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Corporate Crime & Compliance UK

  • April 23, 2019

    FCA Drops Plans For 'Duty Of Care' Rule

    The Financial Conduct Authority announced Tuesday it would rethink its plans for a “duty of care” rule to protect financial services consumers and would instead focus on revising existing rules to ensure fair treatment. 

  • April 23, 2019

    FCA To Seek To Lower Compliance Burdens After Brexit

    The Financial Conduct Authority will seek to reduce compliance burdens for U.K. firms and move away from a strictly “rules-based approach” to interpreting European legislation after Britain exits the European Union, the regulator’s chief executive signaled Tuesday.

  • April 23, 2019

    MP Gets Fine, Community Service For Falsifying Expenses

    A British lawmaker was fined £1,500 ($1,900) on Tuesday and sentenced to 50 hours of community service for submitting two false expense claims in a case described by a judge as "shocking."

  • April 23, 2019

    Court Forces Unauthorized Investment Co. Into Liquidation

    A court has placed an unauthorized company, which used so-called cold-calling to offer investments in assets, into provisional liquidation after it failed to attend a hearing, the government’s bankruptcy watchdog said on Tuesday.

  • April 23, 2019

    UK Regulator Warns Pension Plans Over Statement Lapses

    Britain's pensions regulator warned trustees overseeing workers' retirement schemes on Tuesday that they must write airtight annual statements or face penalties after two fines were recently upheld in court.

  • April 23, 2019

    UK Exchange Could Delist 'Irresponsible' Brands By 2022

    The London Metal Exchange launched an initiative on Tuesday that could see it ban or remove from its listings brands that are not responsibly sourced by 2022, as consumers and investors demand more sustainable products.

  • April 22, 2019

    UK Man Who Stopped WannaCry Admits Developing Malware

    A British cybersecurity researcher credited with stalling the global WannaCry ransomware worm has pled guilty in Wisconsin federal court to, years earlier, developing malware that could harvest the information of online banking users.

  • April 22, 2019

    Feds Say Ex-JPMorgan Trader Can’t 'Redraft' Rigging Case

    Prosecutors are asking a New York federal judge not to accept a former JPMorgan currency trader’s “redraft” of the indictment charging him with a conspiracy to rig foreign exchange markets.

  • April 19, 2019

    Forex Dealer Can’t Dodge Document Request In Rigging Suit

    A New York federal court on Thursday denied a retail foreign exchange dealer’s attempt to skirt a subpoena in a case that accuses foreign banks of manipulating the foreign exchange market, siding with a class of investors that transactional data is needed to determine class members and damages.

  • April 19, 2019

    Third Abraaj Group Exec Arrested, Charged With Fraud

    A third former executive at defunct Dubai private equity firm Abraaj Group has been accused of participating in a scheme to defraud investors of hundreds of millions of dollars, according to documents unsealed by prosecutors in New York on Friday.

  • April 19, 2019

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

    The last week has seen private equity giant Terra Firma sue its former CEO, the FSCS take on shuttered investment manager Bentley-Leek, and an Italian insurer lodge a commercial fraud claim against a financial services firm that lost its U.K. authorization. Here, Law360 looks at those and other new claims in the U.K.

  • April 18, 2019

    Europe’s Banks Must Step Up Policy On Financial Crime: S&P

    Investors are running out of patience with European banks failing to tackle money laundering allegations head-on, a risky approach that could damage their standing long-term, according to a report published by S&P Global Ratings.

  • April 18, 2019

    UK Stalls Debt Order Against Indian Tycoon Accused Of Fraud

    A High Court official in London has refused to finalize a debt order against Vijay Mallya, an Indian tycoon fighting extradition to his home country on fraud charges, saying a decision on the State Bank of India’s claim against him should be adjourned.

  • April 18, 2019

    Abraaj Group Founder To Seek Bail In US Extradition Battle

    The chief executive of the collapsed Dubai private equity firm Abraaj Group appeared at a London court to seek bail after he was arrested in the U.K. last week on U.S. charges that he and the firm’s managing director defrauded investors, including the Bill & Melinda Gates Foundation.

  • April 18, 2019

    FCA Says Complaints Dip As Insurance Claims Deadline Nears

    Complaints from unhappy financial services customers have fallen for the first time in three years, the City watchdog said Thursday, as the number of Britons hurrying to claim they were missold controversial payment protection insurance before the August deadline finally begins to slow.

  • April 17, 2019

    Libor Deal Distribution 'Problematic At Best,' NY Judge Says

    A plan to distribute a $30 million settlement struck to end allegations of Libor rate rigging against JP Morgan and Bank of America leaves questions unanswered and seems "problematic at best," a New York federal judge has said.

  • April 17, 2019

    Bilta Targets Citigroup In Latest Wave Of VAT Fraud Suits

    A Citigroup unit and another broker-dealer are the latest targets in two lawsuits in the U.K. High Court brought by the liquidators at Bilta accusing the traders of enabling a massive tax fraud that resulted in tens of millions of pounds in losses.

  • April 17, 2019

    Last Not-Guilty Plea Entered In UK Bribery, Laundering Case

    The last of 10 defendants in a case over alleged bribes and money laundering that involved a company responsible for the fire alarms at Grenfell Tower, a residential building that caught ablaze in 2017, killing 72 people, pled not guilty on Wednesday.

  • April 17, 2019

    German Watchdog Wants Probe Of Wirecard Short-Selling

    Germany’s financial regulator confirmed Wednesday that it has asked prosecutors to investigate investors who made bets against payment company Wirecard for suspected market manipulation.

  • April 17, 2019

    FCA Warns Chats No Coincidence In UBS Insider Trading Trial

    Prosecutors told a London jury Wednesday that it is “beyond coincidence” that a UBS compliance officer accessed confidential information on potential takeovers the bank was advising on just minutes before contacting a friend who proceeded to trade those stocks shortly after.

Expert Analysis

  • UK Leads Anti-Corruption Enforcement: Implications Of UWOs

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    As it is unlikely there will be significant opposition to the Criminal Finances Bill in the House of Lords, it is likely to become law during the mid to late part of 2017. "Unexplained wealth orders" will be a new and powerful tool available to U.K. criminal authorities to seize assets, says Ian Hargreaves of Covington & Burling LLP.

  • English RBS Privilege Ruling Affects Internal Investigations

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    The English High Court's recent RBS decision has major implications for the way in which internal investigations with any connection to the U.K. are to be conducted and recorded, say Mary Pat Brown and David Foster of O’Melveny & Myers LLP.

  • Prosecution Of Corporate Execs: The Latest Developments

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    During the last quarter of 2016, the U.S. Department of Justice announced several significant guilty pleas and indictments against corporate executives that may provide some clues about where the prosecution of executives is headed this year, say attorneys with Miller & Chevalier Chtd.

  • Curbing Bribery And Corruption In International Arbitration

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    There are concerns that parties to contracts procured through corruption may choose arbitration because the process is confidential and consensual, and because arbitrators have been traditionally reluctant to investigate corruption on their own initiative. If true, that creates a very real risk, says Mathew Rea, co-head of Bryan Cave’s global international arbitration team.

  • 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.