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Corporate Crime UK

  • December 21, 2018

    Ex-Alstom Exec Jailed On Bribery Charges At London Court

    A former sales executive at Alstom Power Ltd., who was convicted for conspiring to bribe politicians and employees at a Lithuanian power plant to score €240 million ($274 million) in contracts, was jailed at a London court on Friday for four and a half years.

  • December 20, 2018

    Libor Prosecutors Told To Sift Their Work From Paul Weiss'

    A Manhattan federal judge on Wednesday suggested prosecutors retrace a five-year investigation into former Deutsche Bank AG traders accused of rigging the London Interbank Offered Rate and delineate it from work by the bank's counsel at Paul Weiss Rifkind Wharton & Garrison LLP.

  • December 20, 2018

    UK, EU Regulatory News To Know As 2018 Winds Down

    European Union and U.K. authorities geared up to celebrate the holidays by releasing a flood of proposals, legislation and reports this week ranging from directives on sustainability for financial institutions to caps on the compensation for some medical claims. 

  • December 20, 2018

    Convicted Ex-Barclays Trader Told To Pay Up In Euribor Case

    A London judge on Thursday ordered a former Barclays trader previously sentenced to eight years in prison for plotting to manipulate a key European interest rate benchmark to cough up £77,354 ($98,000) in criminal proceeds or face an additional three years of incarceration.

  • December 20, 2018

    France Slaps Uber With €400K Fine Over 2016 Data Breach

    France’s data protection agency said Thursday that it has fined Uber €400,000 ($460,000) for covering up a 2016 data breach that exposed personal records from 57 million clients and drivers worldwide.

  • December 20, 2018

    Extradition To Germany Upheld For 5 Men In €60M Tax Fraud

    A London judge has refused to stop the extradition of five men wanted in Germany for an alleged €60 million ($68 million) tax-fraud scheme despite numerous charges being dropped since warrants were issued, saying the men understand the remaining counts.

  • December 20, 2018

    Suspicious Financial Activity Reports Hit Record High

    Britain’s crime-fighting authorities received more reports of suspicious financial activity than ever before in 2018, which has led to nearly £52 million ($65.7 million) of dubious cash being denied to criminals, figures published on Thursday reveal.

  • December 20, 2018

    Chinese Nationals Charged In Huge Cyberintrusion Campaign

    Federal prosecutors Thursday charged a pair of Chinese nationals in New York federal court with an extensive state-sponsored hacking campaign that looted huge amounts of data from U.S. government agencies and dozens of companies in the United States and around the world.

  • December 20, 2018

    FCA Bans Debt Firm Boss For Misusing £7M In Client Funds

    The Financial Conduct Authority confirmed Thursday it has banned the former boss of a collapsed debt management company from working in the financial services sector over his role in misappropriating client cash that resulted in over 4,000 customers losing more than £7 million ($8.9 million).

  • December 20, 2018

    Irish Central Bank Fines Insurer €3.5M For Regulatory Breach

    The Central Bank of Ireland said on Thursday that it has reprimanded and fined the Irish arm of RSA Group PLC €3.5 million ($4 million) for breaching regulations on claim reserves and accounting.

  • December 20, 2018

    EU Watchdog Accuses 4 Banks Of Sovereign Bond Cartel

    The European Commission has tentatively accused major lenders including Deutsche Bank and Credit Suisse of breaching its antitrust laws by rigging prices for sovereign bonds and related debt, echoing civil claims brought in U.S. against a number of banking giants.

  • December 20, 2018

    UK Judges Block Extradition Of Russian Tax Fraud Suspect

    A London court has refused to extradite a Russian businessman accused of tax fraud, ruling that he faces a "very strong probability" of inhuman treatment, in a case that could make it harder for Moscow to repatriate criminal suspects from the U.K.

  • December 19, 2018

    Energy Supplier Faces FCA Probe Over Financial Disclosures

    The Financial Conduct Authority on Wednesday said it will investigate the accuracy of gas and energy supplier Yu Group PLC's filings of financial statements and whether the announcements accurately reflected the company's financial health.

  • December 19, 2018

    RBS Can't Shake Allegation It Misled Court In Loan Suit

    A U.K. property firm has won permission from a London court to plead in its lawsuit against Royal Bank of Scotland PLC that the bank knowingly put forward a “false and misleading” case in separate legal proceedings with its director.

  • December 19, 2018

    Top EU Court Can Force Bank Sale By Italy's Ex-Prime Minister

    Former Italian Prime Minister and media tycoon Silvio Berlusconi may be forced to sell bank shares after the European Union’s highest court Wednesday claimed the sole right to determine whether a tax fraud conviction made him unfit to own them.

  • December 19, 2018

    London Jury Convicts Ex-Alstom Exec Of Bribery In SFO Win

    A London jury on Wednesday convicted a former Alstom Power Ltd. sales executive of conspiring to bribe politicians and employees at a Lithuanian power plant to score €240 million ($274 million) in contracts, the latest conviction in a corruption probe that has cost the French rail giant £18 million ($22.8 million) in penalties.

  • December 19, 2018

    EU Agrees To Hand Greater AML Supervisory Power To EBA

    European Union ambassadors said on Wednesday that they have agreed to proposals that will strengthen the European Banking Authority's oversight of money laundering risks in the bloc's banks, in light of a string of European scandals.

  • December 19, 2018

    FCA Warns Bankers To Take Discrimination Seriously

    The U.K.'s City watchdog warned senior managers at financial services firms on Wednesday that their jobs could be at risk if they do not take diversity seriously, following a surge of whistleblowing complaints about "nonfinancial behavior."

  • December 19, 2018

    10 Held In Estonia In Danske AML Scandal, Prosecutor Says

    Ten former employees of the Estonian branch of Danske Bank, which has been embroiled in a money laundering scandal, have been detained by the country's central criminal police force, Estonia's state prosecutor said Wednesday.

  • December 19, 2018

    Watchdog Probes Suspected £18M UK Pensions Fraud

    Britain’s pensions regulator said on Wednesday that six people have been questioned in a criminal investigation into a suspected £18 million ($23 million) pension fraud involving “suspicious schemes.”

Expert Analysis

  • Libor Litigation Must Overcome Significant Obstacles

    Michael T. Gass

    When U.S. District Judge Naomi Reice Buchwald dismissed a consolidated, multidistrict batch of antitrust and racketeering suits in Manhattan earlier this spring, she suggested plaintiffs seeking to recover from banking giants at the heart of the interest rate-fixing scandal might have better luck with securities fraud claims. But those plaintiffs will need to be lucky indeed. Two recent developments show that obstacles are inherent and, perhaps, insurmountable, say attorneys with Choate Hall & Stewart LLP.

  • Why The Libor Lawsuits Are Not Dead

    Ilan Guedj

    In the wake of a recent court ruling in the Southern District of New York, many people have suggested that London Interbank Offered Rate litigations are now nearly over. Although the ruling represents a significant victory for the defendant banks, and a major challenge to the litigation strategy of many of the claimants, it is by no means the end of the Libor litigations, says Ilan Guedj of ARPC.

  • More Securities Fraud Cases Now Involve Foreign Regulators

    Michael Rosensaft

    With international cooperation among securities regulators at an all-time high, any company facing a regulator inquiry must ask itself what other international regulators may be involved or may want to become involved, says Michael Rosensaft of Katten Muchin Rosenman LLP.

  • Global Securities Enforcement: The Playbook Keeps Changing

    Robert F. Carangelo

    There has been a marked increase in global securities enforcement activities by regulators in the U.S., U.K., Canada and the EU. Continued cooperation and coordination in enforcement activities will be required to seamlessly address the desire to strengthen global regulatory initiatives aimed at harmonizing and centralizing international securities regulation to create safer, more fundamentally sound financial markets for investors, say attorneys with Weil Gotshal & Manges LLP.

  • Encouraging Signs For Leveraged Loans In 2013

    Steven Messina

    One of the main factors contributing to positive market conditions in 2012 was the increased number of investors in both the primary and secondary loan markets. With an unexpectedly strong collateralized loan obligation issuance in 2012 — topping the combined total of the past four years — structured finance vehicles rapidly increased their share of the primary institutional term loan market. Given the unwavering investor demand for loans in late 2012, we expect borrower-favorable trends to continue in 2013, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Libor Manipulation Case — Still A Long Way To Go

    Ilan Guedj

    If you read the headlines about Barclays PLC agreeing to pay $450 million as part of a civil settlement related to charges of manipulating the London Interbank Offered Rate, you could be forgiven for thinking that the culprits had been caught and punished, and that was the end of the story. But the first announced settlement was only the beginning of the story. Libor manipulation is part of a much wider systemic issue, say Ran Farmer and Ilan Guedj of ARPC.

  • 3 Scandals — 3 Key Dodd-Frank Developments

    Peter Welsh

    This summer's JPMorgan Chase, Libor and Peregrine scandals provide instructive snapshots of what may be the three most significant Dodd-Frank enforcement and litigation issues that we’re likely to see in the months ahead, say attorneys with Ropes & Gray LLP.

  • Interest-Rate Ruse: Understanding The LIBOR Scandal

    Stacey Slaughter

    The alleged manipulation of the London Interbank Offered Rate has received prominent media coverage this summer, drawing scrutiny of leading banks and their regulators — as well as numerous lawsuits. As litigation continues, one can expect institutional investors with large claims to opt out of class actions and pursue individual federal and state law claims, say Stacey Slaughter and Thomas Berndt of Robins Kaplan Miller & Ciresi LLP.