Corporate Crime & Compliance UK

  • November 01, 2024

    Barclays Ruling A Blow For Passive Investors Suing In UK

    The willingness of the High Court to cut passive investors from a shareholders' claim that accuses Barclays of making misleading statements about its "dark pool" trading venue presents a substantial challenge to the prospects of stock price-drop litigation against listed companies.

  • November 01, 2024

    Gov't Criticized For No Women's Pensions Redress In Budget

    The Labour government said Friday it does not know when it will begin compensating women affected by historic failings in their state pensions, after attracting criticism over the absence of a redress scheme in its inaugural budget earlier this week.

  • November 01, 2024

    Craig Wright Faces Contempt Case Over £911M Bitcoin Claim

    Computer scientist Craig Wright was accused at a London court on Friday of violating a court order by claiming he was the inventor of Bitcoin, in a claim worth an estimated £911 million ($1.2 billion), after a judge had concluded he had repeatedly lied about creating the digital currency.

  • November 01, 2024

    FCA Warns Odey He 'Lacks Integrity' Over Misconduct Probe

    The Financial Conduct Authority said Friday that it has warned hedge fund boss Crispin Odey that it will take regulatory action against him after finding that he frustrated an internal probe into sexual misconduct allegations and showed a "lack of integrity."

  • November 01, 2024

    Hoka Fixed Prices By Blocking Online Store, Tribunal Finds

    The sneaker maker behind Hoka engaged in indirect price fixing by blocking a British running shoe retailer from selling through an online discount store, a U.K. tribunal has ruled.

  • November 01, 2024

    Law Firms Improving At Managing AML Risk, SRA Says

    The Solicitors Regulation Authority reported on Friday that it has recorded improvements in the way law firms manage anti-money laundering risks after it took action to clamp down.

  • October 31, 2024

    Scam Promoter Who Cost UK £2.6M In Taxes Is Banned

    A man who promoted a tax avoidance scam costing the British government tax agency at least £2.6 million ($3.4 million) has been banned by the government from serving as a director of any company for 10 years, the U.K.'s Insolvency Service announced Thursday.

  • October 31, 2024

    Temu Faces EU Probe Over Sale Of Illegal Products

    The European Commission said Thursday it is launching an investigation into Temu over concerns that the discount e-commerce platform is allowing the sale of illegal goods and the site has potential addictive features.

  • October 31, 2024

    Nottingham Forest Owner Fights To Continue Libel Claim

    The owner of Nottingham Forest Football Club said the chair of Greek team Aris has orchestrated a "smear campaign" against him in a London court on Thursday, saying he has been falsely accused of match-fixing and drug trafficking. 

  • October 31, 2024

    EU Expected To Close Final Digital VAT Deal Next Week

    The European Union is close to a final deal on its plan to bring the bloc's value-added tax rules more in line with the digital economy after representatives reached an agreement in principle, the Hungarian presidency of the Council of the EU confirmed Thursday.

  • October 31, 2024

    Gov't Urged To Reform Tax Charges On Pension Scam Victims

    The government should prioritize reform to ensure that victims of pension scams are no longer hit with massive tax bills, an industry body said Thursday.

  • October 31, 2024

    FCA Fine Puts Execs' Personal Conduct Under The Spotlight

    The £350,000 ($455,000) fine handed by the Financial Conduct Authority to the boss of a leading financial technology company is a reminder that executives risk the watchdog's wrath if they're not transparent about reporting potential misconduct, white-collar lawyers say.

  • November 07, 2024

    HSF Hires Competition Litigator From Freshfields In Germany

    Herbert Smith Freehills LLP has recruited a specialist in competition litigation from Freshfields in Germany as the firm expands its disputes offering in Europe amid a continuing rise in private damages actions.

  • October 31, 2024

    Fugitive Fund, Bank Managers Appeal Fraud Conviction

    Two fugitive financiers sentenced to a combined 11 years in prison for defrauding a Libyan fund out of $8.45 million appealed against their convictions at a London court on Thursday, arguing that a judge's "devastating" missteps torpedoed their chances at trial.

  • October 31, 2024

    FCA Bans 2 Financial Advisers For Pension Transfer Failings

    Two financial advisers connected to the British Steel retirement savings plan scandal have been hit with a lifetime ban from offering pension transfer advice in the future, the City watchdog said Thursday.

  • October 31, 2024

    Reeves To Face MPs As Budget Enters Approval Process

    Chancellor Rachel Reeves is due to be grilled by senior MPs on Nov. 6 after she presented the Labour government's first Budget for 14 years, which features a £40 billion ($52 billion) tax package that has raised concerns of new pressure on businesses and retirement savers.

  • October 31, 2024

    Teva Fined €463M For Blocking Rival MS Drug Launch

    The European Union antitrust enforcer hit pharmaceutical giant Teva with a €463 million ($502 million) fine Thursday for launching a smear campaign against a rival multiple sclerosis drug and misusing the patent system to thwart the competitor's attempt to enter the market.

  • October 31, 2024

    Car Finance Lenders Brace For Wave Of Redress Payments

    The Court of Appeal has set car finance lenders up for a costly compensation bill by imposing a higher duty on brokers to explicitly tell customers about their commissions.

  • October 30, 2024

    Leigh Day Escapes Negligence Claim Over Oil Spill Settlement

    A group of Nigerian villagers can't sue Leigh Day over alleged negligence in a £55 million ($72 million) oil spill settlement with Shell because their local leaders never granted them authority to pursue the claims, a London court ruled Wednesday.

  • October 30, 2024

    Lloyds Says Broadcaster Liable In £287M Fraud Claim

    Lloyds Bank and a subsidiary have hit back against a £287 million ($373 million) claim brought by the liquidators of Arena Television, arguing they should not be liable for payments they processed for the broadcaster that were linked to an alleged £1.2 billion fraud.

  • October 30, 2024

    MoJ Gets £1.9B Funding Boost In First Labour Budget

    The Labour government announced an additional £1.9 billion ($2.47 billion) funding for the Ministry of Justice in its first Budget statement on Wednesday, coupled with millions of pounds more for criminal prosecutors and fraud investigators.

  • October 30, 2024

    Quinn Emanuel To Pay Some Costs Over Report Source ID

    Quinn Emanuel must pay some of its costs for not revealing to Oleg Deripaska the source of a report that was used in proceedings between the industrialist and a former business partner, as a judge said Wednesday that the firm had failed to ensure the document was not a forgery.

  • October 30, 2024

    Mortgage Adviser Not Unfairly Sacked Over Fraud Fears

    A mortgage adviser who was sacked over concerns that he might have committed fraud by providing false information to lenders and insurers has lost his claim of unfair dismissal, as a tribunal ruled that his employer's decision to fire him was reasonable.

  • October 30, 2024

    Labour Gov't Unveils £40B Tax Boost In First Budget

    A £40 billion ($52 billion) tax package unveiled on Wednesday by Britain's new Labour government targets business and investors and aims to plug fiscal gaps with plans including higher levies on payrolls and capital gains.

  • October 30, 2024

    Top Court Finds Gov't Did Not Have To Halt Hospital Probe

    Britain's highest court held on Wednesday that a government minister correctly decided it was not necessary to suspend an inquiry into alleged abuses of patients at a Northern Irish hospital to await the outcome of criminal proceedings against a former nurse.

Expert Analysis

  • Pharma Remains A Key Focus Of EU Antitrust Enforcement

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    The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.

  • Dissecting Recent Developments Against The Misuse Of NDAs

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    The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.

  • What UK Energy Charter Treaty Exit Would Mean For Investors

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    While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.

  • Assessing The FCA Data Study's Response To User Concerns

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    The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.

  • Uber Payout Offers Employer Lessons On Mitigating Bias

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    Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.

  • Apple Ruling Offers Morsel Of Certainty On Litigation Funding

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    An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.

  • Cum-Ex Prosecutions Storm Shows No Sign Of Abating

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    The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    FCA Greenwashing Rules Need To Be Stronger To Be Effective

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    The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • Gov't Probe Highlights Computer-Based Evidence Issues

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    A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

  • Why Computer Evidence Is Not Always Reliable In Court

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    Recent challenges to the admissibility of encrypted communication from the messaging tool EncroChat highlight the flawed presumption in the U.K. common law framework that computer evidence is always accurate, and why a nuanced assessment of such evidence is needed, say Sam De Silva and Josie Welland at CMS Legal.

  • Comparing The UK And EU Approaches To AI Regulation

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    While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.

  • Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases

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    The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.

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