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Corporate Crime & Compliance UK
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March 14, 2024
Ex-Libor Trader Hayes Claims Judge Denied Him Fair Trial
The conviction of former UBS trader Tom Hayes for rigging Libor is "unsafe" and should be overturned because the judge overseeing his trial committed a "cardinal" breach of his rights by telling jurors he had submitted false rates, his lawyer told the Court of Appeal on Thursday.
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March 14, 2024
Wright Is Not The Inventor Of Bitcoin, Judge Rules
A London judge ruled Thursday that Australian computer scientist Craig Wright is not the pseudonymous inventor of bitcoin, ruling that the evidence against his claim to be Satoshi Nakamoto was "overwhelming."
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March 13, 2024
Marketing Boss Says LC&F Services Provided In 'Good Faith'
The head of a marketing company that provided services to London Capital & Finance did so in "good faith," and had no knowledge of an alleged Ponzi scheme, his lawyer told a London trial on Wednesday over the £237 million ($304 million) investment scandal.
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March 13, 2024
Four Car Manufacturers To Face Dieselgate Trial In 2025
Ford and Nissan are among four major carmakers that will face trial in October 2025 over claims on behalf of 1.25 million motorists alleging that the manufacturers used in-car technology to cheat emissions tests, Leigh Day said Wednesday.
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March 13, 2024
EU Parliament Overwhelmingly Passes Landmark AI Law
European Union lawmakers voted overwhelmingly on Wednesday in favor of a first-of-its-kind artificial intelligence law, in a bid to help facilitate innovation while safeguarding the bloc's fundamental rights.
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March 13, 2024
Senior SFO Official Judy Krieg Departs After Three Years
One of the most senior officials at the Serious Fraud Office has left her role overseeing its fraud and bribery caseload, the second high-level departure since the new director took over the white collar crime agency in September.
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March 13, 2024
Traders To Fight Rate-Rigging Convictions In Landmark Appeal
Two former traders who say they were made scapegoats for public anger during the last financial crisis challenge their convictions for rigging benchmark interest rates on Thursday in a case that could undermine the legal theory that underpinned dozens of prosecutions.
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March 13, 2024
Norton Pension Scam Victims Receive Initial £9.4M Redress
Former employees of Norton Motorcycles received £9.4 million ($12 million) into their pension schemes from the Fraud Compensation Fund this week, an independent trustee told a group of senior MPs on Wednesday.
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March 13, 2024
CMA Fights Decision To Block Raid On Home In Cartel Probe
Britain's antitrust watchdog challenged on Wednesday the refusal by a tribunal to grant a warrant to raid the home of an individual connected to a chemicals cartel investigation, claiming the decision could make it impossible for enforcers to search domestic properties.
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March 13, 2024
All Post Office Convictions To Be Quashed Through New Law
The government introduced landmark legislation on Wednesday that will exonerate hundreds of people wrongfully convicted as the result of the Post Office scandal.
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March 12, 2024
IPhone Users' £853M Battery Suit Gets OK On Funding Revamp
Apple must face an £853 million ($1 billion) class action claim alleging it concealed problems with iPhone batteries after Britain's antitrust tribunal said Tuesday that a revised litigation funding deal overcomes the hurdle recently thrown up by the country's highest court.
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March 12, 2024
Immigration Lawyer Caught In Sting Loses Strike-Off Appeal
An immigration lawyer lost his appeal on Tuesday to stay on the rolls, after he was caught by an undercover journalist recommending that a client gather false documents for a visa application, with a London court ruling that his appeal was "totally without merit."
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March 12, 2024
Man Loses Bid To Challenge US Tax Refund Fraud Extradition
A man facing extradition to the U.S. — to stand trial on allegations that he took part in a scheme to fraudulently receive millions in tax refunds — was denied a chance to challenge the extradition by a London judge on Tuesday.
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March 12, 2024
'Clearer Than Ever' That Wright Is Not Satoshi, Developers Say
Lawyers for developers seeking to prove that Craig Wright is not the pseudonymous inventor of bitcoin told the High Court that it is "clearer than ever" that the Australian computer scientist is not Satoshi Nakamoto in closing arguments on Tuesday.
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March 12, 2024
Gov't To Give Banks More Time To Investigate Payment Fraud
HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.
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March 12, 2024
SFO Arrests 3 In £76M Luxury Care Home Fraud Probe
The Serious Fraud Office arrested three people on Tuesday in an investigation into an alleged £76 million ($97 million) fraud over the collapse of a luxury care home provider that left elderly residents homeless and 600 investors out of pocket.
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March 12, 2024
FCA's New Greenwashing Rules Lack Clarity, City Firms Warn
City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.
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March 11, 2024
Whistleblower Forced To Quit After Questioning CEO's CV
A chief operating officer at a charity was forced to resign after senior figures said his whistleblowing claims about the new chief executive's CV had ruined their trust in him, an employment tribunal has ruled.
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March 11, 2024
Santander Whistleblower Loses Bid To Revive Claim
An appellate tribunal has rejected a bid by a former financial crime policy manager at Santander to revive her whistleblowing and discrimination claims against the bank, ruling a fair trial was not possible because she failed to exchange witness statements.
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March 11, 2024
£237M Ponzi Case Doesn't Stack Up, Ex-LC&F Director Says
A former director of London Capital & Finance told a trial over the £237 million ($304 million) investment scandal on Monday that he did not take part in the alleged Ponzi scheme.
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March 11, 2024
New Treasury Review Of AML Rules To Cast Wide Net
The U.K. Treasury said Monday that a new review on the effectiveness of anti-money laundering regulations will have a broad scope, encompassing more than 100,000 businesses, including law firms.
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March 11, 2024
MPs To Hear From Administrators In Norton Pension Scandal
A parliamentary committee said Monday that it will weigh whether victims of pension fraud can receive compensation faster as the first part of its probe into the retirement savings scandal at Norton Motorcycle Co.
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March 11, 2024
Danish Prosecutors Open Tax Fraud Trial Against Sanjay Shah
Prosecutors in Denmark opened the criminal trial on Monday of a British hedge fund trader accused of masterminding a £1.44 billion ($1.85 billion) tax fraud scheme.
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March 11, 2024
FCA Ends Eight-Year Probe Into Former Mobile App Co. Execs
The Financial Conduct Authority has ended its civil court proceedings against two former executives of Globo, nine years after the mobile software developer fell into administration amid allegations of accounting fraud.
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March 11, 2024
Dentons Defeats SRA Over AML Checks On PEP Client
A London tribunal confirmed on Monday that it has dismissed the Solicitors Regulation Authority's action against the U.K. arm of Dentons over the firm's handling of anti-money laundering checks on a politically exposed former client.
Expert Analysis
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Directors Should Beware Reinvigorated UK Insolvency Service
The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.
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EU Privacy Plan Finally Resolves Data Transfer Woes
Previous attempts by the European Commission to facilitate data transfers to the U.S. have been unsuccessful, but the recent EU-U.S. Data Privacy Framework may bring greater legal certainty through new control mechanisms and clearer supervisory authority functions, say Joaquín Muñoz and Robbie Morrison at Bird & Bird.
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The New Accountability Landscape For Financial Regulators
The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.
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Director Responsibilities Amid Russian Asset Seizures
Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.
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Investors Should Prepare For Possible EU Energy Treaty Exit
Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.
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EU Illumina-Grail Fine Cools Cos.' Merger Control Approach
The European Commission's recent record-breaking fine on Illumina for acquiring Grail without approval underscores its tough stance on merger control enforcement, showing that companies in Europe need to be vigilant in complying with regulatory requirements, say Salomé Cisnal de Ugarte and Raphaël Fleischer at King & Spalding.
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EU Raw Materials Initiative Vital For Sustainable Value Chains
The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.
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A Cross-Border Data Refresher After New EU-US Framework
Following the recent release of an updated EU-U.S. Data Privacy Framework, Jack Hobaugh at Brownstein Hyatt discusses the complicated question of what is and is not a cross-border transfer of information under the EU General Data Protection Regulation.
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UK Top Court Ruling Spells Uncertainty For Litigation Funders
The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.
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UK Task Force Report Focuses Digitization Of Shares Process
The U.K. Digitization Task Force’s recently published interim recommendations on the U.K. shareholding framework are helpful in the push toward improving the share ownership system, following overwhelming support from stakeholders to eradicate paper processes, say lawyers at Davis Polk.
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Gender Diverse Boards May Reduce Corporate Fraud Risk
Following the recently proposed "failure to prevent fraud" offense, companies should focus on diversity in leadership as research shows that an increase in women's representation on boards is associated with a decreased probability of fraud, say Anoushka Warlow and Suzanne Gallagher at BCL Solicitors.
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EU Privacy Framework Will Aid Int'l Data Transfer Compliance
The underlying certification mechanism in the EU-U.S. Data Privacy Framework recently adopted by the European Commission has pros and cons, and by understanding its mechanics businesses and organizations can grasp the means to ensure General Data Protection Regulation compliance in their data transfers, say lawyers at Chiomenti.
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Opinion
Plea For A New Int'l Tribunal For Russia's Crime Of Aggression
Legal experts worldwide should support the International Bar Association and other organizations calling for a United Nations special criminal tribunal to prosecute Russian leaders for the crime of aggression against Ukraine, or risk standing by as war atrocities and threats to global security increase, says Olga Kostina at Robert F. Kennedy Human Rights.
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Protecting Reputation In The Age Of Shareholder Activism
With the rise in investors using equity ownership to influence the management of a company, shareholder activism has taken on fresh impetus, and general counsel have a critical part to play in safeguarding an organization's reputation by engaging in open communication and implementing effective corporate governance, says Neil McLeod at The PHA Group.
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Factors Driving Increased Litigation Against European Cos.
European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.