Corporate Crime & Compliance UK

  • February 23, 2024

    Barclays Must Face Trimmed Suit Over $17.6B Over-Issuance

    Barclays PLC and a number of its top executives must face a trimmed version of a proposed class action over a financial reporting error that led to Barclays selling more than $17.6 billion in securities over its maximum registered amount, a New York federal judge ruled Friday.

  • February 23, 2024

    UN Tax Pact May Need OECD Nations' Support, Diplomats Say

    The United Nations' global tax convention will likely require adoption by many advanced economies to address corporate tax abuse effectively, diplomats said, after countries resolved to pursue consensus over the long term but retain majority rule while drafting its terms of reference.

  • February 23, 2024

    Therium Can't Block Law Firm's Claim Over VW Scandal

    A London court refused Friday to end a law firm's claim that litigation funder Therium breached a confidentiality agreement for group emissions litigation against Volkswagen, even though the case involves some facts similar to one decided by the U.K.'s top court.

  • February 23, 2024

    Ex-Kurdish Energy Minister Largely Fails To Ax Libel Defense

    An Iraqi politician largely failed to throw out an investigative reporting organization's defense to his defamation claim, after a London judge ruled that journalists had a real chance of showing they fairly and accurately reported legal proceedings in an article about alleged corruption in the Iraqi oil business.

  • February 23, 2024

    Ex-Law Firm Worker Can't Nix Sanction Over Siphoned Funds

    An ex-employee of a law firm failed to convince a tribunal Friday that it should overturn a restriction on his ability to work in law after he was exonerated in criminal proceedings on accusations that he had embezzled at least £89,000 ($113,000).

  • February 23, 2024

    Russian Tycoon Can Take Sanctions Case To UK's Top Court

    An oligarch can take his attempt to halt a $850 million fraud claim brought by two Kremlin-backed banks to the U.K.'s highest court after it granted him permission to challenge a decision allowing the case to proceed despite one of the lenders being under British sanctions.

  • February 23, 2024

    Lawyers Question UK's Sanction Muscle 2 Years After Invasion

    A lack of enforcement over suspected sanctions breaches two years on from Russia's invasion of Ukraine has left lingering doubts about the effectiveness of the U.K.'s response — even though prosecutors recently opened the first such criminal case, legal experts say.

  • February 23, 2024

    Serco Ordered To Dump Staff's Biometric Data

    The privacy watchdog ordered Serco's health club arm on Friday to stop using facial recognition and fingerprints to identify when employees clock in to work, saying that it is an excessively intrusive use of biometric data.

  • February 23, 2024

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

    This past week in London has seen Tesco target competing retailer Lidl with a copyright claim as they battle in the Court of Appeal over the design of Tesco’s Clubcard, the directors of a taxi business sue the creator of an AI route mapping app for professional negligence, Global Aerospace Underwriting Managers tackle an aviation claim by an Irish investment company, and Robert Bull hit with a general commercial contracts claim by Hancock Finance.

  • February 23, 2024

    UK Gov't Backs Plans To Expand Scope Of Anti-SLAPP Laws

    The U.K. government added its backing on Friday to legislation that will prevent corrupt elites from making spurious legal claims to gag journalists and silence critics, expanding on similar rules introduced into law last year.

  • February 23, 2024

    Pensions Regulator To Rejig Oversight Of Workplace Schemes

    The Pensions Regulator has said it will create three new regulatory functions as part of a strategic overhaul it said would meet the demands of a changing marketplace of fewer, but larger schemes.

  • February 23, 2024

    FCA Fires Warning Shot Over City's Consumer Duty Failings

    The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.

  • February 22, 2024

    Spain Allowed To Reclaim Illegal Aid Given To Ship Buyers

    Spain can reclaim the financial benefits given to beneficiaries of a tax scheme that gave illegal state aid to purchasers of ships built in Spanish shipyards, the European Union's General Court has ruled.

  • February 22, 2024

    Upcoming Election Hampering Net-Zero Progress, MPs say

    A looming general election is hindering attempts by policymakers to introduce or consult on green policies, while risking Britain's broader transition to an environment-friendly economy, a cross-party group of MPs said Friday.

  • February 22, 2024

    Frankfurt Wins Bid For EU's New AML Center

    The European Union's new authority to fight money laundering and terrorist financing will be in Frankfurt, Germany, the European Commission announced Thursday.

  • February 22, 2024

    NatWest Settles £60M VAT Fraud Case Ahead Of Retrial

    NatWest Markets PLC and liquidators for several defunct trading companies have settled a £60 million ($75.9 million) dispute over whether the bank is liable for a huge value-added tax fraud scheme ahead of a retrial.

  • February 22, 2024

    Transneft Ordered To Halt Bid To Block $14B Conspiracy Claim

    The world's largest oil pipeline company has been ordered by a London court to pause its legal action trying to force an imprisoned Russian oligarch to drop his $13.8 billion claim alleging his business empire was unlawfully seized in a sprawling Russian state conspiracy.

  • February 22, 2024

    Gang Jailed For 'Industrial Scale' Money Laundering Operation

    Four members of a gang that sent £26 million ($33 million) in dirty money to Dubai by depositing illegal cash at banks have been jailed for a combined 22 years, the U.K.'s tax authority said Thursday.

  • February 22, 2024

    Gov't Sets Out New Law To Clear Post Office Scandal Victims

    The government promised on Thursday to introduce "unprecedented" legislation before the end of July to exonerate hundreds of innocent people wrongly convicted in the Post Office IT scandal.

  • February 22, 2024

    ECJ Told Personal Data Can Be Sold In Enforcement Cases

    An adviser to the EU's top court wrote Thursday that selling a database containing personal information without the subjects' consent does not breach the bloc's privacy rules if it's carried out in the context of enforcement proceedings.

  • February 22, 2024

    Lloyds Sets Aside £450M For FCA Car Finance Probe

    Lloyds Banking Group said Thursday that it has set aside £450 million ($570 million) for potential legal expenses and compensation costs from a Financial Conduct Authority investigation into its past car-financing practices.

  • February 21, 2024

    Money Laundering Checks No Evidence Of Crime, Court Hears

    A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud made several online searches about money laundering after being stopped by customs officials, a London jury heard on Wednesday.

  • February 21, 2024

    SRA Fines Law Firm £16K For 'Reckless' AML Breaches

    The Solicitors Regulation Authority has fined a law firm that falsely declared it was complying with laws on money laundering and terrorist financing when it had failed to take any steps to identify potential exposure to such misconduct.

  • February 21, 2024

    Assange Extradition Not Political, US Gov't Says

    Julian Assange faces criminal charges in the U.S. for the "unprecedented" theft of military secrets that were published online rather than for his political views, lawyers for the American government said at his extradition appeal in London on Wednesday.

  • February 21, 2024

    EU Enforcers Detain 4 In €4.5M Money Laundering Swoop

    European law enforcement agencies said on Wednesday that they have arrested four suspects in Latvia as part of a multinational operation against a Russian-Eurasian criminal network and a finance company based in Malta that allegedly laundered €4.5 million ($4.9 million).

Expert Analysis

  • 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.

  • Mitigating And Managing Risks Of AI Use In Private Equity

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    While generative artificial intelligence has the ability to transform private equity firms and their portfolio companies, its deployment brings inherent risks, including those presented by the forthcoming EU AI Act, requiring appropriate risk management strategies, processes and policies to be adopted, says Barry Fishley at Weil.

  • Vodafone Decision Highlights Wide Scope Of UK's FDI Rules

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    The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • EU Product Liability Reforms Represent A Major Shakeup

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    The recent EU Parliament and Council provisional agreement on a new product liability regime in Europe revises the existing strict liability rules for the first time in 40 years by easing the burden of proof to demonstrate that a product is defective, a hurdle that many had previously failed to overcome, say Anushi Amin and Edward Turtle at Cooley.

  • Amazon's €32M Data Protection Fine Acts As Employer Caveat

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    The recent decision by French data privacy regulator CNIL to fine Amazon for excessive surveillance of its workers opens up a raft of potential employment law, data protection and breach of contract issues, and offers a clear warning that companies need coherent justification for monitoring employees, say Robert Smedley and William Richmond-Coggan at Freeths.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

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