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Corporate Crime & Compliance UK

  • May 6, 2019

    Formerly Private Cuba Bank Gets Chance For $456M Claim

    A Manhattan federal judge tasked counsel for a formerly private Cuba bank Monday with explaining why, under new Trump administration policy, it should get a $456 million chunk of $717 million that Societe Generale agreed to pay the U.S. government for violating Cuba sanctions.

  • May 4, 2019

    Europe's Chief Privacy Regulator Says Fines Are Inevitable

    The fear of crushing fines under Europe’s General Data Protection Regulation has been enough to make businesses finally pay attention to privacy — but some level of enforcement is imminent, the new regime's top official tells Law360.

  • May 3, 2019

    Ruling On DOJ's Paul Weiss Outsourcing A Warning To Gov’t

    A Manhattan federal judge’s ruling that the government had pinned a badge on Deutsche Bank and its lawyers at Paul Weiss in an investigation of alleged Libor-rigging was a warning to prosecutors and their civil counterparts to distance themselves from companies’ internal investigations.

  • May 3, 2019

    Carbon-Credit Sellers Say Investments Were Legit, Jury Told

    Eight men accused of running a carbon-emission credits scheme that conned investors out of £7 million ($9.2 million) told investigators that they believed their business dealings were legitimate, a London jury heard Friday during the second day of the fraud trial.

  • May 3, 2019

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

    The past week has seen a major ice cream distributor in the United Arab Emirates sue Maersk, Ferrari hit a trio of accountants with a fresh claim, and insurer Chubb sue actor Kevin Spacey in the High Court.

  • May 3, 2019

    Judge Rejects Bid For Defense Extension In $1B Fraud Claim

    A London judge refused on Friday to give a Ukrainian businessman more time to file his defense against breach of trust allegations linked to a $1 billion damages claim, rejecting arguments that he might be unable to sign documents because he is in detention in Russia.

  • May 3, 2019

    Lloyds Bank Agrees To Probe Into HBOS Redress Scandal

    Lloyds Banking Group on Friday named a retired High Court judge to review the way it compensated victims of an estimated £245 million ($322 million) fraud at a branch of its HBOS subsidiary, following political pressure over its handling of the scandal.

  • May 3, 2019

    Watchdogs Team To Stop Rogue 'Phoenix' Cos. From Rising

    The Financial Conduct Authority and other industry regulators announced on Friday that they are banding together to tackle failed rogue companies that rise from the ashes as a new business so they can skirt liabilities, which is known as “phoenixing.”

  • May 3, 2019

    UK Upholds Bail For PE Co. Founder Fighting US Extradition

    A judge at the High Court in London upheld on Friday a lower court’s decision to grant the founder of private equity group Abraaj conditional bail on security of £15 million ($19.5 million) as he faces hearings to have him extradited to the U.S., where he faces fraud charges.

  • May 3, 2019

    Don't Restore €15M Cartel Fine Against UK Broker, ECJ Told

    A senior legal adviser to the European Court of Justice has recommended that it should not reinstate a fine of nearly €15 million ($16.7 million) levied against the broking giant ICAP after it allegedly rigged Japanese yen interest rate derivatives.

  • May 3, 2019

    Roofing Co. Tells Insurer It Did Not Spark £3.7M Pub Blaze

    A roofing company has denied claims by its insurer that it failed to prevent a blaze that tore through an English pub and caused £3.7 million ($4.8 million) of damage, according to documents filed at a London court.

  • May 2, 2019

    DOJ Outsourced Deutsche Libor Probe To Paul Weiss: Judge

    The U.S. Department of Justice effectively outsourced its investigation of Libor rigging at Deutsche Bank to the bank and its attorneys at Paul Weiss, a New York federal judge said Thursday in a ruling with broad implications for corporations and the white collar bar.

  • May 2, 2019

    EU Enforcers Cite Growing Pains, Caution In GDPR Rollout

    European data protection chiefs shed some light Thursday on why they have been slow to issue fines under the General Data Protection Regulation, with the U.K. authority comparing the new regime to a "teething toddler" and Ireland's watchdog urging those seeking precedent-setting rulings to be patient.

  • May 2, 2019

    Carbon Credit Scam Wiped Out Life Savings, Jurors Hear

    Seven men operated a yearslong fraud involving purported carbon-credit investments that conned £7 million from investors, some who were elderly and lost their life savings, a London jury heard Thursday during opening statements in the men's fraud trial.

  • May 2, 2019

    Ex-Autonomy Worker Says Software Deal Was Unnecessary

    A former Autonomy software architect testifying at Britain's biggest-ever fraud trial said Thursday he could think of no legitimate reason why the company paid $7.6 million to license software from a reseller, which Hewlett Packard claims was used to channel funds to the firm as part of a massive accounting fraud.

  • May 2, 2019

    Feds Want 'Bond Villain' Sentence For Ex-Autonomy Exec

    Federal prosecutors told a San Francisco judge Wednesday that a former executive of British software company Autonomy carried out accounting fraud with the attitude of a "James Bond villain or a Mafioso," and asked the judge for an above-guidelines sentence of 12 years plus more than $1.7 billion in penalties.

  • May 2, 2019

    Ex-Bank Chief Fights FCA For Info On AML Penalty

    The former chief executive of the U.K. subsidiary of a Bangladeshi state-owned bank urged a London tribunal on Thursday to force the Financial Conduct Authority to hand over more information as he gears up to fight the regulator's sanction over alleged anti-money laundering failures.

  • May 2, 2019

    Abraaj Founder Granted Bail On £15M Security In Reversal

    A London judge granted bail Wednesday to the founder of defunct private equity firm Abraaj Group on a £15 million ($19.5 million) security, just days after refusing to release him for fear he would flee to avoid extradition to the U.S. on fraud charges.

  • May 2, 2019

    2,000 Clydesdale Clients Say Bank Misled Them On Loans

    Clydesdale Bank is facing allegations that its customers lost “hundreds of millions of pounds” after it misled them about the charges for terminating their loans, with lawyers launching a collective action in a London court to recover the money.

  • May 2, 2019

    UBS Says 'No Choice' But To Fight French AML Charges

    The head of UBS Group has defended the Swiss bank’s decision to go to court in France to fight money laundering charges, telling shareholders on Thursday that the lender had not been able to reach an acceptable settlement with French authorities.

Expert Analysis

  • What Lawyers Can Do To Prevent And Combat Burnout

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    Lawyer burnout has been called a “romantic disorder” because it is characteristic of a work ethic admired in the legal culture. But the negative impacts of burnout are real and lawyers need to recognize the signs and solutions, says Jennifer Gibbs of Zelle LLP.

  • Opinion

    Law Schools Should Be More Like Medical Centers

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    Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.

  • Declaratory Judgments Do Not Always Protect NY Debtors

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    This month, the First Department of New York's Appellate Division revived Avilon v. Leontiev, establishing that a debtor cannot obtain declaratory judgment shielding itself from personal liability to a creditor's associates, and then use that judgment to preclude claims from the creditor, say A. Robert Quirk and Muhammad Faridi of Patterson Belknap Webb & Tyler LLP.

  • How Brexit May Impact UK Criminal Justice

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    As uncertainty over a Brexit deal remains following the U.K. Parliament's overwhelming rejection this week of a draft withdrawal agreement, John Binns of BCL Solicitors LLP takes a closer look at the potential end of criminal justice cooperation arrangements between the United Kingdom and the European Union.

  • Worldwide Freezing Orders Can Backfire Without Proper Care

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    Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.

  • UK Litigation And Guidance Highlight Cybersecurity Risk

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    Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.

  • 7 Questions To Add To Your Lateral Partner Questionnaire

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    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Do UK Territories Need Beneficial Ownership Info Registers?

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    The U.K.'s Sanctions and Anti-Money Laundering Act proposes introduction of publicly accessible registers of beneficial ownership information on companies in U.K. overseas territories. There is a chance that these registers may cause more trouble than they are worth, says Aki Corsoni-Husain of Harney Westwood & Riegels LLP.

  • 2 BVI Cases Explore Scope Of Proper Purpose Test

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    Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.

  • Attorney-Client Privilege Must Be Reclaimed In The UK

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    The House of Lords' landmark decision in Three Rivers v. Bank of England significantly undermined confidentiality of communications between lawyers and clients. The U.K. Supreme Court should review this case as soon as possible, says Quentin Bargate of Bargate Murray Ltd.