Corporate Crime & Compliance UK

  • February 12, 2024

    'More Dawn Raids,' New SFO Chief To Promise In 1st Speech

    A "bolder" Serious Fraud Office will act faster and conduct more dawn raids, but be unafraid of closing investigations where charges appear unlikely, the anti-graft agency's new director will say Tuesday as part of his first public speech setting out his vision.

  • February 12, 2024

    Madagascar Official Had 'To Be Paid' For Gem Deal, Jury Hears

    A former top aide to Madagascar's president who is accused of seeking bribes to secure mining rights for a U.K. company told an undercover officer posing as a company representative that she needed "to be paid," according to a recording played at the former aide's trial Monday.

  • February 12, 2024

    UK Gov't Pushed To Reform Audit As Delays Cause Delistings

    A governance trade body has urged the government to proceed with abandoned audit reform proposals, claiming the delays have led to companies delisting from the London Stock Exchange.

  • February 12, 2024

    FCA Tells Firms To Bear Brunt Of Policing Financial Crime

    The City watchdog has said that companies must tackle financial crime by giving it better data that could lead to assertive supervision and enforcement action. But lawyers have told Law360 that this would put an even greater cost burden on companies.

  • February 12, 2024

    Reporting Rules For Russia Sanctions Get UK Update

    Businesses in Britain have to tell the country's authorities whether they are holding any cash or other assets for Russian financial and state institutions under new rules announced Monday.

  • February 12, 2024

    Autonomy Founder Must Pay $4B Over Sale Fraud, HP Says

    Hewlett Packard asked a London court on Monday to order the founder of Autonomy and his chief financial officer to pay more than $4 billion in damages after they fraudulently inflated their technology firm's value before its $11 billion sale.

  • February 12, 2024

    'Mastermind' Fraudster Who Stole £12M Gets 5 Years' Prison

    A man has been sentenced to five years imprisonment for defrauding victims out of more than £12 million ($15 million) through high-pressure telesales of bogus investment products, City of London Police has said.

  • February 09, 2024

    2nd Circ. Revives Investors' Mexican Bond-Rigging Claims

    The Second Circuit on Friday reinstated U.S. investor claims accusing major banks of a yearslong collusion to rig Mexican government bond prices, saying a New York district court wrongly found it didn't have jurisdiction over the matter.

  • February 09, 2024

    No Reinstatement For Lawyer Struck Off Over Drink Scam

    The Solicitors Disciplinary Tribunal refused on Friday to reinstate a lawyer who was struck off after being imprisoned for helping to bribe witnesses in a fake Duracell energy drink fraud trial, concluding that his "significant character reformation" was not enough.

  • February 09, 2024

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

    This past week in London has seen a Saudi Arabian property investor file legal action against RLS Solicitors, Aspire Pharma and Bayer Intellectual Property tackle a patent dispute, the owners of soccer club West Ham United FC raise a red card against E20 Stadium LLP with a commercial fraud action, and accountants BDO file another commercial claim against the managing directors of KGJ Insurance Services. Here, Law360 looks at these and other new claims in the U.K.

  • February 09, 2024

    UK Gov't Audit Backlog Plan Gets Watchdog Support

    The government has floated plans that would mandate local government bodies to publish audit accounts by a statutory deadline in a bid to clear a "concerning backlog" that Britain's accounting watchdog says undermines the sector.

  • February 09, 2024

    Visa, Mastercard Bid To Ax Retailers' Swipe Fees Class Action

    Visa and Mastercard told an appeals court on Friday that the antitrust tribunal should have dismissed proposed class actions accusing the credit card giants of unfairly imposing interchange rules on retailers.

  • February 09, 2024

    Legal Aid 'Coming Apart At Seams' Amid £728M Funding Cut

    The public spending watchdog said on Friday that legal aid has fallen by £728 million ($918 million) in real terms over the past decade and that the Ministry of Justice does not know whether everyone eligible for legal aid has access to the funding.

  • February 09, 2024

    Prince Harry Settles Outstanding Mirror Group Hacking Claims

    Prince Harry settled his outstanding phone-hacking claims against Mirror Group Newspapers on Friday as his lawyer said "he had uncovered and proved the shockingly dishonest way" in which the U.K. publisher acted.

  • February 09, 2024

    Woodford Investors Get Court OK For £230M Redress Deal

    Investors in Neil Woodford's failed £3.7 billion ($4.6 billion) fund will get payment under a £230 million settlement scheme backed by the financial watchdog after the High Court signed off on the arrangement in a judgment published on Friday.

  • February 09, 2024

    FCA Sets Out Crime-Fighting Priorities For Finance Firms

    The finance watchdog has set out four priorities in its fight against financial crime as it emphasizes the damage caused by offenses such as money laundering, evading sanctions and terrorist financing.

  • February 08, 2024

    Dechert Pushes To Deep-Six Hacking Cover-Up Suit

    Dechert LLP, its former white collar practice leader and others on Thursday urged a New York federal judge to find that alleged concealment of a hacking campaign to discredit a critic of a firm client isn't enough to support a civil Racketeer Influenced and Corrupt Organizations Act case.

  • February 08, 2024

    Plastics Manager Was Insider-Trading With Friend, FCA Says

    A former manager at a plastic packaging supplier and his friend used insider information of the company buying a rival for £261 million ($329 million) to make thousands in "unlawful profits," a Financial Conduct Authority prosecutor said at the opening of a trial Thursday.

  • February 08, 2024

    LG Can't Slip Price Fixing Claim, But Cut Loss And Damage

    LG overcharged a group of defunct U.K. computer companies as part of the chipmaker's involvement in a price-fixing cartel, a London judge ruled Thursday, dismissing LG's argument that the case should be time-barred under foreign limitation rules.

  • February 08, 2024

    Old Bailey To Stay Closed Until Power Restored After Fire

    The Old Bailey is likely to remain closed for at least several days as work continues to restore power after a fire at a nearby electrical substation shut off the lights and forced hundreds of people to evacuate.

  • February 08, 2024

    Bitcoin 'Inventor' Says He Is Victim Of Tampering

    The computer scientist being sued over his claims to have invented bitcoin said in court on Thursday that he has been framed by the family of a purported former business associate.

  • February 08, 2024

    EU Says It's Not Debating Sanctions For Broadcaster Carlson

    The European Union is not currently discussing any sanctions against U.S. broadcaster Tucker Carlson for what the EU considers is the spreading of Russian propaganda, although each EU country may at any time propose possible media candidates for blacklisting, the European Commission said Thursday.

  • February 08, 2024

    Postage Director Gets 4 Years For £70M Royal Mail Fraud

    The director of a postage company was sentenced to four years in prison at a London court on Thursday while his conspirators avoided jail over their roles in stealing £70 million ($88 million) from Royal Mail by under-declaring bulk mail.

  • February 08, 2024

    Axiom's Law Firm Has No Money For Creditors

    Administrators of one of the law firms acquired by Axiom Ince Ltd. before it collapsed have said that there is not sufficient money in the coffers to pay the main secured lender, let alone other creditors including tax collectors and clients.

  • February 08, 2024

    Russian Oligarch Usmanov Loses Bid To Lift EU Sanctions

    Russian oligarch Alisher Usmanov failed in his bid to remove sanctions imposed on him by the European Union, when the General Court affirmed the measures are justified and do not violate his fundamental rights.

Expert Analysis

  • Emerging Trends From A Busy Climate Litigation Year

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    Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.

  • Key 2024 Arbitration Trends In A Changing World

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    As key sectors such as ESG and the global mining and commodities market will continue to generate more arbitration in 2024, procedural developments in arbitral law will both guide future arbitration proceedings and provide helpful lessons on confidentiality, disclosure and professional duty, say Louise Woods and Elena Guillet at V&E.

  • How Businesses Can Prepare For Cyber Resilience In 2024

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    With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.

  • Regulating Digital Platforms: What's Changing In EU And UK

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    Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.

  • Dyson Decision Highlights Post-Brexit Forum Challenges

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    The High Court's recent decision in Limbu v. Dyson, barring the advancement of group supply chain claims against Dyson subsidiaries in the U.K. and Malaysia, suggests that, following Brexit, claims concerning events abroad may less frequently proceed to trial in England, say lawyers at Debevoise.

  • How Boards Can Mitigate Privacy, Cybersecurity And AI Risks

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    In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.

  • The Outlook For UK Restructuring Plans At Home And Abroad

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    The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.

  • Best Legal Practices For The Holiday Party Season

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    With the holiday party season in full swing, two recent Solicitors Regulation Authority decisions serve as a useful reminder to both individuals and firms of the potential employment and regulatory consequences when misconduct is alleged to have occurred at a work event, say lawyers at CM Murray.

  • Insights For Cos. As Sustainability Reporting Goal Posts Shift

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    The European Commission’s recent measures proposing relief in sustainability reporting for small- and medium-sized enterprises mean that many businesses already preparing to comply with the Corporate Sustainability Reporting Directive will find they are still on the right path, say Sarah-Jane Denton and Alexandra Macbean at Travers Smith.

  • Foreign Assets Ruling Suggests New Tax Avoidance Approach

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    The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.

  • Lessons To Be Learned From 2023's Bank Failures

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    This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.

  • Key Questions Ahead Of 2024 Right-To-Work Changes

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    In 2024, the U.K. will increase the maximum civil penalty for companies hiring employees who don't have legal permission to work, so employers should work toward minimizing the risk of noncompliance, including by using an identity service provider to carry out digital right-to-work checks, says Gemma Robinson at Foot Anstey.

  • Class Action-Style Claims Are On The Horizon In 2024

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    Following the implementation of an EU directive enabling consumers to bring actions for collective redress, 2024 will likely see the first serious swathe of class action-style cases in Europe, particularly in areas such as cyber exposures, ESG and product liability, says Henning Schaloske at Clyde & Co.

  • An Overview Of European Private Investments in Public Equity

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    Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.

  • Cos. Must Monitor Sanctions Regime As Law Remains Unclear

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    While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.

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