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Corporate Crime UK

  • January 11, 2019

    Execs Avoid Prison On SFO Bertling Corruption Convictions

    Four individuals convicted over a bribery and corruption plot at North Sea shipping company FH Bertling Ltd. were sentenced to a total of seven years at a packed London court on Friday, but avoided prison after the judge suspended the sentences.

  • January 11, 2019

    Steelworkers Promised Bigger Payments On Missold Pensions

    The U.K.’s Financial Services Compensation Scheme promised on Friday to give bigger payouts to former steel workers who have lost their investments through pensions misselling, after it handed more than £1 million ($1.3 million) to the clients of a single financial advisory company.

  • January 11, 2019

    Danske Bank Braces For Formal AML Probe In France

    French judges are preparing to launch a formal investigation into scandal-hit Danske Bank over approximately €28 million ($32 million) of transactions that potentially violated France’s anti-money laundering legislation, the lender said on Friday.

  • January 10, 2019

    EU 'Right To Be Forgotten' Shouldn't Be Global, Adviser Says

    An adviser to the European Union's highest court recommended Thursday that the "right to be forgotten" — which requires search engines such as Google to delete content that users find irrelevant or embarrassing — should be limited to the EU and not be applied globally, as France's data protection authority had argued. 

  • January 10, 2019

    US Pension Plans Can’t Shake $2.8B Denmark Refund Case

    A group of U.S. pension plans and their representatives can’t escape a $2.8 billion tax refund case brought by Denmark’s tax authority, a New York federal court has decided.

  • January 10, 2019

    India Bribe Case May Halt Arbitration Over $639M Copter Deal

    An Indian judge has agreed to consider halting arbitration initiated by Italian defense contractor AgustaWestland stemming from a nixed $639 million Indian military helicopter supply deal that was allegedly tainted by bribery, while the Indian government continues related criminal proceedings.

  • January 10, 2019

    White & Case, Allen & Overy Attys Among 108 Named QC

    Veteran lawyers from Allen & Overy LLP, White & Case LLP and 2 Hare Court are among the 108 new appointees named Thursday to receive the rank of Queen's Counsel, including several barristers specializing in corporate crime, banking, insurance and international arbitration.

  • January 10, 2019

    Forex Investors Want $300M Fee Objector To Post Bond

    An investor class that has secured $2.3 billion in settlements over claims that 15 banks plotted to rig benchmarking rates in the foreign exchange markets told a New York federal court that the lone objector to the $300 million attorneys' fees award should have to post bond.

  • January 10, 2019

    HSBC Offers $30M, 'Chat' Evidence To Settle Bond-Fix Suit

    HSBC Bank PLC has cut a $30 million deal to settle investors’ allegations surrounding a scheme to rig the SSA bond market, and will hand over electronic “chats” to aid the class’ prosecution of remaining banks in the case, according to settlement documents filed in New York federal court on Wednesday.

  • January 10, 2019

    EU Lawmakers Bolster Regulators Ahead Of Brexit

    European lawmakers on Thursday backed plans to strengthen the bloc’s top three financial regulators, with a senior politician saying the move would help prevent the United Kingdom from conducting “dodgy business” in the European Union after Brexit.

  • January 10, 2019

    Ex-Soccer Pro Blasts Money Laundering Cover-Up Claims

    A former Premier League star accused of money laundering told a London jury Thursday that allegations he tried to cover up funds linked to an international fraud by using a project to help injured ex-players is "disgraceful."

  • January 10, 2019

    Norway Demands Change After Nasdaq Power Trade Failure

    Nasdaq Inc. was given a March deadline by Norway's financial services regulator on Thursday to introduce new supervisory reforms in the wake of a massive default on its Nordic energy exchange last year.

  • January 10, 2019

    Spanish Police Arrest 15, Seize Cash In Tennis Rigging Plot

    Police in Spain have arrested 15 people, including several professional tennis players, in connection with an international match-fixing scheme in which an Armenian gang bribed athletes to make millions from online betting, authorities said Thursday. 

  • January 10, 2019

    EU Floats Climate-Threat Disclosure Plans For Finance Cos.

    The European Commission told banks and insurers on Thursday they must disclose information to investors about the risks that climate change presents to the performance of their business, as Europe presses ahead with plans to improve sustainability.

  • January 10, 2019

    Manager Admits Concealing Pensions Failures At Restaurants

    An accounts manager has admitted lying to investigators to conceal that restaurants where he was employed as payroll adviser had failed to give workplace pensions to more than 100 members of staff, Britain’s pensions regulator said on Thursday.

  • January 9, 2019

    Danske Bank Estonia Scandal Erased $2.5B, Investors Say

    A putative class of Danske Bank investors claimed in New York federal court Wednesday that more than $2.5 billion was lost as a result of money laundering accusations involving the bank's Estonian branch, where suspicious payments of up to €200 billion ($230 billion) were authorized over eight years.

  • January 9, 2019

    Cambridge Analytica Owner Fined For Ignoring Data Request

    The U.K.'s data protection regulator fined Cambridge Analytica's parent company £15,000 ($19,200) Wednesday for failing to hand over personal information requested by a U.S. academic suing the research firm over personal data it harvested from Facebook. 

  • January 9, 2019

    Italian Watchdog Fines Automakers €678M Over Finance Cartel

    Italy's competition watchdog slapped automakers BMW, Fiat-Chrysler, Ford and Toyota and their banking operations with a combined €678 million ($776 million) fine Wednesday for running a financing cartel that authorities said reduced competition for selling certain cars. 

  • January 9, 2019

    Tory MP Acquitted Of Election Spending Fraud

    A London jury on Wednesday acquitted British lawmaker Craig Mackinlay of lying about election expenses leading up to his 2015 victory over the former leader of the U.K. Independence Party, instead convicting his former associate of deliberately preparing false disclosures. 

  • January 9, 2019

    Former Unaoil Exec Denies SFO Corruption Charges

    A former executive indicted in the Serious Fraud Office’s case against Unaoil, a consultancy accused of bribery in Iraq, protested his innocence on Wednesday as his impending criminal trial was transferred to a London Crown Court.

Expert Analysis

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Obtaining DPAs In The UK Will Not Be Easy

    Azizur Rahman

    In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.

  • Financial Institutions Seem Unprepared For Libor Demise

    Kevin Trabaris

    We recently polled some of our financial clients to determine the state of their preparations for the end of Libor, and the results indicate that there is widespread awareness of the rate's phaseout by 2021. However, the survey results do not indicate anything is actually being done, says Kevin Trabaris, chairman of the financial services group at Culhane Meadows PLLC.

  • An Introduction To The UK's Unexplained Wealth Orders

    Konstantin Kroll

    Unexplained wealth orders, introduced in the U.K. this January, will allow authorities to ask individuals to explain the source of their assets. UWOs will put a new emphasis on the importance of following best practices in relation to know-your-client and anti-money laundering procedures, say Konstantin Kroll and Matthew Lawson of Orrick Herrington & Sutcliffe LLP.

  • A Review Of Cross-Border Investigations In 2017: Part 2

    Sunil Gadhia

    Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • A Review Of Cross-Border Investigations In 2017: Part 1

    Sunil Gadhia

    A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Fraud Section Under New Management: Takeaways From 2017

    Kevin Muhlendorf

    The U.S. Department of Justice’s "Fraud Section Year in Review" report provides a useful overview of what the Criminal Division’s largest litigating section accomplished in 2017, comparisons to years past, and important hints at what the future holds for individuals and entities whose activities come within the Fraud Section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.

  • 5 Things To Watch For In FCPA Enforcement This Year

    David Simon

    After much hand-wringing in 2017 about whether Foreign Corrupt Practices Act enforcement would diminish radically under President Donald Trump, it’s now safe to say that all signs point toward continued and vigorous enforcement, say attorneys with Foley & Lardner LLP.

  • Series

    40 Years Of FCPA: Cross-Border Efforts And Growing Risk

    Patrick Stokes

    The U.S. agencies’ increasing coordination with their foreign partners has led to more potent Foreign Corrupt Practices Act investigations — in terms of both their scope and settlement cost, say Patrick Stokes, former chief of the FCPA Unit at the U.S. Department of Justice, and Zachariah Lloyd of Gibson Dunn & Crutcher LLP.

  • Navigating Whistleblower Protections Across The Atlantic

    Lynne Bernabei

    Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.