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Corporate Crime & Compliance UK
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November 21, 2024
Ex-Gibson Dunn Disputes Pro To Move Into In-House Role
Marsh McLennan has hired a dispute resolution partner from Gibson Dunn & Crutcher LLP in London as a general counsel for two of its consulting businesses, the firm said Thursday.
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November 14, 2024
Mercedes Loses Preliminary Fight In 'Dieselgate' Case
U.K. motorists won a preliminary battle against automakers on Thursday in the first major London court hearing over litigation alleging that emissions test cheating devices were fitted into their cars.
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November 14, 2024
UK Unveils Plan To Roll Back Post-Financial Crisis Safeguards
The U.K. government said on Thursday that it is launching reforms to drive economic growth and competitiveness in financial services by rebalancing a regulatory regime that is focused more on minimizing risk.
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November 14, 2024
EC Challenges German Capital Gains Tax In EU High Court
The European Commission said Thursday that it is referring Germany to the Court of Justice of the European Union over the commission's claims that the country's capital gains tax of certain real estate transactions infringes on the free movement of capital.
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November 14, 2024
Ex-BDO Auditor Gets 20-Year Ban For 'Serious' Misconduct
A former BDO auditor has been banned from the accountancy profession for two decades after the sector's watchdog said Thursday she acted with "sustained dishonesty" by forging signatures and other official documents over a five-year period.
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November 14, 2024
European Police Detain 43 Suspects In €520M VAT Fraud
European police detained 43 suspects linked to a value-added tax fraud scam valued at €520 million ($550 million) in a cross-border operation against organized crime, law enforcement agencies said Thursday.
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November 14, 2024
Developer Loses Bid To Duck £780K Investor Loan Repayment
A property developer has lost his bid to avoid repaying a £780,000 ($990,000) loan to real-estate investors, as a London appeals court rejected on Thursday his case that he was bullied into signing a personal guarantee.
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November 14, 2024
Standard Setter Warns Watchdogs To Address AI Risk Better
A global standard setter warned Thursday that artificial intelligence might amplify vulnerability in the financial sector and damage market stability, telling regulators to improve data-led monitoring.
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November 14, 2024
Meta Fined €798M For Tying Marketplace Ads To Facebook
The European Union's antitrust watchdog hit Meta Platforms Inc. with a €797.8 million ($841 million) fine Thursday for giving its Facebook Marketplace an unfair advantage over rival online classified ads services by automatically showing postings to its social media users.
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November 14, 2024
LC&F Systematically Misled Investors In £237M Ponzi Scheme
London Capital & Finance misrepresented its business in a "widespread, fundamental and systematic way" and was run as a £237 million ($300 million) Ponzi scheme, a judge concluded at a London court on Thursday.
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November 13, 2024
PrivatBank Says Ukraine Ruling Doesn't Bar Looting Suit
An attorney for Ukraine's PrivatBank urged a Delaware vice chancellor Wednesday to reject arguments that the bank's multibillion-dollar fraud and unjust enrichment loan claims against two oligarchs and others were undone by an allegedly narrow Ukrainian high court ruling in favor of the borrowers.
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November 13, 2024
Apple Faces £3B UK Class Action Over ICloud Monopoly
Apple is facing another competition claim accusing the iPhone maker of unlawfully monopolizing the market for cloud storage after a campaign group announced plans on Thursday to spearhead a £3 billion ($3.8 billion) U.K. class action.
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November 13, 2024
Ex-CBA Chief Sexually Exploited Law Students, BSB Says
The English barristers regulator told a disciplinary tribunal Wednesday that Jo Sidhu KC, former chair of the Criminal Bar Association, abused his power and influence to sexually exploit young women aspiring to be lawyers.
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November 13, 2024
UK Fights To Keep Sanctions On Banking Oligarch's Wife
The U.K. government urged a London appellate court to uphold a ruling that maintained sanctions on a Ukrainian-Russian tycoon's wife, arguing that she was "plainly associated" with her husband, who has ties to Vladimir Putin.
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November 13, 2024
Pension Watchdog Lays Out Law For New Collective Schemes
The retirement savings watchdog set out on Wednesday how it will intervene if a new generation of collective pension plans are not being properly run, warning that it will act if it sees a risk to savers.
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November 13, 2024
Watchdog Mulls Extension For Motor Financing Complaints
Britain's financial watchdog said Wednesday it plans to consult on extending the time motor finance firms have to respond to consumer complaints about commission arrangements, following a recent Court of Appeal ruling on non-discretionary commissions.
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November 13, 2024
FCA Admits Mishandling Of 'Name And Shame' Roll-Out
The Financial Conduct Authority conceded on Wednesday that it might have handled its announcement of controversial plans to publish names of the firms it probes and other details of investigations at an earlier stage differently after heated protests from the sector.
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November 12, 2024
Ex-CBA Chief Jo Sidhu Loses Privacy Bid In Harassment Case
The former chair of the Criminal Bar Association on Tuesday lost his bid to have a sexual harassment case against him heard behind closed doors, with a disciplinary tribunal ruling that the case should be held in public.
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November 12, 2024
Forsters, Ex-Bank Lawyer Avoid Case Of Failed Property Deal
Forsters LLP and a former Bank of Tokyo-Mitsubishi lawyer have avoided being sucked into a philanthropist's £3.5 million ($4.7 million) legal battle over a collapsed property deal.
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November 12, 2024
VistaJet Owner Loses Appeal To Block Tech Venture Claim
The Court of Appeal has rejected further efforts by the owner of one of the world's biggest private jet firms to block legal claims that he defrauded a Guernsey tech venture capital fund two decades ago.
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November 12, 2024
Young Drivers Buying Fake Insurance, Aviva Says
Nearly one in three young drivers have bought fraudulent car insurance from criminals on social media, Aviva has said, urging teenagers and early adults to treat "too good to be true" deals with suspicion despite soaring costs testing consumers.
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November 12, 2024
Biffa Sues Contractor For £2M Over Waste Scheme Tax Scam
Biffa is suing one of its contractors for £2.2 million ($2.8 million) for allegedly conspiring with two other waste management companies to disguise their waste in a scheme to secure lower tax rates.
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November 12, 2024
NHS Medic Loses Appeal Over Health & Safety Whistleblowing
A paramedic has failed to convince a London appeals judge that a National Health Service trust punished him for blowing the whistle on an emergency call handler's health and safety failings.
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November 12, 2024
BoE, Regulators Set Out Regime For Critical Third Parties
The Bank of England and other City regulators set out new rules on Tuesday for critical third parties such as cloud service providers used by finance firms to reduce the risk of failure and disruption to the market.
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November 12, 2024
New Defined Benefit Pension Funding Code Goes Live
A long-awaited funding code for defined benefit retirement savings plans in the U.K. went live on Tuesday, introducing what the pensions minister described as a "stronger set of standards" for the sector.
Expert Analysis
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.
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How FCA Listing Regime Reform Proposals Are Developing
The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.
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Key Points From Ireland's New Accountability Framework
The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.
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Technology And AI: 2024's Legal And Regulatory Landscape
Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.
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A Look At 2023's Landmark Insolvency Developments
The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.
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EU And US Artificial Intelligence Regs: Comparing Key Points
With divergent approaches to artificial intelligence regulation in the EU and U.S. making it challenging for companies to navigate the global landscape, it is wise to adopt a proactive compliance approach and begin mapping upcoming obligations in each jurisdiction, say lawyers at Steptoe.
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5 Key UK Employment Law Developments From 2023
Key employment law issues in 2023 suggest that topics such as trade union recognition for collective bargaining in the gig economy, industrial action and menopause discrimination will be at the top of the agenda for employers and employees in 2024, say Merrill April and Anaya Price at CM Murray.
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Looking Ahead At AI Regulation In The EU And UK
With AI regulation agreed upon in Europe and a U.K. regulatory authority on the horizon, organizations developing AI should consider deploying governance, addressing accountability and establishing internal guardrails to achieve a balanced approach to responsible innovation while managing risk, says Chris Eastham at Fieldfisher.
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What 2024 Has In Store For White Collar Crime Enforcement
Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.
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Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
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Key 2024 Arbitration Trends In A Changing World
As key sectors such as ESG and the global mining and commodities market will continue to generate more arbitration in 2024, procedural developments in arbitral law will both guide future arbitration proceedings and provide helpful lessons on confidentiality, disclosure and professional duty, say Louise Woods and Elena Guillet at V&E.
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How Businesses Can Prepare For Cyber Resilience In 2024
With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.
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Regulating Digital Platforms: What's Changing In EU And UK
Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.
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Dyson Decision Highlights Post-Brexit Forum Challenges
The High Court's recent decision in Limbu v. Dyson, barring the advancement of group supply chain claims against Dyson subsidiaries in the U.K. and Malaysia, suggests that, following Brexit, claims concerning events abroad may less frequently proceed to trial in England, say lawyers at Debevoise.