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Corporate Crime & Compliance UK

  • May 2, 2019

    Watchdog Plans Revamp of Accountants' Disclosure Rules

    Britain's accounting watchdog has proposed updating its guidelines for accountants when they produce financial information for potential investors, which will compel them to disclose whether they believe their company's sales pitch is fair and balanced.

  • May 1, 2019

    Irish Regulator To Begin Issuing GDPR Probe Results In July

    Ireland's data protection commissioner is on the verge of wrapping up several high-profile probes into whether Facebook, Twitter and other tech giants breached the European Union's General Data Protection Regulation and plans to begin handing down potentially massive fines in July.

  • May 1, 2019

    Banks Say Settlement Docs Needed To Fight Libor Class Cert.

    Barclays, UBS and other banks still fighting Libor-rigging allegations are asking a New York federal judge for access to investor claim forms submitted to other banks that settled out of the suit, arguing the documents are needed to fight an upcoming class certification bid.

  • May 1, 2019

    PE Fund’s £16M Accounting Fraud Suit Heads North For Trial

    A New York investment fund suing to recover £16.3 million after allegedly discovering the executives of a U.K. engineering firm it purchased overstated the company’s health will have its case go to trial in Manchester next year, a judge in London has ordered.

  • May 1, 2019

    IRS Gets OK To Seek Bank Info For Finnish Tax Evasion Probe

    A North Carolina federal court greenlighted the IRS to request information from three major American banks on certain account holders suspected to have evaded taxes in Finland, according to a Wednesday announcement from the U.S. Department of Justice.

  • May 1, 2019

    Virgin Media Gets Nov. Hearing For £7M Ofcom Fine Appeal

    Virgin Media is set to head to a specialist U.K. antitrust appeal tribunal in November to challenge a £7 million ($9.2 million) fine issued to the company last year by Britain’s telecoms regulator for overcharging customers who quit broadband and phone contracts early.

  • May 1, 2019

    Ex-RBS Staffer Rebuked As Discrimination Case Tossed

    A claim for unfair dismissal and disability discrimination against Royal Bank of Scotland has been struck out by an employment judge, who ruled that the former member of staff at the lender had deliberately delayed his case and made a fair trial impossible.

  • May 1, 2019

    Care Home Rejects Insurer’s Claim It Broke Law In £6M Suit

    A nursing home on a British coastal cliff suing Zurich Insurance PLC for more than £6 million ($7.8 million) for damage it says was caused by a post-storm landslide told a London court on Monday that the insurer wrongly claimed it was operating illegally.

  • May 1, 2019

    Assange Jailed For 50 Weeks Over UK Bail Breach

    A London judge on Wednesday sentenced WikiLeaks founder Julian Assange to 50 weeks in prison for breaching bail conditions imposed in 2012 before he took refuge in the Ecuadorian Embassy.

  • April 30, 2019

    2nd Circ. Won’t Revive Real Estate Mogul's $100M Libor Suit

    Real estate mogul Sheldon Solow’s $100 million loss from a tanked municipal securities portfolio is too far removed from Libor manipulation to allow him to sue Citigroup and more than a dozen other banks, the Second Circuit ruled Tuesday in the latest blow to the years-old allegations.

  • April 30, 2019

    Nigeria Denies Blame For $875M Transfer In JPMorgan Suit

    Nigeria fought back Monday against JPMorgan's claim the country contributed to its own losses in a dispute over $875 million in state funds the banking giant transferred to a former oil minister at the behest of corrupt former government officials.

  • April 30, 2019

    Kazakhstan Wants 2nd Chance On Suit Over $506M Award

    Kazakhstan will challenge a D.C. federal judge's decision to toss its "ill-advised" racketeering suit against Moldovan investors who won a half-billion-dollar arbitral award against the country, according to court documents.

  • April 30, 2019

    Plaintiffs Firm Scott & Scott Opens Shop In Amsterdam

    Plaintiff-side law firm Scott & Scott Attorneys at Law LLP plans to open an office in the Netherlands to focus on competition and securities cases for its corporate and institutional investor clients.

  • April 30, 2019

    UK Real Estate Director Agrees To 5-Year Disqualification

    The former director of a U.K. real estate company accused of participating in a scheme to fix minimum commission fees has agreed not to act as a director of any company for five years, the country's competition authority said Tuesday.

  • April 30, 2019

    Nordea Sets Aside €95M For Possible Laundering Penalty

    Nordic lender Nordea Bank has put aside €95 million ($106.5 million) for a possible fine related to money-laundering allegations, the lender said Tuesday as it reported heavy losses for the first three months of the year.

  • April 30, 2019

    Lloyds Execs 'Blessed' Libor Rigging, UK Property Co. Says

    Senior executives at Lloyds Banking Group, including the former CEO, condoned its traders' attempts to rig interest rates for profit, a property firm alleges in a lawsuit accusing the bank of misselling financial products pegged to a key benchmark.

  • April 30, 2019

    BoE Prioritizes Fintech Push But Mindful Of Risk, Official Says

    The Bank of England stands ready to adopt new emerging technology, a senior figure said Tuesday, while acknowledging the bank would have to keep a close eye on the fast-growing sector to ensure financial activity does not move into unregulated areas.

  • April 30, 2019

    BoE Should Factor Huge Fines Into Stress Tests, MPs Told

    The Bank of England should broaden the way it carries out stress tests on lenders to gauge the risks they face from multimillion-pound penalties for misconduct, a senior regulatory expert told the parliamentary Treasury Committee on Tuesday.

  • April 30, 2019

    KPMG Fined £6M Over Insurer's Botched Audit

    A U.K. watchdog fined KPMG fined £6 million ($7.8 million) and levied sanctions against a partner and an ex-partner on Tuesday over the auditing giant's botched reviews of a major motorcycle insurance underwriter that suffered a financial crash.

  • April 29, 2019

    UK's Infant Class Action Regime Gets Lift From Swipe Fee Suit

    The Court of Appeal's decision to revive a £14 billion ($18 billion) antitrust class action against Mastercard offers the first major precedent guiding lawyers and lower courts about how to apply the U.K.'s fledgling collective action regime, significantly lowering the bar for certification in the process.

Expert Analysis

  • 2018 In Review: Significant White Collar Developments At DOJ

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    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

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    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

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    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

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    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.

  • Why English Courts Are Prepared To Assist Cyber Victims

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    This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.

  • Illegality Defense Developments In UK And Cayman Islands

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    Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

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    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

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    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • UK Ruling Signifies Greater Cross-Border Sharing Of Data

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    In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.

  • Structuring Investigations In Light Of UK Privilege Case

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    The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.