Corporate Crime & Compliance UK

  • February 06, 2024

    Lloyds, Property Tycoon Settle £1.3B Libor Claim Before Trial

    Lloyds and a property magnate who sued the bank over allegations its manipulation of the Libor interest rate forced him to sell off a valuable building portfolio have settled his £1.3 billion ($1.6 billion) claim, Lloyds said Tuesday.

  • February 06, 2024

    Restrictions Upheld For E-Money Biz Following CEO's Arrest

    A London tribunal has dismissed e-money issuer Nvayo's application to suspend a U.K. financial regulator's restrictions on its services, finding insufficient evidence that "the public at large" would not be prejudiced if its business were to resume.

  • February 06, 2024

    International Unity Needed To Seize Russian Assets, EU Says

    Europe would have to coordinate closely internationally with the Group of Seven nations to confiscate frozen Russian state assets, the European Commission said Tuesday.

  • February 06, 2024

    Ex-Goldman Sachs Banker Driven By Greed, FCA Suggests

    A former Goldman Sachs banker topped up his salary by trading on price-sensitive information, perhaps driven by greed or impatience to buy property, a prosecutor for the Financial Conduct Authority told a London court on Tuesday.

  • February 05, 2024

    PE Firm Can't Revive Ex-Soccer Club Exec's Asset Freeze

    A London appeals court on Monday declined to restore a freezing order on the assets of a former director of Leeds United Football Club that was imposed in a dispute with a private equity firm, confirming the "nuclear" litigation option had already lapsed.

  • February 05, 2024

    Ex-Skadden White Collar Pro Launches New Firm

    A former white collar partner at Skadden Arps Slate Meagher & Flom LLP has turned her nearly three decades of experience to co-founding a new boutique law firm that focuses on business crime and investigations.

  • February 05, 2024

    Solicitor Gets 2 Years For Defrauding Seniors Out Of £84k

    A onetime solicitor has received a two-year prison sentence for stealing thousands of pounds from two elderly adults, with police saying she took advantage of holding the seniors' power of attorney to enrich herself.

  • February 05, 2024

    Bitcoin 'Inventor' Accused Of Forgery On 'Industrial Scale'

    Bitcoin developers told a London court Monday that Australian computer scientist Craig Wright is lying and committing "forgery on an industrial scale" when he claims to be Satoshi Nakamoto, the pseudonymous inventor of the digital currency.

  • February 05, 2024

    UK Environment Agency Forms New Economic Crime Unit

    The U.K.'s Environment Agency announced Monday that it has launched a new Economic Crime Unit to tackle serious financial offenses in the country's waste sector.

  • February 05, 2024

    Former Director Of Public Prosecutions Joins King & Spalding

    The U.K.'s former top criminal lawyer has joined King & Spalding LLP in London to advise the American law firm on complex international investigations as new economic crime legislation designed to clamp down on corporate offending is rolled out this year.

  • February 05, 2024

    Insurer Cuts Claim Against Cigna For Costs Of Missold PPI

    PA (GI) Ltd. has cut its £36.7 million ($46.1 million) claim against Cigna to recover the costs of dealing with missold payment protection insurance for healthcare cover, following a London court order that it cannot recoup costs for life-related insurance policies.

  • February 05, 2024

    Ex-Clifford Chance Lawyer Acquitted Of Insider Trading

    A former Clifford Chance solicitor has been cleared of insider trading charges after a London judge ruled that he had no case to answer in the Financial Conduct Authority's criminal prosecution, the watchdog said Monday.

  • February 05, 2024

    Buyer Seeks £6.4M In Investment Scheme Franchise Feud

    The buyers of a property investment scheme have countersued its former owner for at least £6.4 million ($8 million), seeking to claw back losses they said they incurred as a result of his tricking them into buying an ailing business.

  • February 05, 2024

    Revolution Beauty's Ex-CEO To Pay £2.9M To Settle Dispute

    Cosmetics brand Revolution Beauty said Monday that it has reached a £2.9 million ($3.7 million) settlement agreement with its co-founder and former chief executive over accounting errors that arose from personal loans that he had not disclosed.

  • February 02, 2024

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

    This past week in London has seen Dentons sued by a former high-profile partner in Saudi Arabia, Jaguar Land Rover rev its engine in the intellectual property court against automotive company HaynesPro, and the Russian National Reinsurance Company tackle a settlement with BOC Aviation over stranded aircraft. Here, Law360 looks at these and other new claims in the U.K.

  • February 02, 2024

    Lawyer Struck Off Roll Over $14M US Tax Fraud Conviction

    A British lawyer who was convicted in the U.S. over a multimillion-dollar tax fraud was barred from practicing in England on Friday after a tribunal concluded that he was shown to have been dishonest.

  • February 02, 2024

    ED&F To Face £56M Trial Over Role In Danish Cum-Ex Fraud

    Denmark's £56 million ($70.7 million) claim against ED&F over its alleged role in a fraudulent tax refund scheme can head to trial, a London judge ruled Friday despite finding that the Danish tax authority could have raised its new case against the broker earlier.

  • February 02, 2024

    Developer's Claims To Be Bitcoin Inventor Face Key Test At Trial

    Australian computer scientist Craig Wright is set to open his case Monday in London court to prove he is Satoshi Nakamoto, the pseudonymous inventor of bitcoin. But he must head off accusations from developers that he is lying in order to stake his claim to the intellectual property behind the popular cryptocurrency.

  • February 02, 2024

    Denmark Sentences Brit Trader To 6 Years For Cum-Ex Fraud

    A British trader who defrauded the Danish treasury out of 320 million Danish kroner ($46.7 million) in a sham tax reclaim scheme was sentenced to six years in prison Friday, Danish prosecutors said.

  • February 02, 2024

    Lawyers For Subpostmasters Blast Post Office Prosecutors

    Lawyers who prosecuted innocent people on false evidence on behalf of the Post Office put the corporation's interest above their professional obligations, counsel for subpostmasters told the inquiry into the scandal Friday.

  • February 02, 2024

    Gazprom Subsidiary Told To Halt Claim Proceedings In Russia

    A London appeals court on Friday granted an anti-suit injunction against a Gazprom joint venture, putting a halt to its €450 million ($488 million) claim in the Russian courts against UniCredit Bank AG for allegedly refusing to pay out under seven bond contracts.

  • February 02, 2024

    Dechert Settles Mogul's UK Hacking Claim For Millions

    Dechert has agreed to pay £3 million ($3.8 million) to resolve claims that ex-partner Neil Gerrard orchestrated the hacking of Farhad Azima and misled the English courts, in a deal that the aviation tycoon estimates could be worth as much as $15 million with costs.

  • February 02, 2024

    Mishcon Partner Says Bitcoin Property Buy Made Him Uneasy

    A Mishcon de Reya partner testified on Friday that he grew "increasingly uncomfortable" with shifting answers from a Chinese-British woman trying to buy a mansion about where her bitcoin, laundered from a £5 billion ($6.3 billion) fraud, originated.

  • February 02, 2024

    CPS Denies Liability in Ex-Sidley Lawyer Failed Prosecution

    The Crown Prosecution Service has denied being liable for its botched tax fraud prosecution of a former Sidley Austin LLP lawyer, a former senior KPMG official and a banking adviser, who are collectively seeking more than £66 million ($84 million) from the U.K.'s main prosecutor.

  • February 02, 2024

    Putin Ally Charged With Breaching UK Sanctions On Russia

    A Russian oligarch and alleged ally of President Vladimir Putin is believed to be the first person charged in the U.K. with breaching Russian sanctions following his arrest on money laundering charges.

Expert Analysis

  • Proposed Amendment Would Transform UK Collective Actions

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    If the recently proposed amendment to the Digital Markets Bill is enacted, the U.K.'s collective action landscape will undergo a seismic change that will likely have significant consequences for consumer-facing businesses, say lawyers at Linklaters.

  • UK Takeover Code Changes: Key Points For Bidders, Targets

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    Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

  • EU GDPR Ruling Reiterates Relative Nature Of 'Personal Data'

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    The Court of Justice of the European Union recently confirmed in Gesamtverband v. Scania that vehicle identification number data can be processed under the General Data Protection Regulation, illustrating that the same dataset may be considered "personal data" for one party, but not another, which suggests a less expansive definition of the term, say lawyers at Van Bael.

  • How The UK Smart Regulatory Strategy Fuels AI Innovation

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    Eight months after the U.K. government published its artificial intelligence white paper, the Communications and Digital Lords Committee considered regulators' role regarding large language models, illustrating that the government is ramping up efforts toward solidifying the U.K.'s position as a global leader in AI regulation and development, say attorneys at Akin Gump.

  • How 'Copyleft' Licenses May Affect Generative AI Output

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    Open-source software and the copyleft licenses that support it, whereby derivative works must be made available for others to use and modify, have been a boon to the development of artificial intelligence, but could lead to issues for coders who use AI to help write code and may find their resulting work exposed, says William Dearn at HLK.

  • Russia Ruling Shows UK's Robust Jurisdiction Approach

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    An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.

  • How New Loan Origination Regime Will Affect Fund Managers

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    Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.

  • How EU Sustainability Directive Will Improve Co. Reporting

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    The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.

  • PPI Ruling Spells Trouble For Financial Services Firms

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    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • Extradition Ruling Hints At Ways Around High Burden Of Proof

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    The U.K. Supreme Court's recent ruling in Popoviciu v. Curtea De Apel Bucharest confirmed that, in a conviction extradition case, the requested person must establish a flagrant violation of their right to a fair trial, but the court's reasoning reveals creative opportunities to test this boundary in the U.K. and Strasbourg alike, says Rebecca Hughes at Corker Binning.

  • What Lawyers Can Learn From FDI Screening Report Findings

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    The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

  • Why Law Firms Should Heed Calls To Put ESG Over Profit

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    According to Deloitte’s recent survey, the majority of Gen Z and millennials remain unimpressed with businesses’ societal impact, and junior lawyers in particular are increasingly expecting the legal profession to shift to a business model that prioritizes sustainability above profitability, says Dana Denis-Smith at Obelisk Support.

  • UK Review May Lead To Lower Investment Screening Burden

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    The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

  • What Prince Harry Privacy Case May Mean For Media Ethics

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    An English High Court recently allowed the privacy case brought by Prince Harry and six other claimants against the Daily Mail publisher to proceed, which, if successful, could embolden other high-profile individuals to bring claims and lead to renewed calls for a judicial public inquiry into British press ethics, says Philippa Dempster at Freeths.

  • Economic Crime Act Exposure: What Companies Can Expect

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    The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.

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