Corporate Crime & Compliance UK

  • September 22, 2020

    Banker Denied Inside Trading In FCA Trial Over Deleted Texts

    A former investment banker accused of destroying evidence as he was arrested for insider trading denied he had confidential information about companies facing takeover bids, telling investigators he deleted Whatsapp messages with a Russian politician wanted for murder to avoid the scandal's "taint."

  • September 22, 2020

    Deposit Protection Unit Closes Book On 2008 Banking Crisis

    The Financial Services Compensation Scheme has received the final recovery payment from the 2008 banking crisis, as it wraps up its work from an era when economies crashed and banks dramatically collapsed.

  • September 22, 2020

    Mastercard Tells Restaurants Interchange Fees Were Justified

    Mastercard Inc. has hit back against allegations from a group of London restaurants including Sexy Fish and the Ivy that the transaction fees it charged them were unlawful, claiming the charges were necessary to complete payments.

  • September 22, 2020

    Holiday Parks Boss Banned After Investors Lose £19M

    The former head of a business that left investors £19 million ($24 million) out of pocket over a failed scheme where people invested in holiday chalets that were never built, has been banned, the Insolvency Service said Tuesday.

  • September 22, 2020

    Spain Fights To Enforce $1B Judgment On Oil Tanker Insurers

    The insurers of an oil tanker that caused one of Spain's worst environmental disasters "submitted" to the jurisdictions of the Spanish courts, lawyers for the country have argued, as the nation fights to have an €855 million ($1.1 billion) judgment recognized in England.

  • September 22, 2020

    FCA Bans Financial Adviser After £2.3M Fraud

    A financial adviser who misled people over investing and displayed a high level of recklessness in a fraudulent scheme has been banned from doing regulated financial work, the Financial Conduct Authority has said.

  • September 22, 2020

    PE Funds Press For Quick Win In $77M Ship Demo Suit

    The sons of a ship demolition magnate were experienced businessmen and can't blame their father's "undue influence" over a company they controlled to escape a $76.7 million lawsuit over loans they guaranteed, a lawyer for five private equity firms told a London judge Tuesday.

  • September 21, 2020

    Simpson Thacher Snatches Finance Pro From Clifford Chance

    Simpson Thacher & Bartlett LLP announced Monday it has nabbed a U.K. and European Union financial regulatory partner from Clifford Chance LLP to join its London office. 

  • September 21, 2020

    Top Court's Loss Ruling Can't Stop Pinsent Suit, Naibu Says

    A Chinese sportswear company told a London judge Monday it hasn't miscalculated the scale of its share drop lawsuit against Pinsent Masons following a recent landmark decision by the U.K.'s highest court, and isn't trying to count its alleged losses twice.

  • September 21, 2020

    FCA Kicks Off 1st Evidence Destruction Trial Against Trader

    A trader on trial for destroying evidence only deleted WhatsApp from his phone when he was arrested of suspected insider dealing to hide his communications with the suspected murderer of Russian dissident Alexander Litvinenko, his lawyers claimed Monday.

  • September 21, 2020

    FCA Braces For 'Painful Lessons' From Independent Reviews

    The Financial Conduct Authority should brace for "painful lessons" this fall from two independent reviews on potential regulatory failures, an outgoing senior official warned Monday.

  • September 21, 2020

    Gov't Urges Public Workers To Blow Whistle On Wrongdoing

    Government workers should have the confidence to raise serious concerns about potential issues they see in the workplace, the Ministry of Justice said in newly published guidance.

  • September 21, 2020

    Auditing Watchdog Wraps Initial KPMG-Carillion Probe

    Britain's auditing watchdog said Monday it had finished its formal investigation into KPMG's oversight of the high-profile collapse of Carillion PLC after the auditor gave the construction giant a clean bill of health shortly before it imploded with billions of pounds of debt. 

  • September 18, 2020

    Remote Witnesses OK'd For Disgraced-Doctor Insurance Trial

    A judge refused Friday to require witnesses with COVID-19 concerns to physically attend a London insurance trial in November brought by a hospital operator suing for coverage for claims filed by patients of a surgeon convicted of conducting unnecessary operations.

  • September 18, 2020

    Brexit Prompts Brussels Boutique To Launch London Office

    Brussels antitrust and trade boutique Van Bael & Bellis has opened an office in London after receiving the green light from the Solicitors Regulation Authority as the Brexit transition period winds down.

  • September 18, 2020

    Swedbank Faces Market Abuse Probe Over Insider Info

    Swedbank AB, one of Sweden's largest banks previously fined for money laundering failures, said Friday that it is being investigated by the country's financial watchdog for suspected breaches of market abuse regulation related to "disclosure of insider information."

  • September 18, 2020

    CIA Torture Allegations In Spotlight At Assange Hearing

    WikiLeaks' release of American diplomatic cables revealed how much pressure the U.S. put on Germany not to prosecute CIA operatives accused of kidnapping and torturing a German citizen more than 15 years ago, a lawyer for Julian Assange said at his London extradition hearing Friday.

  • September 18, 2020

    BHP Unit Escapes Questioning Over Finances In £5B Dam Suit

    A London judge on Friday again refused to allow lawyers for 200,000 Brazilian people and companies to tweak their £5 billion ($5.4 billion) suit against BHP Group PLC following a massive environmental disaster, saying they can't question a dam operator's financial footing "at the eleventh hour." 

  • September 18, 2020

    UK Gov't Toughens Companies Register To Fight Fraud

    The U.K. government said Friday it is tightening its rules around company listings to force businesses to provide more information about the individuals behind each firm in a bid to stamp out fraud and money laundering.

  • September 18, 2020

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

    This week in London has seen major Dutch housing firm Stichting Vestia sue BNP Paribas, Barclays Bank feature in a suit over defunct breast implants and Goldman Sachs take aim at a well-known wine merchant.

  • September 18, 2020

    Cannabis Cos. Warned Over Risks Of UK Crime Proceeds Law

    Britain's financial regulator warned on Friday that overseas medical cannabis companies operating in the U.K. must satisfy the government that all of their activities are legal to avoid falling afoul of the Proceeds of Crime Act.

  • September 18, 2020

    EU Floats Plans For More Green Financial Disclosures

    The European Banking Authority has called on large credit institutions to respond to proposals for disclosing information on environmental risks in line with efforts to create "robust" policies for sustainable finance.

  • September 17, 2020

    VW Supplier Says It Lost Antitrust Witness With Exec's Death

    An auto parts maker asked a Michigan federal court to resume discovery in its case accusing Volkswagen of illegally maintaining a stranglehold over its suppliers, after reports that a Volkswagen executive shared secret recordings about the plot before dying of an apparent suicide.

  • September 17, 2020

    Feds Seek Over $330M In New 1MDB Forfeiture Actions

    Prosecutors are seeking to seize another $330 million in assets allegedly connected to embezzled 1Malaysia Development Berhad funds, including money tied up in arbitration proceedings between Saudi and Venezuelan oil companies and dozens of vintage movie posters bought by a Hollywood producer.

  • September 17, 2020

    Judge OKs $187M Libor Deals But Calls $54M Atty Fee 'High'

    A Manhattan federal judge on Thursday approved $187 million of settlements between seven megabanks — including Deutsche Bank — and futures traders who say big banks rigged a global rate, but she indicated that a roughly $54 million fee request from plaintiffs' lawyers was too high.

Expert Analysis

  • Comparing UK's Foreign Investment Bill To US Law

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    The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.

  • US Push For Iran Sanctions Heightens Trade Uncertainty

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    The Trump administration’s recent attempt to trigger United Nations sanctions against Iran under the 2015 nuclear deal's dispute resolution mechanism, despite U.S. withdrawal from the accord, adds uncertainty to an increasingly difficult commercial landscape and could strain trade relations between the U.S. and its European allies, say Leigh Crestohl and Stephanie Limaco at Zaiwalla & Co.

  • Parsing The DOJ's Flawed Spoofing Theory

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    In U.S. v. Vorley, the U.S. Department of Justice has signaled it may present high-frequency traders as victims of a spoofing scheme, but analysis of testimony from two similar cases reveals flaws in this approach, says Joshua Ray at Rahman Ravelli.

  • How Credit Card Fee Antitrust Cases Fare In UK Versus US

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    When compared with the U.S. Supreme Court’s Ohio v. American Express opinion, two recent U.K. Supreme Court rulings holding that credit card companies' payment schemes violated antitrust law suggest that corporations operating two-sided platforms are much more likely to win an antitrust case in the U.S., say Allison Gorsuch and Lauren Weinstein at MoloLamken.

  • Opinion

    German Facebook Antitrust Ruling Should Prompt FTC Action

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    Following the German high court's recent holding that Facebook abuses its market dominance through data collection, the Federal Trade Commission should increase the severity of sanctions for user data exploitation in anticipation of potential U.S. antitrust violations, says Garrick Josephs at Wilson Elser.

  • Wirecard Class Action Raises Regulator Immunity Questions

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    Investors in German payment processor Wirecard are suing the German Federal Financial Supervisory Authority, calling attention to whether allegations of gross failings can overcome regulator immunity, say Anna Battams and Isobel McNaught at Collyer Bristow.

  • 8 Questions For Cos. After EU Top Court Privacy Shield Ruling

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    While the European Union high court's recent privacy shield invalidation makes complying with the General Data Protection Regulation harder, eight practical considerations can help companies shape their business practices, including using standard contractual clauses for personal data transfer, to avoid violations, say Alan Brill and Yvette Gabrielian at Kroll.

  • The Tiger In The Car Wash

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    The continuing story of wrongdoing at the Brazilian state-owned oil producer Petrobras uncovered by an anti-corruption investigation called Operation Car Wash is both disturbing and instructive of the country's system of law, says Stephen Baker at Baker & Partners.

  • Differences Between US And UK Data Sharing Legislation

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    The recently effective cross-border data sharing agreement offers U.K. law enforcement easier access to data held by U.S. communications providers, and allows the U.S. scope to streamline its own processes, say Alison Geary and Joanna Howard at WilmerHale.

  • UK Court Of Appeal Ruling Clarifies US Sanctions Compliance

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    The U.K. Court of Appeal's recent decision in Lamesa Investments v. Cynergy Bank considered whether U.S. secondary sanctions were a mandatory provision of law under a standard agreement clause and is a valuable reminder of the importance of bespoke drafting of sanctions-related contractual clauses, say Jason Hungerford and Paul Whitfield-Jones at Mayer Brown.

  • HSBC Suit Shows Challenge Of Designing Tax Relief Laws

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    Investors' recent lawsuit against HSBC over film-related tax avoidance schemes spotlights the difficult balancing act of crafting practical tax relief legislation while safeguarding against abuse, says Andrew Parkes at Andersen Tax.

  • Post-Brexit Law Enforcement Will Require EU, UK Cooperation

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    As Brexit approaches, the U.K. and the EU have many law enforcement measures left to negotiate, such as how they will cooperate on matters of extradition and anti-money laundering, says Nicola Sharp at Rahman Ravelli.

  • Opinion

    A Modest Proposal For Judge-Only Trials In Fraud Cases

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    Any legally represented defendant prosecuted by the Serious Fraud Office or the Crown Prosecution Service's Specialist Fraud Division should have the right to demand a judicial method of determining their guilt or innocence — and COVID-19 could be a catalyst for necessary change, says David Corker at Corker Binning.

  • Swipe Fee Ruling Brings Clarity To UK Competition Litigation

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    While the U.K. Supreme Court decision last month in the MasterCard and Visa multilateral interchange fees cases rectifies a number of inconsistent decisions in the litigation saga, the court's findings on the "pass-on defense" in competition damages claims are of wider application, says Kim Dietzel at Herbert Smith.

  • Transferring Personal Data To US After EU Top Court Ruling

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    In light of the Court of Justice of the European Union's ruling invalidating the EU-U.S. privacy shield, data processors and operators should consider several issues before using standard contractual clauses to move personal information to the U.S., say attorneys at Akin Gump.

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