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Corporate Crime & Compliance UK
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December 20, 2024
Gov't Reveals Multimillion-Pound Boost In Legal Aid Funding
The U.K. government has announced an additional £92 million ($115 million) in annual funding for legal aid, in a bid to address the ongoing crisis in the criminal justice system.
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December 20, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the University of Southampton sue a drone-maker over the rights to an uncrewed aircraft patent, Importers Service Corp. and its subsidiary ISC Europe take action against a former director who allegedly owes the company over £1.1 million ($1.4 million), and DAC Beachcroft face a fraud claim by a "prolific litigant."
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December 20, 2024
Barrister Loses Appeal Over 6-Month Suspension
A London judge rejected a bid Friday by a barrister to overturn his six-month suspension for failing to comply with a court order to pay £64,000 ($80,593), ruling that the sanction was "neither wrong nor clearly inappropriate."
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December 20, 2024
Pension Scams Body Held Back By Lack Of Industry Funding
An influential campaign group on pension scams said Friday that it will not be able to play a bigger role in raising awareness without funding from the retirement sector.
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December 20, 2024
BT Delivers Warning Shot To Standalone UK Class Actions
Success for BT in the first-ever collective action to reach judgment in the U.K. could dampen the spirits of lawyers and litigation-funders backing more risky standalone claims that do not draw on pre-existing enforcement decisions to establish liability.
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December 20, 2024
The Top FCA Enforcement Cases Of 2024
The blockbuster fines imposed by the Financial Conduct Authority on challenger banks Starling and Metro for anti-money laundering failures, its notable penalties against Barclays and its conviction of a former Goldman Sachs banker for insider dealing are just a few of the key cases from 2024.
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December 20, 2024
The Biggest UK Commercial Litigation Cases Of 2024
The High Court and Court of Appeal resolved some landmark legal disputes in 2024 — the justices liberated the open-source cryptocurrency community from spats over intellectual property protection and determined liability for the high-profile collapse of London Capital & Finance.
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December 20, 2024
Osborne Clarke Pro Fined £50K Over Zahawi Libel Letter
A tribunal fined an Osborne Clarke LLP partner who represented Nadhim Zahawi £50,000 ($62,700) on Friday for trying to stop a blogger revealing that the former chancellor was contemplating libel action over allegations of dishonesty in his tax affairs.
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December 20, 2024
£3.5B 'Dartford Disneyland' Park Co. Must Close, Court Rules
A company that had wanted to build a £3.5 billion ($4.4 billion) "Disneyland-style" theme park must be wound up for "serious and irremediable" breaches of its agreement to pay creditors, which include Paramount, a London court has ruled.
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December 20, 2024
Financial Adviser Colbourne In Default After FCA Restrictions
The Financial Conduct Authority has said that Colbourne & Co., an independent financial adviser that it has prevented from doing regulated business, is in default and that clients can claim compensation.
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December 20, 2024
Ex-Axiom Ince Execs Hit With Fraud Charges Over Collapse
The Serious Fraud Office charged five former Axiom Ince leaders with fraud on Friday over the collapse of the law firm with a £65 million ($81 million) hole in its client accounts.
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December 19, 2024
Craig Wright Gets Suspended Sentence Over Bitcoin Claim
Australian computer scientist Craig Wright was given a suspended one-year prison sentence on Thursday after a London judge said he was in contempt of court for asserting he had invented bitcoin in an approximately £900 billion ($1.1 trillion) claim.
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December 19, 2024
CMA Issues Guidance For New Digital Competition Rules
Britain's Competition and Markets Authority released guidance Thursday laying out how the agency intends to use its new powers to impose rules and obligations on large technology companies, ahead of the regime's launch next year.
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December 19, 2024
Lloyd's Syndicate Says £1M Property Claim Exaggerated
A Lloyd's syndicate has denied owing £1 million ($1.25 million) to cover costs of subsidence damage to a property in southern England, arguing the owner fraudulently exaggerated the claim and submitted false documents.
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December 19, 2024
Denmark Says $500M Recovered In Dividend Tax Fraud Suits
Denmark's tax administration has recovered a total of 3.6 billion Danish kroner ($500 million) in money lost to suspected dividend tax refund fraud after entering settlements of civil cases in several countries in 2024, Denmark's tax minister announced.
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December 19, 2024
FCA Apologizes To Victims Of £15M Peer-To-Peer Fraud
The financial regulator of the U.K. on Thursday issued an apology to the victims of peer-to-peer lender Collateral (UK) Ltd., which defrauded investors of £15 million ($18.8 million) by falsely claiming the business was authorized.
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December 19, 2024
Motor Finance Firms Get 1 Year To Address Fee Complaints
Britain's financial watchdog said Thursday that it has extended the time motor finance firms have to respond to consumer complaints about commission arrangements by a year, after mulling over the extension for a month.
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December 19, 2024
Thames Water Fined £18M For Breaking Dividend Rule
The U.K. water regulator said Thursday that it plans to fine Thames Water £18.2 million ($22.7 million) for paying "unjustified" dividends worth £195.8 million that broke shareholder payment rules, the latest setback for the troubled utility.
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December 19, 2024
Retailers Lose Bid For Higher Damages Bill In Swipe Fees Trial
Retailers taking legal action against Mastercard Inc. and Visa lost their bid on Thursday to increase their damages bill from alleged unlawful overcharging by the card companies.
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December 19, 2024
A Look Back At The Top UK Corporate Crime Cases Of 2024
Julian Assange's blockbuster plea deal, which allowed the Wikileaks founder to walk free from prison, the first fine imposed by Britain's sanctions' enforcer over Russia and a landmark ruling on criminal liability in supply chains are just a few of the key cases from 2024.
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December 19, 2024
Osborne Clarke Pro's Email To Zahawi Critic Was 'Negotiation'
A partner with Osborne Clarke LLP who represented Nadhim Zahawi "believed he was acting properly" when he sent an allegedly threatening email to a blogger scrutinizing the former Conservative chancellor's tax affairs, his counsel told a tribunal on Thursday.
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December 19, 2024
The Biggest UK Supreme Court Decisions Of 2024
The U.K. Supreme Court in 2024 has looked into the enforcement of arbitration agreements, put an end to brand owners collecting broad trademark monopolies, galvanized climate activism and stressed the importance of solicitor-client costs agreements.
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December 19, 2024
UK Private Stock Market May Fail To Attract Investors, Firms
A world-first regulated market that the U.K. government has proposed for private companies to trade shares might fail to offer enough of an incentive to attract firms and investors.
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December 19, 2024
BT Defeats £1.3B Class Action In Setback For Consumers
Telecoms operator BT defeated on Thursday a £1.3 billion ($1.6 billion) class action brought on behalf of three million landline customers in the first substantive ruling deciding a U.K. collective proceedings order claim.
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December 18, 2024
Skat Fights To Bring New Cum-Ex Fraud Case Against Broker
The Danish tax authority argued at a London appeals court on Wednesday that it should not be blocked from bringing fresh tax fraud claims against an English brokerage, contending that the claims cover new material not already decided in earlier proceedings.
Expert Analysis
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How CMA's AI Strategic Update Addresses Industry Risks
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.
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Labour's 'Fresh Approach' To Tackling Financial Crime
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.
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What UK Digital Markets Act Will Mean For Competition Law
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.
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Examining The EU Sanctions Directive Approach To Breaches
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.
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What New UK Labour Gov't Is Planning For Financial Services
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.
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Companies Trading In The EU Should Heed Mondelēz Ruling
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.
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Why Reperforming Loan Securitization In UK And EU May Rise
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.
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How Extension Of EU License Exemption Affects Subsidiaries
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.
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What Legal Cannabis In Germany Means For Employers
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.
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What French Watchdog Ruling Means For M&A Landscape
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.
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New Directors' Code Of Conduct May Serve As Useful Guide
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.
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Comparing EU, Southeast Asia Approaches To AI Regulation
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.
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Exploring The EU's Draft Standards On Crypto Authorization
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.
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Assessing Exposure Under UK Foreign Influence Scheme
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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How FCA Guidance Aligns With Global Cyberattack Measures
The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.