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Corporate Crime & Compliance UK

  • 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.

  • February 21, 2019

    JPMorgan Can't Shake Nigeria's $875M Oil Suit

    A London judge on Thursday refused to throw out a lawsuit brought by Nigeria accusing JPMorgan of transferring $875 million in public funds to a shell company run by a corrupt former oil minister, saying the bank owed the country a duty of care. 

  • February 21, 2019

    FCA Hits Asset Managers With 1st Competition Fines

    The Financial Conduct Authority slapped two asset managers with fines totaling £415,000 ($542,000) on Thursday for breaking competition laws by swapping information ahead of a public share sale, in the watchdog's first formal decision under its competition enforcement powers.

  • February 21, 2019

    Swedish Lender Drawn Into Danske Bank AML Scandal

    Swedish and Estonian financial regulators said Thursday that they have launched a joint investigation into reports linking Swedbank AB to a suspected €200 billion ($227 billion) money laundering scandal engulfing Danske Bank, which has expanded to include a probe from U.S. securities authorities.

  • February 21, 2019

    Standard Chartered Sets Aside $900M To Cover UK, US Fines

    Standard Chartered PLC said on Thursday that it has set aside $900 million to cover potential fines from regulatory investigations in Britain and the U.S. over allegations that it breached sanctions, violated financial crime controls and claims that trades were manipulated.

  • February 20, 2019

    Ex-Barclays Forex Chief Faces Calif. Jury Over HP 'Spanking'

    Federal prosecutors argued Wednesday during the opening of a California jury trial that a former Barclays PLC trader cheated Hewlett-Packard Co. out of millions in a £6 billion ($7.82 billion) options transaction by telling colleagues to "spank the market, good and proper" in order to drive its value down.

  • February 20, 2019

    Ex-State Street Exec Decries Evidence Used To Convict Him

    A former State Street Corp. executive sentenced to prison for masterminding a scheme to charge overseas investors undisclosed fees on massive transactions urged the First Circuit to overturn his conviction, arguing Tuesday that the government’s evidence didn’t meet the burdens of securities fraud law.

  • February 20, 2019

    Health Supplements Seller Shuttered For Scamming Elderly

    A London health supplements company accused of prying £128,000 ($167,000) from elderly victims through high-pressure selling techniques has been shuttered by the High Court, a government agency announced Wednesday.

  • February 20, 2019

    What To Watch For When A UK Client Faces A US Probe

    Cooperation between British and American authorities has become the new norm, raising the stakes for companies facing a cross-border investigation to keep both sides happy without fostering complications down the road. Here are a few issues corporate counsel need to know when facing a trans-Atlantic probe.

  • February 20, 2019

    Investors Seek To Revive Claims Against Clydesdale Bank

    Investors seeking to recoup funds that they say were fraudulently sunk into a property development off the coast of Africa urged the Court of Appeal on Wednesday to revive their claims against Clydesdale Bank over its ties to the project.

  • February 20, 2019

    Debt Manager Loses Bid To Get FCA Ban Overturned

    The Upper Tribunal has upheld a decision by the Financial Conduct Authority to ban a debt management firm from carrying out regulated activities, finding in a decision published Wednesday that the financial watchdog was justified to conclude that it could not ensure the firm would comply with market rules.

  • February 20, 2019

    ‘Last Man Standing’ Plea Stops Money-Laundering Trial

    The trial in London of two men accused of conspiring to launder millions of pounds through retail banks was called off Wednesday after one defendant walked into court and changed his plea to guilty and the second also buckled hours later.

  • February 20, 2019

    Misselling Scandal Costs Lloyds Bank £750M In 2018

    Lloyds Banking Group PLC revealed Wednesday it set aside £750 million ($980 million) in 2018 to deal with customers rushing to claim they were missold controversial payment protection insurance before a deadline in August.

  • February 20, 2019

    UBS Fined €3.7B By French Court In Tax Fraud Case

    A French court hit Swiss bank UBS AG with €3.7 billion ($4.2 billion) in fines on Wednesday after finding it guilty of laundering illicit funds for clients who allegedly concealed tax from authorities, the bank said in a statement, adding that it will appeal the decision.

  • February 20, 2019

    Ex-Barclays Chair In Dark Over Secret Qatar Fees, Jury Told

    The former chairman of Barclays PLC told a London court on Wednesday that he did not know the bank had paid £280 million ($365 million) to Qatari investors in a side deal to secure funding at the height of the financial crisis.

  • February 20, 2019

    FCA Spares Wholesale Insurers From Competition Sanctions

    The Financial Conduct Authority offered relief to the U.K.’s wholesale insurance brokers on Wednesday, saying it will not introduce “intrusive” remedies to promote competition in the market, although the watchdog said businesses must do better.

  • February 19, 2019

    EU Raids Atlantic Salmon Farmers In Cartel Probe

    Europe’s competition watchdog said Tuesday that it had performed unannounced inspections at the facilities of several companies operating in the farmed Atlantic salmon sector over concerns about potential cartel activity.

  • February 19, 2019

    HSBC Allocates $626M For Tax-Related Investigations

    HSBC Holdings PLC has earmarked $626 million to deal with ongoing international investigations into tax fraud and money laundering allegations that could result in fines exceeding an estimated $800 million, the British bank revealed in its annual report released Tuesday.

  • February 19, 2019

    Iranian Bank Steps Up Disclosure Fight In $4B Sanctions Row

    An Iranian bank suing the U.K. government for $4 billion over illegally enforced British sanctions urged the Court of Appeal on Tuesday to overturn a court order requiring it to disclose thousands of documents concerning transactions, saying such a move constitutes a breach of Iranian privacy laws.

  • February 19, 2019

    Hacking Suspect Lauri Love Can’t Reclaim Seized Computers

    A London judge ruled Tuesday that Lauri Love, a British man charged with a series of hacks into U.S. government websites, can't get back computers and hard drives confiscated by the U.K.'s National Crime Agency, saying some of the data on the devices "belongs to others."

Expert Analysis

  • Why The Libor Lawsuits Are Not Dead

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    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

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    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

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    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

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    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

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    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

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    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

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    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.