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Corporate Crime & Compliance UK

  • February 25, 2019

    4 Things Smaller Banks Can Do To Prep For Libor's End

    Preparations are under way on Wall Street for the end to what’s been called the world’s most important number, but midsize and smaller banks shouldn’t procrastinate when it comes to planning for the transition away from the London Interbank Offered Rate.

  • February 25, 2019

    Weigh Profits In Euribor Submissions? 'Nonsense,' SFO Says

    A developer of a European interest rate benchmark at the center of a rigging scandal testified Monday at the London Barclays traders trial that it's appropriate for traders to consider their own bank's profits when submitting rates — prompting an SFO prosecutor to suggest he was protecting "nonsense" for his own reputation.

  • February 25, 2019

    SFO Taps Veteran Fraud Prosecutor For General Counsel Role

    The U.K.'s fraud watchdog hired a veteran criminal attorney to be its new general counsel Monday, handing a lawyer with a background securing high-profile convictions against executives the job of helping decide which cases to prosecute.

  • February 25, 2019

    UK Issues First-Ever Fine For Financial Sanctions Breaches

    A British bank has been hit with the country's first-ever fine for breaching financial sanctions regulations after it handled money belonging to a person targeted following the Egyptian revolution, the U.K.'s sanctions enforcer said Monday.

  • February 25, 2019

    FCA Will Return £2.5M To Investors In Illegal Land Scheme

    The Financial Conduct Authority said that it plans to return approximately £2.5 million ($3.3 million) to investors in a £32.8 million unauthorized investment scheme, after a company related to the fraud handed the amount over to the watchdog.

  • February 25, 2019

    AXA Employee Sentenced For Selling Customer Data

    An employee of French insurance giant AXA SA and a former member of staff have been sentenced for their role in exploiting and selling hundreds of pieces of customer data, City of London Police said Monday.

  • February 25, 2019

    Be Responsible For Outsourced Activity, EU Tells Banks

    The European Banking Authority published guidance on Monday to encourage financial services companies to take responsibility for activities they outsource to innovative technology companies based outside the bloc, in a move to stop them becoming “empty shells” that can avoid regulatory oversight.

  • February 25, 2019

    Zurich Says Care Home Co. Broke Law In £6M Insurance Row

    Zurich Insurance PLC has denied owing more than £6 million ($7.9 million) after a landslide damaged a clifftop care home in Jersey, and alleged that the operator of the residential building broke the law by failing to register with a local regulator.

  • February 22, 2019

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

    The last week has seen a fashion designer and Icelandic bank take on HMRC, a fund manager sue a payments processor rattled by allegations of fraud and a host of shipping insurance providers and food companies file suit against cargo giant Maersk. Here, Law360 looks at those and other new claims in the U.K.

  • February 22, 2019

    FCA Poised To Grab Assets In £1.4M Investment Scheme Case

    The Financial Conduct Authority asked a London judge Friday to move forward with confiscation proceedings against four men who conned investors into buying up to £1.4 million ($1.8 million) of “worthless” shares in a health care company that purportedly operated clinics, saying it might be possible to get back nearly all of the money lost.

  • February 22, 2019

    FCA Flexes Antitrust Muscle With Unusual 1st Case

    The Financial Conduct Authority issued its first-ever fines under its four-year-old competition enforcement powers Thursday with a decision against three asset managers that extends the potential circumstances under which the sharing of information could raise serious antitrust issues — showing the watchdog is ready to test the reach of its powers.

  • February 22, 2019

    Barclays ‘Misused’ Secrets For Takeover Bid, Reinsurer Says

    French reinsurer Scor SE has accused Barclays PLC of obtaining and using "highly confidential" information about its financial health while advising mutual insurer Covea on an attempted €8.2 billion ($9.4 billion) takeover last year that fell through and resulted in a flurry of litigation.

  • February 22, 2019

    UBS Slams ‘Superficial’ €3.7B French Fraud Ruling

    UBS AG has criticized a ruling handed down earlier this week at a French court as “superficial, inconsistent and contradictory” and claims that the conviction, which hit the investment bank with a fine of €3.7 billion ($4.2 billion), was not supported by any concrete evidence.

  • February 22, 2019

    UK’s SFO Drops Corruption Probes Into Rolls-Royce, GSK

    The U.K.’s fraud and bribery agency dropped two long-running investigations on Friday and announced that it will bring no charges against individuals at Rolls-Royce or GlaxoSmithKline because of a lack of evidence.

  • February 21, 2019

    Bond-Fixing Dispute Belongs In US Courts, Investors Say

    Investors fought a bid by Barclays, Citigroup and others to escape a proposed class action claiming the banks rigged the market for bonds issued by foreign government entities, arguing the New York federal court has jurisdiction because foreign traders conspired with U.S. counterparts.

  • February 21, 2019

    Reforms Slam Brakes On Crash-For-Cash Insurance Fraud

    Scammers are shifting away from lucrative "crash-for-cash" insurance fraud following a series of successful convictions, closer ties between police and insurers and the emerging threat of jail sentences for contempt of court, police and attorneys say.

  • February 21, 2019

    Clydesdale Bank Hits Back At Appeal In Investor Fraud Suit

    A claim against Clydesdale Bank PLC arising from transactions the bank processed through a client account with links to a property investment fraud should not be revived because the claimants cannot prove a contractual link between themselves and the bank, the bank’s lawyers told an appeals court on Thursday.

  • February 21, 2019

    FCA Sues Financial Consultant Over Unauthorized Advice

    A financial adviser has been sued by Britain's Financial Conduct Authority for allegedly providing unauthorized pension advice on investments in a bioethanol investment scheme that left savers approximately £1.2 million ($1.6 million) out of pocket when it collapsed.

  • February 21, 2019

    UK Lawmaker Charged With Falsifying Expense Claims

    British prosecutors on Thursday charged a member of Parliament with falsifying two documents related to expenses filed three years ago.

  • February 21, 2019

    EU, Singapore Reach Deal To Continue Derivatives Trading

    The European Commission has said that it will continue to recognize some trading platforms authorized in Singapore as compliant with EU derivatives regulations, in a bid to strengthen ties by allowing them to keep trading with each other.

Expert Analysis

  • International Cartel Stats: A Look At The Last 26 Years

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    John M. Connor, professor emeritus at Purdue University and senior fellow of the American Antitrust Institute, compiled information on 1,336 private international cartels investigated since 1990. In this article, he presents aggregate statistics on numbers, affected sales, damages, corporate penalties, individual fines and incarceration, and highlights broad geographic differences.

  • A Review Of Key Criminal Cases Against Execs In Q2

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    In this article, attorneys with Miller & Chevalier Chtd. highlight the most significant criminal cases and government investigations that affected corporate executives in the second quarter of 2016.

  • Volvo Provision Hints At Enormity Of Truck Cartel Decision

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    Volvo recently announced a €250 million increase to an existing provision of €400 million for a European Commission investigation into an alleged cartel between truck manufacturers. Other manufacturers have also made large provisions, resulting in the total amount now exceeding €2.5 billion. There is every indication that we may be looking at a record commission cartel fine, says Richard Pike of Constantine Cannon LLP.

  • The Evolving Fiduciary Landscape: Antitrust

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    Institutions have started looking beyond securities to recovery opportunities in other areas touching on their investments and operations. In this article, Michael Lange and Brian Shea of Financial Recovery Technologies LLC highlight recent antitrust class action trends mirroring those seen earlier for securities, note some key differences, and suggest best practices to account for those differences.

  • A Review Of Gov't Cases Against Execs In Q1

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    In this article, attorneys with Miller & Chevalier Chtd. highlight the most significant cases and government investigations that affected corporate executives in the first three months of 2016.

  • 10 Corporate Culture Lessons From Deutsche Bank

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    Regulators blamed Deutsche Bank's Libor-related misconduct on the culture within the bank, whose unsecured and permissive business model allowed egregious and pervasive misconduct to thrive. Fixing a broken corporate culture is hard and painful, and regaining a lost reputation for integrity is virtually impossible, say Betsy Collins and Mignon Lunsford of Burr & Forman LLP.

  • The Top 10 D&O Stories Of 2014

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    Many of last year’s key events represented significant changes in the directors and officers liability environment — the rise of jumbo derivative lawsuit settlements, cybersecurity emerging as a D&O liability concern and the surge of initial public offering-related securities litigation, among others. In addition, there are many pending issues that will only be resolved as 2015 unfolds, says Kevin LaCroix of RT ProExec.

  • Should US Law Enforcement Really Police World Soccer?

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    Like the recent trans-Atlantic foreign exchange fraud settlements, the New York-based investigation into the FIFA bribery case holds promise that U.S. regulators can, again, manage to extract their pound of flesh for conduct occurring overseas. However, the expansion of U.S. extraterritorial law enforcement should give Americans pause, says Patrick O’Donnell of Harris Wiltshire & Grannis LLP.

  • Margrethe Vestager: The New EU Competition Commissioner

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    Margrethe Vestager inherits the European Commission's competition portfolio from outgoing Spanish Commissioner Joaquin Almunia, whose tenure, while marked with enforcement victories, will leave a bitter pill in the mouths of a number of companies — and their lawyers, say attorneys with Shearman & Sterling LLP.

  • Libor Litigation Must Overcome Significant Obstacles

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    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.