broker to regain full ownership for the Vatican of a London building at the heart a now-notorious property deal.
July 04, 2024
Lender Hits Elite Law For £1.9M Over Alleged Loan Breach

A lender has sued Elite Law Solicitors after it allegedly failed to spot that its client was a fraud and did not secure necessary protections over a £1.9 million ($2.4 million) property loan, telling a court that this has left it unable to recover its cash.
July 04, 2024
Emirati Scrap Metal Sellers Lied To Secure $45M Loan

A Dubai shipping broker and his son made false and fraudulent representations when they secured a $45 million loan arrangement from a Norwegian security agent and other lenders, a London court has ruled.
July 04, 2024
Briton Wins Bid To Challenge $99M Wine Fraud Extradition

A British businessman accused of defrauding investors out of $99 million by persuading them to make interest-bearing loans using valuable wine collections as collateral won a chance on Thursday to challenge his extradition to the U.S.
July 03, 2024
Ex-Post Office Chair Says Legal Review Buried On Advice

The former chair of the U.K.'s Post Office told a London inquiry Wednesday that he had not shared a legal review of prosecutions of subpostmasters due to advice that it would be legally privileged, despite warnings in the report that some of the convictions may have been unsafe.
July 03, 2024
Royal Mail Faces £878.5M Mass Claim Over Bulk Deliveries

The owner of Royal Mail is facing an estimated £878.5 million ($1.1 billion) collective action, as the representative of potentially 290,000 retail businesses asked the U.K.'s specialist antitrust court to approve the class claim Wednesday.
July 03, 2024
Credit Suisse Units Fined $19.5M For South Korea Breaches

South Korea's financial services watchdog said Wednesday it has fined two subsidiaries of the Credit Suisse group, which was absorbed by UBS in 2023, a record total of 27.17 billion South Korean won ($19.5 million) for breaching short selling rules.
July 03, 2024
UralChem Owner Can't Shift EU Sanctions

The European Union's General Court on Wednesday upheld sanctions against oligarch Dmitry Mazepin, finding he remains a leading businessperson in Russia's economy and a major owner of UralChem, one of the country's biggest mineral fertilizer manufacturers.

Editor's Picks

How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
Starmer Could Crack Judicial Crisis, Former CPS Chiefs Say

Keir Starmer's lead in the polls as the general election in July approaches has sparked hopes among criminal justice advocates that the Labour leader — a former top prosecutor — will implement reforms as prime minister.
Pillsbury's New UK White Collar Chief Eyes Success In London

Former Serious Fraud Office "powerhouse" Audrey Koh is in the building, and Pillsbury Winthrop Shaw Pittman says it now has the tools to launch its white-collar and corporate investigations practice in London. Here, Koh and managing partner Matthew Oresman survey the legal landscape.

Expert Analysis

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.
How Extension Of EU License Exemption Affects Subsidiaries

Since many European Union entities with a presence in Russia will soon need to obtain a license to continue providing certain services and software to Russian subsidiaries, organizations and legal professionals should prepare in advance and assess their companies' supply chain compliance with EU sanctions, say lawyers at McDermott.
What Legal Cannabis In Germany Means For Employers

Since April 1, the consumption and limited possession of cannabis has been permitted in Germany, so employers should take a few steps to maintain safe and productive workplaces while respecting the new legal landscape, says Sven Lombard at Simmons & Simmons.
What French Watchdog Ruling Means For M&A Landscape

Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.
New Directors' Code Of Conduct May Serve As Useful Guide

Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.
Comparing EU, Southeast Asia Approaches To AI Regulation

Although Southeast Asian countries often adopt statutory frameworks similar to those in the European Union, the region’s more business-friendly approach to artificial intelligence regulation may be a setback to the EU’s push for coordination with its AI Act and a barrier to establishing a global standard, say Anne-Gabrielle Haie at Steptoe and Nop Chitranukroh at Tilleke & Gibbins.
Exploring The EU's Draft Standards On Crypto Authorization

The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
Assessing Exposure Under UK Foreign Influence Scheme

While the proposed Foreign Influence Registration Scheme, designed to ensure transparency around foreign state-directed activities, may be delayed by the snap general election, organizations should prepare for compliance, including addressing concerns about the extent of unintended consequences arising from the scheme's scope, say Gavin Costelloe and Gillian Sproul at Greenberg Traurig.
How FCA Guidance Aligns With Global Cyberattack Measures

The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
Contractual Drafting Takeaways From Force Majeure Ruling

Lawyers at Cleary discuss the U.K. Supreme Court's recent judgment RTI v. MUR Shipping and its important implications, including how the court approached the apparent tension between certainty and commercial pragmatism, and considerations for the drafting of force majeure clauses going forward.
Takeaways From Regulators' £61.6M Citigroup Trading Fine

Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.
Factors For London Cos. To Consider If Adding US Listings

Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
Behind The Stagecoach Boundary Fare Dispute Settlement

The Competition Appeal Tribunal's recent rail network boundary fare settlement offers group action practitioners some much-needed guidance as it reduces the number of remaining parties' five-year dispute from two to one, says Mohsin Patel at Factor Risk Management.
Assessing The Energy Act 2023, Eight Months On

Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.
Decoding Arbitral Disputes: Spanish Judicial Oversight

The recent conviction of arbitrator Gonzalo Stampa underscores the critical importance of judicial authority in the realm of international arbitration in Spain, and emphasizes that arbitrators must respect the procedural frameworks established by Spanish national courts, says Josep Galvez at 4-5 Gray’s Inn.