Corporate Crime & Compliance UK

  • May 22, 2024

    Citigroup Fined £61.6M For Trading Systems Failings

    Two finance regulators said Wednesday they have fined Citigroup Global Markets Ltd. a total of £61.6 million ($78.4 million) for failures in trading systems that led to the lender mistakenly selling $1.4 billion in equities into European markets.

  • May 21, 2024

    Leigh Day Considering Legal Action Over UK Blood Scandal

    Personal injury and human rights firm Leigh Day said Tuesday that it was considering legal action against the U.K. government on behalf of clients who were given infected blood transfusions over three decades, after a government minister gave a speech outlining how victims will be compensated.

  • May 21, 2024

    EU Gives Final Approval To World's First AI Rulebook

    European Union law negotiators gave the final green light on Tuesday to the first worldwide rules on artificial intelligence across most sectors including financial services, classifying its usage in bank lending risk assessments or insurance underwriting for EU citizens as high-risk.

  • May 21, 2024

    Post Office Official Told MP About IT Bugs Ahead Of Report

    A former Post Office senior official conceded she was the "bearer of bad news" by ensuring an MP was told of bugs in the IT system used to wrongly prosecute innocent people, as she gave evidence to an inquiry Tuesday.

  • May 21, 2024

    I Am An Honest Man, British Trader Tells £1.4B Fraud Trial

    Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), told a London court on Tuesday that he is an "honest man" who traded using a legal "loophole."

  • May 21, 2024

    Finance Pros 'Too Afraid' To Blow Whistle On Fraud

    More than three-quarters of finance professionals in the U.K. stayed silent after spotting or suspecting internal fraud in their workplaces, a survey published on Tuesday showed, with nearly half saying they feared a backlash.

  • May 21, 2024

    Ex-Insurance Exec's Wife Denies Knowledge Of Illegal Money

    The wife of a former executive at Gable Insurance has denied cashing in on unauthorized payments from her husband who, the Liechtenstein insurer alleges, siphoned off millions of pounds from the company to accounts he had links to.

  • May 21, 2024

    Prince Harry Fails To Drag Rupert Murdoch Into Privacy Claim

    Prince Harry and others suing the U.K. arm of Rupert Murdoch's News Corp. failed on Tuesday to drag the media mogul into their claim as a London judge refused to expand their case to include allegations that he was part of an alleged cover-up.

  • May 21, 2024

    Hayes Gets Lifeline In Bid To Overturn Libor Conviction

    An English appellate court on Tuesday opened the door for two traders convicted of manipulating benchmark interest rates to appeal to the U.K.'s top court but said that the justices must decide whether to hear the case. 

  • May 20, 2024

    Arbitrator In $14.9B Malaysia Case Can't Nix Contempt Ruling

    Embattled arbitrator Gonzalo Stampa has lost an appeal challenging his conviction in Spain for contempt of court after he ordered Malaysia to pay $14.9 billion to the heirs of the last sultan of Sulu in an unusual, high-stakes arbitration stemming from a 19th-century land deal.

  • May 20, 2024

    Autonomy CEO Reaped $516M From HP Acquisition, Jurors Told

    Ex-Autonomy CEO Michael Lynch took home more than $516 million from the software company's $11.7 billion sale to HP, an FBI agent testified Monday as the government's last witness in a trial over allegations Lynch duped HP into overpaying to buy the company.

  • May 20, 2024

    SFO Seizes Cash In Bank Account Linked To Nigerian Bribery

    Britian's anti-corruption agency has seized more than £36,000 ($46,000) from the former managing director of an African state-owned banknote printing company after prosecutors traced the money to a bribery scheme. 

  • May 20, 2024

    Barristers Blast Lack Of Data As Remote Hearings Decline

    The Bar Council on Monday reported a "significant and steep decline" in the number of remote court hearings taking place since the peak of COVID-19 and condemned the "staggering" lack of data available to assess their effectiveness.

  • May 20, 2024

    Collapsed Firm Escapes Fine For Making Unapproved Claims

    The solicitors' watchdog for England and Wales on Monday waived a £65,300 ($83,000) fine for a shuttered law firm that submitted claims without clients' approval, scrapping the penalty to safeguard the outfit's creditors.

  • May 20, 2024

    Step Up Action On Financial Abuse, FCA Tells Firms

    The Financial Conduct Authority has called on regulated firms to take further steps to stop financial abuse of individuals through manipulation of banking or insurance products as it looks through the lens of the Consumer Duty.

  • May 20, 2024

    Judge Approves Bankruptcy Order On Ex-Axiom Ince Chief

    A judge approved on Monday a bankruptcy order against the former head of Axiom Ince Ltd. after the now-collapsed law firm failed to pay monthly installments for its acquisition of Ince.

  • May 20, 2024

    Crypto 'Inventor' Used Court As Vehicle For Fraud, Judge Says

    A London court ruled Monday that the man who claimed to be Satoshi Nakamoto in a weekslong trial lied extensively and committed forgery "on a grand scale," finding that the computer scientist had used the courts as a "vehicle for fraud."

  • May 20, 2024

    Assange Gets Final Appeal In Fight Against US Extradition

    Julian Assange won a lifeline in his long-running fight against extradition to the U.S. on Monday as an English court granted him permission to challenge assurances from American authorities that the WikiLeaks founder would not face discrimination at trial.

  • May 17, 2024

    Imprisoned Oligarch Partly Wins Bid To Expand $14B Claim

    An imprisoned Russian billionaire partly succeeded in a London court Friday in adding new allegations to his $13.8 billion claim alleging his business empire was fraudulently taken in a wide-ranging Russian state conspiracy.

  • May 17, 2024

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

    This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.

  • May 17, 2024

    SEC Can Try To Show Jurisdiction Over German In $3M Claim

    The U.S. Securities and Exchange Commission will be allowed to pursue evidence to support its case for disgorgement of $3.3 million in allegedly ill-gotten gains from a German man whose son was implicated in a $150 million pump-and-dump scheme, a federal judge in Boston ruled on Thursday.

  • May 17, 2024

    Sanctions Ruling Clarifies Force Majeure Contractual Rights

    A decision by Britain's highest court that a shipowner could reject a client's attempt to sidestep payment restrictions imposed by U.S. sanctions has implications for disputes over force majeure clauses sparked by the effects of those measures, the war in Ukraine and the COVID pandemic on supply chains.

  • May 17, 2024

    Post Office Used Womble Bond To Avoid Looking Like 'Bullies'

    The Post Office retained Womble Bond Dickinson in a civil case brought by victims of the Horizon scandal because a more aggressive law firm might make it look like "bullies," an executive for the organization told an inquiry Friday.

  • May 17, 2024

    Local Authorities Bid To Toss Truck Makers' Pass-On Defense

    A lawyer acting for 136 local authorities across the U.K. urged a tribunal on Friday to prevent European truck manufacturers from arguing that they passed on higher costs allegedly paid for vehicles through higher tax and service charges for residents.

  • May 17, 2024

    FCA To Weigh 'Sensitive, Emotive Issue' Of Probes Policy

    The Financial Conduct Authority has said it "will take time" to consider widespread concerns over its proposals to identify companies or individuals under investigation after lawyers said the move could damage careers.

Expert Analysis

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

  • 4 Ways To Prepare For EU's Digital Finance Security Law

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    Companies that will fall under the scope of the Digital Operational Resilience Act when it goes into effect next January should take several proactive steps as they prepare for new corporate governance, risk management, incident reporting and third-party contracting obligations, says Edward Machin at Ropes & Gray.

  • 4 Legal Privilege Lessons From Dechert Disclosure Ruling

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    The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.

  • BT Case May Shape UK Class Action Landscape

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    The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.

  • No-Poach Agreements Face Greater EU Antitrust Scrutiny

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    EU competition authorities are increasingly viewing employer no-poach agreements as anti-competitive and an enforcement priority, demonstrating that such provisions are no longer without risk in Europe, and proving the importance of understanding EU antitrust law concerns and implications, says Robert Hardy at Greenberg Traurig.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • UK Gov't Response Clarifies AI Regulation Approach

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    Although the U.K. government’s recent response to its artificial intelligence consultation is a clear signal of its continuing pro-innovation approach to AI regulation, high-level systems are likely to be the focus of scrutiny and organizations may consider reviewing measures they have implemented to help identify risks, say Christopher Foo and Edward Machin at Ropes & Gray.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • EU Vote Delay Puts Course Of Sustainability Directive In Doubt

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    With time to adopt the proposed EU Corporate Sustainability Due Diligence Directive during this Parliamentary term running out, and with upcoming elections threatening political uncertainty, the degree of compromise that may be needed to secure a "yes" vote now could undermine the shift the legislation seeks to achieve, say lawyers at Simpson Thacher.

  • Full EU Import Border Controls Pose Hurdles For UK Cos.

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    The U.K.’s long-anticipated introduction of full border controls on imports of goods from the EU, due to complete by the end of 2024, brings the system broadly into line with goods imported from the rest of the world, but may result in delays, increased costs and disruption as businesses adapt, say Ben Chivers and Jonathan Rush at Travers Smith.

  • Cos. Should Review Cookie Compliance After ICO Warnings

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    The Information Commissioner's Office recently restated its intention to take enforcement action on the unlawful use of nonessential cookies, and with the additional threat of public exposure and reputational damage, organizations should review their policies and banners to ensure they comply with data protection legislation, says Murron Marr at Shepherd & Wedderburn.

  • New Fraud Prevention Offense May Not Make Much Difference

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    By targeting only large organizations, the Economic Crime Act's new failure to prevent fraud offense is striking in that, despite its breadth, it will affect so few companies, and is therefore unlikely to help ordinary victims, says Andrew Smith at Corker Binning.

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