Corporate Crime & Compliance UK

  • June 07, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen British broadcaster GB News hit with a libel claim by climate activist Dale Vince, MGM take aim at an immersive events company over intellectual property rights to the James Bond franchise, and law firms Stephenson Harwood and Bowen-Morris & Partners tackle a contracts claim by investment adviser Yieldstreet. Here, Law360 looks at these and other new claims in the U.K.

  • June 07, 2024

    Trio Make First Appearance In FCA's £8M Pension Fraud Case

    Three consultants made their first court appearance on fraud charges in London on Friday to face allegations by the Financial Conduct Authority over an investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.

  • June 07, 2024

    Financial Adviser Gets 8 Years For Legal Funding Fraud

    A London judge sentenced a former financial adviser to eight years in prison on Friday after he was convicted of siphoning £5.8 million ($7.4 million) in secret commission payments from an investment fund in a legal financing fraud.

  • June 07, 2024

    Swiss Finance Watchdog Issues New Cyber Warnings

    Switzerland's financial markets regulator issued new guidance for all regulated firms on Friday, telling them how to manage cyber risks after finding that many are failing to take the right steps to prevent attacks, including those against the service providers they use.

  • June 07, 2024

    Ex-Goldman Sachs Banker Loses Bribery Extradition Fight

    A former Goldman Sachs banker has lost his fight to avoid being extradited to the U.S. for allegedly bribing Ghanaian officials, as a London court ruled on Friday that the alleged crimes were sufficiently linked to America to be tried there.

  • June 06, 2024

    Ex-Autonomy CEO, VP Both Cleared In HP Criminal Fraud Trial

    A California federal jury on Thursday acquitted former Autonomy CEO Michael Lynch and former finance Vice President Stephen Chamberlain of criminal fraud and conspiracy charges following an 11-week trial over allegations that the two conned HP into overpaying billions for the British tech company.

  • June 06, 2024

    'Brussels Effect' Of EU's AI Act Is Uncertain, Legal Pros Say

    BigLaw attorneys advising international clients on the European Union's AI Act tell Law360 there are significant uncertainties over vague terms in the 458-page statute, how its steep eight-figure fines will be enforced, and whether it will set a new standard globally as part of the "Brussels effect."

  • June 06, 2024

    Post Office Board Missed Clues, Former Chair Tells Inquiry

    A former chair of the Post Office Ltd. board told the inquiry into the Horizon IT scandal on Thursday that the board did not act on a number of "clues" suggesting that the company was wrongly prosecuting innocent subpostmasters.

  • June 06, 2024

    Autoliv, ZF Must Share Expert Evidence In €734M Cartel Claim

    The Court of Appeal has blocked an attempt from two global technology groups to provide separate expert evidence in a €734 million ($799 million) cartel damages claim, finding no material conflict of interest preventing the co-defendants from relying on one joint expert.

  • June 06, 2024

    Broker Jailed For £46K Bouncy Castle Insurance Fraud

    A former insurance broker has been jailed for two years after pocketing more than £46,000 ($58,900) by editing another company's contract documents to increase the cost of the insurance premiums paid by his clients, City of London Police said Thursday.

  • June 06, 2024

    5 Questions For Linklaters Partner Guillaume Couneson

    Since European Union law negotiators gave final approval in May to the first worldwide rules on artificial intelligence, the pressure on global banks and insurers to prepare to comply has started. Here, Guillaume Couneson, a partner at Linklaters, tells Law360 that regulators are likely to focus initially on low-hanging fruit breaches.

  • June 06, 2024

    EU Watchdog Specifies New Rules For Crypto-Asset Issuers

    The European Union's banking regulator Thursday published detailed rules for many stablecoin issuers to comply with its bloc-wide crypto-assets regime in force, including to have the remuneration framework used in investment firms.

  • June 06, 2024

    Ex-Fuel Trader 'Has Nothing To Hide' In SFO Fraud Case

    Former fuel trader Gianni Rivera testified at his fraud trial on Thursday that he fully cooperated with Serious Fraud Office investigators, saying he handed over trading documents, bank statements and underwent interviews because he had nothing to hide.

  • June 06, 2024

    Retailers Filing £1B Data Misuse Class Action Against Amazon

    Retailers said Thursday they are set to file a £1 billion ($1.3 billion) class action against Amazon in London, accusing it of illegally misusing their data to boost its sales and profits.

  • June 05, 2024

    DLA Piper Atty, Ex-UK Official On Practicing Across The Pond

    In returning to the United States after nearly two decades in London, former Serious Fraud Office official Judy Krieg says DLA Piper was the ideal place to serve clients and leverage the skills she has gained from working on both sides of the Atlantic.

  • June 05, 2024

    Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison

    A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.

  • June 05, 2024

    Saudi Investor Bids To Revive Legal Costs Claim Against RLS

    A Saudi Arabian property investor urged a London judge Wednesday to revive his claim against a law firm to recover the costs of investigating and litigating an alleged £35 million ($44.6 million) fraud by a former property business partner that settled mid-trial.

  • June 05, 2024

    Binance Fights To Ax Crypto Investors' £9B Delisting Claim

    The cryptocurrency exchange Binance asked a U.K. tribunal on Wednesday to strike out a £9 billion ($11.5 billion) claim brought by investors who say the exchange illegally colluded with other trading platforms to delist the Bitcoin Satoshi Vision cryptocurrency.

  • June 05, 2024

    Trafigura Settles Nickel Fraud Suit With Reuben Brothers Co.

    Trafigura has settled a London legal claim allegedly linked to a major ongoing nickel fraud scandal, the commodities trader confirmed Wednesday.

  • June 05, 2024

    EU Financial Watchdogs Team Up With Cybersecurity Agency

    The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.

  • June 05, 2024

    Google Must Face £14B Class Action Over Advertising

    Google must face a £13.6 billion ($17.4 billion) class action brought on behalf of website publishers which run advertisements over alleged anticompetitive practices, Britain's antitrust tribunal said Wednesday.

  • June 04, 2024

    Microsoft Failing To Protect Students' Data, EU Watchdog Told

    A prominent Austrian advocacy group is urging the country's data protection authority to take a closer look at how Microsoft is protecting children's personal information, arguing the tech giant is unfairly trying to "shift" its responsibility under European Union privacy law to the schools that use its educational software and is secretly tracking minors' online activities.

  • June 04, 2024

    HP Fraud Charges Against Ex-Autonomy Execs Head To Jury

    Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."

  • June 04, 2024

    Art Dealer Can't Block Qatari Sheikh's $3M Forgery Claim

    A London judge on Tuesday refused to strike out a claim brought by a Qatari sheikh and his investment fund that a Swiss antiques dealer falsified the provenance of a $3 million marble head of Alexander the Great, ruling it is not abusive relitigation.

  • June 04, 2024

    Ex-Clarke Willmott Lawyer Suspended For Sexual Misconduct

    A former Clarke Willmott LLP partner was suspended on Tuesday after a disciplinary tribunal found he was guilty of sexual misconduct for refusing to leave a female partner's hotel room, trying to pull her on to a bed and asking for sex.

Expert Analysis

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • EU Product Liability Reforms Represent A Major Shakeup

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    The recent EU Parliament and Council provisional agreement on a new product liability regime in Europe revises the existing strict liability rules for the first time in 40 years by easing the burden of proof to demonstrate that a product is defective, a hurdle that many had previously failed to overcome, say Anushi Amin and Edward Turtle at Cooley.

  • Amazon's €32M Data Protection Fine Acts As Employer Caveat

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    The recent decision by French data privacy regulator CNIL to fine Amazon for excessive surveillance of its workers opens up a raft of potential employment law, data protection and breach of contract issues, and offers a clear warning that companies need coherent justification for monitoring employees, say Robert Smedley and William Richmond-Coggan at Freeths.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • EU Report Is A Valuable Guide For Data Controllers

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    The European Data Protection Board recently published a study of cases handled by national supervisory authorities where uniform application of the General Data Protection Regulation was prioritized, providing data controllers with arguments for an adequate response to manage liability in case of a breach and useful insights into how security requirements are assessed, say Thibaut D'hulst and Malik Aouadi at Van Bael.

  • UK Court Ruling Reinforces CMA's Info-Gathering Powers

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    An English appeals court's recent decision in the BMW and Volkswagen antitrust cases affirmed that the U.K. Competition and Markets Authority can request information from entities outside the U.K., reinstating an important implement in the CMA's investigative toolkit, say lawyers at White & Case.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • Together, GDPR And AI Act Can Boost Digital Rights In EU

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    The overlap between the General Data Protection Regulation and the forthcoming EU Artificial Intelligence Act is intriguing in that it demonstrates a shared commitment to upholding individual digital rights, and understanding this synergy is paramount in comprehending how the two domains can work in tandem, says Maria Moloney at PrivacyEngine.

  • Acquisition Of AI Tech Poses Challenges For Media Industry

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    The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.

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