Corporate Crime & Compliance UK

  • August 20, 2024

    Imprisoned Oligarch Bids For ID Linked To $20M Transfer

    An imprisoned Russian oligarch pursuing a $13.8 billion conspiracy claim urged a London judge Tuesday to order a group of wealth management companies to disclose the identity of a person who requested a $20 million transfer that he alleges was a bribe.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • 4 Ways To Prepare For EU's Digital Finance Security Law

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    Companies that will fall under the scope of the Digital Operational Resilience Act when it goes into effect next January should take several proactive steps as they prepare for new corporate governance, risk management, incident reporting and third-party contracting obligations, says Edward Machin at Ropes & Gray.

  • 4 Legal Privilege Lessons From Dechert Disclosure Ruling

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    The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.

  • BT Case May Shape UK Class Action Landscape

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    The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.

  • No-Poach Agreements Face Greater EU Antitrust Scrutiny

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    EU competition authorities are increasingly viewing employer no-poach agreements as anti-competitive and an enforcement priority, demonstrating that such provisions are no longer without risk in Europe, and proving the importance of understanding EU antitrust law concerns and implications, says Robert Hardy at Greenberg Traurig.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • UK Gov't Response Clarifies AI Regulation Approach

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    Although the U.K. government’s recent response to its artificial intelligence consultation is a clear signal of its continuing pro-innovation approach to AI regulation, high-level systems are likely to be the focus of scrutiny and organizations may consider reviewing measures they have implemented to help identify risks, say Christopher Foo and Edward Machin at Ropes & Gray.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • EU Vote Delay Puts Course Of Sustainability Directive In Doubt

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    With time to adopt the proposed EU Corporate Sustainability Due Diligence Directive during this Parliamentary term running out, and with upcoming elections threatening political uncertainty, the degree of compromise that may be needed to secure a "yes" vote now could undermine the shift the legislation seeks to achieve, say lawyers at Simpson Thacher.

  • Full EU Import Border Controls Pose Hurdles For UK Cos.

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    The U.K.’s long-anticipated introduction of full border controls on imports of goods from the EU, due to complete by the end of 2024, brings the system broadly into line with goods imported from the rest of the world, but may result in delays, increased costs and disruption as businesses adapt, say Ben Chivers and Jonathan Rush at Travers Smith.

  • Cos. Should Review Cookie Compliance After ICO Warnings

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    The Information Commissioner's Office recently restated its intention to take enforcement action on the unlawful use of nonessential cookies, and with the additional threat of public exposure and reputational damage, organizations should review their policies and banners to ensure they comply with data protection legislation, says Murron Marr at Shepherd & Wedderburn.

  • New Fraud Prevention Offense May Not Make Much Difference

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    By targeting only large organizations, the Economic Crime Act's new failure to prevent fraud offense is striking in that, despite its breadth, it will affect so few companies, and is therefore unlikely to help ordinary victims, says Andrew Smith at Corker Binning.

  • Mitigating And Managing Risks Of AI Use In Private Equity

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    While generative artificial intelligence has the ability to transform private equity firms and their portfolio companies, its deployment brings inherent risks, including those presented by the forthcoming EU AI Act, requiring appropriate risk management strategies, processes and policies to be adopted, says Barry Fishley at Weil.

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