Corporate Crime & Compliance UK

  • July 15, 2024

    Nigerian Oil Spill Victims Can't Put Off Leigh Day Trial

    A judge declined on Monday to adjourn the case of Nigerian villagers suing Leigh Day over the negotiation of a £55 million ($71 million) settlement with a Shell subsidiary, saying that the claimants had failed to explain why they were not ready on the first day of trial.

  • July 15, 2024

    SFO Beats Trader's Costs Demand Over Delayed Disclosure

    A London court found on Monday that the Serious Fraud Office is not on the hook for the legal fees incurred by a former trader in biodiesel fuel after his trial, where he was acquitted of fraud charges, was delayed more than a year amid problems with disclosure.

  • July 15, 2024

    BHP, Vale To Split Damages 50/50 Ahead Of £36B Dam Trial

    Mining giants BHP and Vale have agreed to equally share the cost of any damages awarded to hundreds of thousands of claimants in legal proceedings in England, the Netherlands and Brazil over a dam disaster operation that killed 19 people.

  • July 15, 2024

    PayPal Fined $27.3M By Polish Competition Watchdog

    Poland's competition regulator said Monday that it has fined PayPal 106.6 million Polish złoty ($27.3 million) for using prohibited provisions in its user agreement that could lead to sanctions against users that are unpredictable.

  • July 12, 2024

    Lawyer Beats Allegation He Helped Tycoon Duck Asset Freeze

    A leading Monégasque lawyer did not conspire to help an embattled Taiwanese shipping magnate evade an asset freezing order, as he "honestly believed" he was entitled to transfer $26 million from the sale of the businessman's villas, a London judge ruled Friday.

  • July 12, 2024

    Apple, Amazon Fight Over Class Terms In £500M Price Claim

    A consumer advocate clashed in a London tribunal on Friday with Apple and Amazon over the terms of her £500 million ($649 million) class action that accuses them of inking a secret deal to limit independent sales of Apple's products.

  • July 12, 2024

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

    This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.

  • July 12, 2024

    Prisoners To Be Released Early As System Nears Capacity

    Thousands of prisoners will be released early after serving less than half of their sentences, the government said on Friday, as the justice system teeters on the edge of collapse amid overcrowding in the country's prisons. 

  • July 12, 2024

    Dentons To Face SRA Appeal On AML Misconduct Ruling

    The Solicitors Regulation Authority has appealed against a London tribunal's decision that inadvertent anti-money laundering failures at the U.K. arm of Dentons over a politically exposed client did not amount to professional misconduct.

  • July 12, 2024

    Oil Co. Loses Bid To Alter £43M Legal Bills In $11B Nigeria Win

    The Court of Appeal refused on Friday to change the currency used in the payment of Nigeria's legal costs arising from an $11 billion battle over a fraudulent arbitration award for the "straightforward" reason that the solicitors' invoices are in sterling.

  • July 12, 2024

    Fix AML Defenses Or Face Fines, German Banking Group Told

    Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.

  • July 11, 2024

    Volvo Wasn't Properly Served In Cartel Case, ECJ Says

    The European Union's top court ruled Thursday that Volvo was not validly served when documents were sent to its Spanish subsidiary, in a major setback for a competition damages claim in the Iberian country.

  • July 11, 2024

    Former EuroChem CEO Escapes EU Sanctions

    The European General Court has lifted sanctions on the former chief executive officer of Russian fertilizer manufacturer EuroChem, finding there is not enough evidence to show the businessman is still involved in sectors generating revenue for the Russian government.

  • July 11, 2024

    NCA Can Seize Money Linked To £55M Tax Scam

    A 13-year money laundering investigation involving a lottery winner, a bomb hoax and a £55 million ($71 million) tax fraud neared its end at a London court on Thursday as a judge ordered funds from three defunct companies to be forfeited to the National Crime Agency.

  • July 11, 2024

    Social Media Influencers Deny FCA Charges Over Forex Ads

    Eight reality TV stars and social media influencers pleaded not guilty to charges brought by the Financial Conduct Authority at a London court on Thursday over claims that they promoted a high-risk trading scheme dealing in financial products without authorization.

  • July 11, 2024

    Ex-Clifford Chance Veteran Accused Of Pocketing Client Funds

    The Solicitors Regulation Authority is taking the former managing partner of Clifford Chance's Brussels office to a tribunal in London after he allegedly attempted to misappropriate approximately $1 million in client funds and then tried to shield his misconduct from the firm.

  • July 11, 2024

    Ex-Autonomy CFO Formally Banned After Conviction

    The U.K. audit watchdog said on Thursday that it has formalized its 20-year exclusion from the accountants' professional body of the chief financial officer of software company Autonomy after he was convicted of fraud and securities offenses in the U.S.  

  • July 10, 2024

    Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit

    Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.

  • July 10, 2024

    CMA Bids To Reverse Nixed £100M Fine In Drug-Pricing Case

    The U.K.'s competition watchdog on Wednesday sought to overturn a ruling that upended more than £100 million ($128.4 million) in fines against drug companies for allegedly reaching agreements related to hydrocortisone tablets, in a major case for U.K. competition law.

  • July 10, 2024

    HMRC, CPS Beat Financier's Claim Over Botched Prosecution

    HM Revenue and Customs and the Crown Prosecution Service have beaten claims of malicious prosecution and misfeasance in public office by a corporate financier following a failed criminal fraud case, with a judge finding that they had enough evidence to pursue him.

  • July 10, 2024

    UK Prosecutors Secure 1st Monero Crypto Payout

    A drug dealer has paid back £15,000 ($19,200) of his illegal profits by surrendering his Monero cryptocurrency to a U.K. government agency, the first time the coin has been sold off in a Crown Prosecution Service case.

  • July 10, 2024

    Citi Rebuked Over Botched Misconduct Probe Into Trader

    A decision by Citigroup to fire a trader amid allegations that he had given misleading updates on deals was unfair because its probe was plagued by delays and led to an unreasonable finding of gross misconduct, a tribunal has ruled.

  • July 10, 2024

    Finance Co. Can't Escape Liability In £1.7M Failed Investments

    A finance company has failed to duck liability for botched property investments worth approximately £1.7 million ($2.2 million) as a London appeals court found the firm had accepted responsibility for another business to arrange the deals.

  • July 09, 2024

    UK's Non-Dom Taxpayer Count Increased 7%

    A growing number of taxpayers in the United Kingdom claimed last year that their permanent home is outside the country, qualifying them for a non-domiciled tax exemption in the crosshairs of lawmakers, HM Revenue & Customs said Tuesday.

  • July 09, 2024

    Global Standard Setter Guides Firms On Third-Party Risk

    A global banking standard setter on Tuesday proposed new principles to guide banks and regulators on how to manage and supervise risks from services increasingly outsourced to external organizations due to technology growth.

Expert Analysis

  • Tips For Implementing EU Sustainability Reporting Guidance

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    Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.

  • How CMA's AI Strategic Update Addresses Industry Risks

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    The Competition and Markets Authority’s recent artificial intelligence strategic update, setting out the regulator’s understanding of AI risks and how it intends to address them, is indicative of its focus on incumbent technology organizations, although future political developments in the U.K. may also shape the CMA's approach, say Christopher Foo and Carol Slattery at Ropes & Gray.

  • Labour's 'Fresh Approach' To Tackling Financial Crime

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    Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.

  • What UK Digital Markets Act Will Mean For Competition Law

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    The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.

  • Examining The EU Sanctions Directive Approach To Breaches

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    In criminalizing sanctions violations and harmonizing the rules on breaches, a new European Union directive will bring significant change and likely increase enforcement risks across the EU, say lawyers at Hogan Lovells.

  • What New UK Labour Gov't Is Planning For Financial Services

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    Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.

  • Companies Trading In The EU Should Heed Mondelēz Ruling

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    The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.

  • Why Reperforming Loan Securitization In UK And EU May Rise

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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.

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