Banks and their lawyers are bracing for a wave of prosecutions, penalties and lawsuits as investigations into a controversial dividend trading strategy known as cum-ex gather pace across Europe— and could soon spill over into regulatory enforcement in the U.K.
The Financial Conduct Authority has said it does not plan to revisit how the national bankruptcy compensation program is funded, despite concerns being raised about the rising cost of the levy for regulated companies.
The Serious Fraud Office must ask its former employees whether they used personal mobile phones when doing work for the agency as part of ENRC's lawsuit accusing it of colluding with the Kazakh mining giant's former law firm, a judge said on Friday.
Britain's financial watchdog said Friday it intends to slap the former boss of a failed spread-betting company with a fine of £659,000 ($821,000) for engaging in market abuse before it was floated on the London Stock Exchange in 2007.
A judge has allowed a French movie producer to amend his fraud suit against nearly a dozen financial advisers and former HSBC bankers, dismissing objections on Friday from some of the defendants that the proposed changes "significantly disfigure the claim."
National financial services watchdogs should exchange information on penalizing banks and their compliance with rules on financial crime, according to recommendations by the Basel Committee on Banking Supervision.
Six German subsidiaries of payments company Wirecard AG have applied for insolvency proceedings as administrators prepare to sell off assets to dismantle the group amid a fraud investigation.
The last week has seen a competition suit against Royal Mail, a Saint-Gobain unit lodge a patent claim against 3M and a Russian bank file another suit against Mozambique and one of the state-owned entities embroiled in a $2 billion bribery scandal. Here, Law360 looks at those and other new claims in the U.K.
The planned Libra digital currency faced such unrelenting backlash that the group behind it modified its underlying structure and packed leadership positions with compliance experts in recent months. But whether these changes will allow the project to realize its ambitions remains uncertain.
A group of investors suing financial advisers, accountants and banks over their alleged role in a failed film tax relief scheme operated by Ingenious Media must disclose other investments they made and advice they received, a London judge ruled Thursday.
Barclays' former chief executive defended payments made by the bank to Qatar as it sought to raise capital in 2008, arguing at PCP Capital's £1.6 billion ($2 billion) fraud trial on Thursday that they were a legitimate part of a long-term strategy to generate more business.
The European Commission announced plans on Thursday to take legal action against Austria, Belgium and The Netherlands for failing to fall into line with bloc-wide regulations against money laundering and financing of terrorism.
The European Commission told Belgium on Thursday to amend its use of a European Union law against tax avoidance, citing three areas that the country should revise.
A judge has refused to toss out Johnny Depp's libel suit against the publisher of The Sun newspaper after the actor's legal team failed to disclose text messages about his drug use, saying on Thursday that he accepted it was done in error.
An international law enforcement operation smashed a syndicate accused of defrauding the Hungarian government of €9.7 million ($10.9 million) in value-added tax, Europol announced Wednesday.
The U.K.'s competition authority called on the government Wednesday to set up a new regulatory system to help rein in the power of Facebook, Google and other major technology platforms that generate money through digital advertising.
Shortening trading hours could be bad for investors and create an uneven playing field for markets, the Brussels-based Federation of European Securities Exchanges has said, rejecting calls by British-based trade associations to make the working day shorter.
A London judge agreed Wednesday to let Mozambique amend its lawsuit against a United Arab Emirates shipbuilder in its dispute with Credit Suisse over a $2 billion fraud and bribery scheme, rejecting claims the country had sued a company that no longer existed.
The U.K.'s antitrust regulator on Wednesday said it has fined a private hospital group and several eye disorder specialists more than £1.2 million ($1.4 million) total for colluding for almost two years to raise prices for initial consultations.
Senior managers at G4S PLC "turned a blind eye" to the security and outsourcing giant's long-running practice of overcharging the British government for electronic tagging of offenders, institutional investors have alleged in a lawsuit claiming the group inflated its share price.
Police and prosecutors raided Wirecard's head office in Germany and four other properties on Wednesday in a widening investigation into alleged fraud linked to €1.9 billion ($2.1 billion) missing from the company's accounts.
The number of people in the U.K. who have invested in cryptocurrencies has risen, even though they appear to be aware of the lack of regulatory protection and high volatility associated with digital money, research from the Financial Conduct Authority has shown.
Thousands of small businesses across the U.K. could see their financial futures turn on a High Court test case brought by the Financial Conduct Authority later this month, an action that could set new precedents for insurance law and the speed of the legal process.
Former Indivior CEO Shaun Thaxter pled guilty in Virginia federal court Tuesday to a misdemeanor for failing to prevent the company from giving misleading safety statistics to Massachusetts officials as part of a marketing campaign for one of the company's opioid addiction treatments.
A London judge has refused to reconsider his ruling that aviation magnate Farhad Azima defrauded an Emirati state-owned fund, saying Tuesday that a Dechert attorney's incorrect testimony at trial did not alter the substantive findings against the Arab-American businessman.
The former chairman of a British-based mining investment company does not have a right to sue Lloyds Bank PLC over millions of pounds worth of swaps linked to Libor, the lender argued as it denied engaging in deceit or misrepresentation.
UPDATED July 2, 2020, 11:05 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
Satindar Dogra, Linklaters' head of dispute resolution in London, talks to Law360 about the way the legal landscape in the U.K. has shifted over the years, how he ended up as head of a department and what skills lawyers now need if they want to succeed as litigators.
Anne Giviskos, head of risk and compliance at Euronext, talks to Law360 about the challenges of creating a companywide culture amid significant growth, the importance of keeping up with technology in the fight against market abuse and her department’s approach to regulatory change.
The Serious Fraud Office's decision to end its investigation into De La Rue relatively quickly marks its latest failure to bring charges or secure a conviction, raising questions about the agency's capacity and willingness to hold large corporations accountable, says Neil Williams at Rahman Ravelli.
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
With jury trials and hearings in the U.K. postponed or not starting at all, and the criminal justice system effectively ground to a halt, it may be time to consider a different case management model — for example, Germany is making headlines for its robust pandemic response, say members of Clyde & Co and Kipper + Durth.
While the U.K. Bribery Act has been positive overall, regulators should seek urgent reform to better enable the investigation and prosecution of companies and individuals for economic crimes, especially in cases directly harming people and the environment, says Chris Phillips at Alvarez & Marsal.
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
From setting realistic recovery expectations to anticipating regulatory zeal to strategizing internal operations, attorneys at King & Spalding offer a road map for U.K. financial services stakeholders attempting to return to "normal" when the pandemic subsides.
Even by the usual standards of a "Dear CEO" letter, the Financial Conduct Authority's April 28 letter is strongly worded — signaling no tolerance for banks using their corporate clients' cash-flow problems as leverage to obtain roles on equity mandates they otherwise would not have obtained, says Claire Cross at Corker Binning.
While data protection laws are not naturally associated with efforts to impede the use of the death penalty, a recent U.K. Supreme Court ruling related to the U.S. investigation of an ISIS militant has implications for authorities seeking to transfer data to international counterparts, as well as private data controls generally, says David Rundle at WilmerHale.
With an eye on the impact of COVID-19 and the evolving threat of financial crime, Christa Band and Jane Larner at Linklaters provide an overview of the near-future challenges financial institutions should expect.
The High Court’s analysis in National Crime Agency v. Baker, of legislative provisions as they relate to offshore and complex structures, paves the way for a less responsive approach to unexplained wealth orders, say David Rundle and Josef Rybacki at WilmerHale.
Ukraine’s new third-party litigation funding initiative for civil cross-border actions may significantly strengthen the country's fight against corruption by helping with costs for proceedings against foreign criminals, says Oleg Shaulko at Kobre & Kim.
The cross-border data sharing agreement between the U.S. and U.K. that takes effect in July will likely have a greater impact on communication service providers that store data in the U.S., and the number of disclosure requests coming from the U.K. might outstrip requests from the U.S., say attorneys at Morgan Lewis.
COVID-19 has created new opportunities for all kinds of fraud — from investment fraud to bogus equipment sales to hackers impersonating software engineers — and U.K. companies must conduct investigations despite the challenges posed by remote working arrangements, says Azizur Rahman of Rahman Ravelli.
The U.K. Supreme Court's decision in the WM Morrison Supermarkets data breach group action confirms that employers cannot be held liable for employee actions related to a personal vendetta against the company, but most vicarious liability cases may not be as clear-cut, say attorneys at Covington.
The prosecution of former Alstom executive Lawrence Hoskins and other recent cases illuminate the outer limits of the Foreign Corrupt Practices Act’s jurisdiction over foreign persons, but many issues remain to be litigated, and a circuit split may yet need to be resolved, say Jason Linder and William Sinnott at Mayer Brown.