Corporate Crime & Compliance UK

  • June 21, 2024

    Salmon Farmers Hit With £382M Price-Fixing Class Action

    Several Atlantic fish farming companies face a £382 million ($482 million) class action on behalf of millions of U.K. consumers who accuse the businesses of running a cartel to artificially inflate salmon prices.

  • June 21, 2024

    European Funds Want Laxer Rules On Derivatives Calls

    A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.

  • June 21, 2024

    Axiom Stays £65M Action As Directors Claim Bankruptcy

    A London judge ruled on Friday that shuttered firm Axiom Ince can stay its almost £65 million ($82 million) claim against its ex-director and several of his companies for allegedly misappropriating client funds, saying the main defendant has been declared bankrupt.

  • June 20, 2024

    SRA Confirms 20-Plus Investigations Into Post Office Scandal

    The solicitors' watchdog said Thursday it is running more than 20 investigations into practitioners and law firms implicated in the Post Office IT scandal — but maintained it has no plans to take enforcement action because the public is not at risk. 

  • June 20, 2024

    Mastercard Settles Retailers' Swipe Fees Group Litigation

    Mastercard has settled a class action claim brought by more than 1,900 businesses in ongoing litigation over allegations it imposed excessively high credit card fees on merchants, a person familiar with the case has confirmed.

  • June 20, 2024

    Financial Watchdog Launches First-Ever ESG Probe Into Biz

    The Financial Conduct Authority has opened its first-ever enforcement investigation into a company over climate-related issues, lawyers from an environmental legal campaign group said on Thursday.

  • June 20, 2024

    FCA Backs Police In Illegal £1B Crypto-Scheme Arrests

    The Financial Conduct Authority said Thursday that it worked with the Metropolitan Police on an operation that resulted in the arrest of two individuals suspected of running an illegal £1 billion ($1.3 billion) crypto-asset business.

  • June 20, 2024

    Tory Donor Charged With Bribing Official To Face 2027 Trial

    An entrepreneur and political donor charged with bribing a public official in the Caribbean to secure contracts for his solar power company will face trial in early 2027, a judge at a London court said Thursday. 

  • June 20, 2024

    UK Gov't Must Face War Crime Libel Claim, Top Court Rules

    A Bangladesh-born British citizen can revive his libel claim over a Home Office report that said he was guilty of war crimes after the U.K. Supreme Court ruled Thursday that it was not an abuse of process, allowing it to continue to trial.

  • June 19, 2024

    Drivers Sue Amazon Over Alleged Work Visa Scam

    A group of drivers for Amazon who say they were lured to the U.K. from Spain as part of a sophisticated visa scam have filed an employment claim against the retail giant and its logistics provider.

  • June 19, 2024

    Rosling King And Ex-Client Clash Over Negligence Claim

    Tonstate Group and its former legal counsel Rosling King LLP sought Wednesday to toss parts of each other's cases in the claim by the investment company accusing the law firm of negligently managing litigation against Tonstate's ex-CEO.

  • June 19, 2024

    Russian Billionaire Loses Bid To Overturn EU Sanctions

    The European Union's General Court upheld sanctions against Russian billionaire Igor Rotenberg on Wednesday, ruling that there is enough evidence to show he profited from Russia supporting companies he managed and owned shares in.

  • June 19, 2024

    Mastercard Cuts Time-Barred Claims From £10B Class Action

    A London tribunal has wiped out a swathe of claims from a £10 billion ($12.7 billion) class action against Mastercard for being time-barred, dismissing allegations on Wednesday that the credit card giant had hidden information about its interchange fees from consumers.

  • June 19, 2024

    PPE Distributor Claims $11M Lost In 'Secret Commissions'

     A British medical supplier is suing its former agent for $10.8 million for allegedly defrauding it by taking secret commission on orders of personal protective equipment during the COVID-19 pandemic.

  • June 19, 2024

    Train Operator Denies Hiding Cheaper Fares From Passengers

    A rail operator told a class action trial in London on Wednesday that allegations by rail passengers that it had concealed the existence of cheaper tickets from customers are not backed up by any evidence.

  • June 19, 2024

    Nasdaq Stockholm Fined $9.6M For Compliance Breaches

    The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.

  • June 18, 2024

    Train Operators' Boundary-Fare Class Action Trial Opens

    At a class action trial in London on Tuesday, rail passengers accused English rail operators of abusing their dominant market position by failing to sell cheaper tickets to some customers and forcing them to pay up to double the price for their journey.

  • June 18, 2024

    Solicitor Who Stalked Ex-Girlfriend Struck Off

    A solicitor convicted of stalking over repeatedly kicking his ex-girlfriend's door and threatening to "sort her out" has been struck off by a tribunal Tuesday.

  • June 18, 2024

    Ex-Yukos Oil Investors Auction Russian Vodka TMs For €1.6M

    The former shareholders of Yukos Oil Co. said Monday they have auctioned the Benelux rights to trademarks for 18 Russian vodka brands, including Stolichnaya and Moskovskaya, as they continue their effort to enforce $50 billion in arbitral awards against Russia.

  • June 18, 2024

    HSBC Hit With Swiss Restrictions After Compliance Breaches

    Switzerland's financial regulator said Tuesday that HSBC's Swiss private bank had breached anti-money laundering requirements in banking transactions with two high-profile individuals, restricting its new business relationships until it completes reviews overseen by a monitor.

  • June 18, 2024

    EU Finance Watchdogs Call For Improved Sustainability Rules

    The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.

  • June 18, 2024

    Serco Settles Landmark Shareholder Dispute Mid-Trial

    Serco settled a landmark shareholders' claim on Tuesday with investors who sued the outsourcing giant for compensation over an overbilling scandal that caused its share price to nosedive.

  • June 17, 2024

    OECD Tax Plan Is Developing Nations' Best Choice, Prof Says

    Developing countries could gain more revenue from the OECD's multilateral plan to tax the digital economy than the U.N. Tax Committee's bilateral alternative because they have small treaty networks, many customers and few large companies, an academic argued Monday during an Oxford University panel.

  • June 17, 2024

    Ex-Energy Minister Revives Bid To Ax Libel Defense

    A lawyer for an Iraqi politician said an investigative journalism article about the Iraqi oil business is "cherry-picking" bits of a court judgment to "create a story of corruption," urging a judge Monday to throw out the journalists' defense to his libel claim.

  • June 24, 2024

    Leading Blockchain Lawyer Joins Lawrence Stephens

    Lawrence Stephens Ltd. has hired a litigator with expertise in blockchain technology and digital assets from Shoosmiths amid growing demand from clients for advice on cryptocurrency asset recoveries and all other issues associated with emerging technologies.

Expert Analysis

  • How Law Firms Can Handle Challenges Of Mass Claims

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    With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.

  • EU Directive Significantly Strengthens Enviro Protection

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    The recently revised European Union directive on environmental protection significantly strengthens its prior legislation and broadens the scope of environmental crime through the introduction of offenses for conduct resulting in severe damage, say Katharina Humphrey and Julian Reichert at Gibson Dunn.

  • How Revision Of The EU Works Directive May Affect Cos.

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    The European Union’s proposed revision of the Works Councils Directive, motivated by perceived shortcomings of existing legislation and the transformation of the world of work, includes significant changes that would increase workers' rights, including through strengthened enforcement and confidentiality provisions, says Thomas Player at Eversheds Sutherland.

  • What The New Digital Markets Bill Will Mean For Companies

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    The recently passed Digital Markets, Competition and Consumer Bill will bring significant reform to U.K. merger control and antitrust rules for all businesses, but the introduction of a strategic market status regime and its reporting obligations means large tech organizations in particular need to think carefully about the forthcoming changes, say lawyers at Linklaters.

  • EU's AI Act: Pitfalls And Opportunities For Data Collectors

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    The European Union’s new Artificial Intelligence Act entails explicit requirements and limitations throughout the AI value chain that might affect firms directly or indirectly dealing with AI development, such as data-as-a-service companies and web scraping providers, says Denas Grybauskas at Oxylabs.

  • FCA Doubles Down On New Priorities With Target ID Plan

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    Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.

  • Insurance Ruling Stresses High Hurdle To Fix Policy Wording

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    In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.

  • CMA Reports Signal Tighter Scrutiny Of AI Model Markets

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    The Competition and Markets Authority’s recent reports on artificial intelligence foundation models suggest that competition in AI is not working as it should, so large digital firms can expect the regulator to use its full toolbox as it continues to monitor and investigate the sector, say lawyers at Cooley.

  • Taking Stock Of Changes UK Economic Crime Act Will Bring

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    With more than six months since the Economic Crime and Corporate Transparency Act's enactment, it is time to look at the steps organizations can take to prepare for imminent changes, including the new failure to prevent fraud offense and extensions to Companies House authority, say lawyers at Mayer Brown.

  • Examining Senior Managers' Accountability For AI Use

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    With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.

  • FCA Brokerage Changes Offer Asset Managers Wider Options

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    The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.

  • What Cos. Should Know About The EU Greenwashing Rules

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    The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.

  • Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

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    In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.

  • How Gov't Response Addresses Investment Act Concerns

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    The government’s recently published response to a call for evidence on the National Security and Investment Act is largely appropriate to stakeholder concerns raised and demonstrates in its five areas of focus that it is willing to respond to live issues, say lawyers at Watson Farley.

  • New Legislation May Jeopardize The Future Of Data Protection

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    While U.K. officials argue that the recently enacted Investigatory Powers (Amendment) Act seeks to enhance national security and the pending Data Protection and Digital Information Bill aims to modernize data protection regulations, both give rise to concerns about achieving a balance between security needs and individual liberties, says Maria Moloney at PrivacyEngine.

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