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Corporate Crime & Compliance UK
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February 25, 2025
Austrian Bankers' Extradition Bogged Down Over Toilet Space
An English court has temporarily barred the extradition of an Austrian banker to face money laundering charges in the U.S. over a Brazilian corruption scandal, saying on Tuesday it wanted assurances that his cell would meet minimum space requirements — excluding the toilet.
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February 25, 2025
BBC Admits Falling Short On Misconduct Claims Against DJ
The BBC apologized on Tuesday for its failure to address a pattern of behavior by former radio DJ Tim Westwood after an investigation found that it had "missed opportunities" to act on concerns about his conduct, including evidence of bullying and misogynistic behavior.
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February 25, 2025
Apple Exploited App Market, Developers Say In £1.5B Trial
Apple was accused Tuesday in a £1.5 billion ($1.9 billion) London competition trial of charging app developers excessively high commissions even when they willingly agreed to pay them, in closing arguments of the first U.K. class action trial against a Big Tech company.
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February 25, 2025
Liquidators Bid To Reinstate £102M Award In Hotel Fraud Case
Britain's highest court was urged on Tuesday to find that a businessman should be ordered to pay £102 million ($129 million) in compensation after he helped a property investor spend secret profits generated from the sale of three London hotels.
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February 25, 2025
Audit Watchdog Tightens UK Accounting Guidance
The audit watchdog published on Tuesday its finalized guidance to help companies asses whether it is a "going concern," which it said will broaden the scope of its advice to reflect reporting changes and high-profile corporate collapses.
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February 24, 2025
Investor Settles In $2.1B Danish Tax Fraud Case
A U.S. investor who was among those accused by Denmark's tax agency of participating in a $2.1 billion tax fraud scheme related to fraudulently claiming refunds on tax withheld from stock dividends has reached a settlement, according to New York federal court documents filed Monday.
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February 24, 2025
Denmark Argues Misrepresentation Led To £1.4B Tax Refunds
Denmark's tax authority told the High Court of Justice on Monday that it would not have paid out billions in refunds to a British trader and others accused of involvement in a fraudulent trading scheme had they not submitted forms purporting to show eligibility for tax refunds.
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February 24, 2025
Insider Traders Were 'Mini Cash Laundromat,' FCA Tells Jury
An alleged insider dealing syndicate that included a former analyst at global asset management firm Janus Henderson operated a "mini-cash laundromat," the Financial Conduct Authority told a London court on Monday.
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February 24, 2025
FCA Advice Review Findings Staves Off Mass Redress Fears
The Financial Conduct Authority said Monday in the vast majority of cases, financial advisers have carried out suitability reviews for their clients, in a finding which experts say makes fears of a "worst-case scenario" redress program less likely to materialize.
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February 24, 2025
Ex-WealthTek Partner Denies Defrauding Clients Out Of £64M
A former partner at wealth management firm WealthTek LLP denied accusations by the Financial Conduct Authority that he defrauded clients out of more than £64 million ($80.8 million) when he appeared at a London criminal court on Monday.
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February 24, 2025
Ex-Reform UK Wales Chief Accused Of Taking Russian Bribes
The former leader of Reform UK in Wales made an initial appearance at a London court on Monday over allegations that he received bribes in exchange for supporting Russian causes in speeches when he was a Member of the European Parliament.
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February 21, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Russell Brand sued by publishing house Macmillan, administrators of London Capital & Finance sue the collapsed firm's former lawyers Buss Murton Law LLP, Tesco bring a competition claim against fish suppliers, and former Entain execs sue Addleshaw Goddard over privileged information. Here, Law360 looks at these and other new claims in the U.K.
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February 21, 2025
Off The Bench: White House Hosts PGA Tour-LIV Golf Summit
In this week's Off The Bench, the two former rival pro golf tours join the president to discuss their long-delayed combination, several NBA teams support a bid for the U.S. Supreme Court to keep copyright claims in check, and prosecutors charge Chilean nationals with robbing the homes of high-profile athletes.
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February 21, 2025
Oil Co. Boss Claims $119M UAE Judgment Is Fraudulent
An oil company boss has denied owing BNP Paribas more than 436 million United Arab Emirates dirham ($119 million) under an Emirati court judgment, claiming the case was "fraudulently concealed" to prevent him from defending it.
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February 21, 2025
EU Tax Blacklist Needs New Criteria, Tax Pros Say
The European Union's list of uncooperative tax jurisdictions needs new criteria to tackle the problem of corporate tax avoidance and harmful tax practices, tax campaigners claimed Friday.
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February 21, 2025
UK Sticks With Inheritance Tax Changes Amid Higher Revenue
A U.K. budget surplus, reported Friday, indicates that the Labour government shows no sign of compromising with its inheritance tax changes as tax receipts rise despite the implications for middle-class families and farmers.
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February 21, 2025
Vatican Was 'Utterly Let Down' By Financier In Property Deal
The Vatican was "utterly let down" by an Italian financier who did not act in good faith in a failed €350 million ($366 million) property deal, a London court ruled on Friday, although it rejected allegations he had conspired to defraud the state.
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February 21, 2025
SFO's Top Lawyer Says IT Glitch Won't Threaten Convictions
Matthew Wagstaff, the Serious Fraud Office's new top lawyer, is clear. Your client's conviction for fraud, bribery or corruption? It's safe.
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February 21, 2025
Barristers' Watchdog Set To Bring Cases Over Post Office IT
The barristers' regulator said Friday that it will begin prosecuting individuals involved in the Post Office Horizon scandal this summer, a day after the Solicitors Regulation Authority reiterated its commitment to take action against solicitors who had "fallen short."
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February 21, 2025
Stellantis Loses €770M Auto Parts Cartel Claim
The Competition Appeal Tribunal dismissed on Friday a €770 million ($805 million) claim brought by Peugeot and other car manufacturers after they failed to show how a European car safety parts cartel caused them to pay higher prices.
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February 21, 2025
Tesco Follows Rivals With Salmon Farmer Competition Claim
Tesco Stores Ltd. has brought a competition claim in London against a group of salmon producers that are also embroiled in a £675 million ($854 million) cartel claim from several other retailers in the U.K.
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February 21, 2025
Mastercard Wins Green Light For £200M Swipe Fee Settlement
The Competition Appeal Tribunal said Friday it would approve a £200 million ($250 million) settlement between Mastercard and Walter Merricks to end litigation over credit card fees, despite "some concerns about how the matter was dealt with" in the lead-up to the deal being reached.
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February 21, 2025
Ex-Dechert GC Subpoenaed Over Gerrard Abuse Claims
An imprisoned Jordanian lawyer can subpoena the former general counsel of Dechert LLP over what the leadership of the law firm knew of alleged human rights abuses committed by a former partner in the United Arab Emirates, a U.S. federal judge has ruled.
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February 21, 2025
4 Banks To Pay £100M To Settle UK Bond Trading Probe
Four banks including HSBC and Morgan Stanley will pay more than £100 million ($126 million) in fines for their involvement in a cartel that shared sensitive information on trading in government bonds, the U.K. antitrust authority said on Friday.
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February 20, 2025
Another Ex-Allianz Exec Gets No Time For $7B Investor Fraud
A former managing director for Allianz SE's U.S. unit on Thursday avoided a term of imprisonment for his role in a ploy to con investors about the riskiness of a group of private funds that lost over $7 billion when the COVID-19 pandemic hit.
Expert Analysis
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AI Tools Could Enhance UK Gov't Public Services Strategy
The government’s recently announced intention to pilot artificial intelligence tools in routine policy work is part of a wider strategy to revolutionize the delivery of public services, and could improve productivity and create efficiencies, provided it is mindful of the potential risks involved, say attorneys at Akin.
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Taking Stock Of The Latest Criminal Court Case Statistics
The latest quarterly statistics on the type and volume of cases processed through the criminal court illustrate the severity of the case backlog, highlighting the need for urgent and effective investment in the system, say Ernest Aduwa and Jessica Sarwat at Stokoe Partnership.
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ICO Data Protection Guidance Offers Clarity On Fining Powers
New guidance from the Information Commissioners' Office is designed to offer transparency about its fining powers, and, combined with the office's wide-ranging enforcement authority, clearly intends to ensure breaching companies concentrate on the external harm they cause and not only internal changes, say Robert Allen and Amelia Handoll-Clark at Simmons & Simmons.
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Hugh Grant Case Raises Questions About Part 36 Offers
Actor Hugh Grant's recent decision to settle his privacy suit by accepting a so-called Part 36 offer from News Group — to avoid paying a larger sum in legal costs by proceeding to trial — illustrates how this legal mechanism can be used by parties to force settlements, raising questions about its tactical use and fairness, says Colin Campbell at Kain Knight.
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Investment Security Act Fine-Tune May Help Businesses
Although the government’s recent response to feedback on the National Security and Investment Act regime makes it clear that its approach is one of fine-tuning and substantial reforms will have to wait, there is still room to ease the burden on businesses by issuing guidance and refining the terms of mandatory area definitions, say lawyers at Linklaters.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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How Cos. Can Prepare For EU's Forced Labor Regulation
Before a new European Union regulation takes effect banning products made with forced labor from the internal market, economic operators will need to get their supply chain compliance functions ready, familiarizing themselves with international standards and case law, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What UK Energy Charter Treaty Exit Would Mean For Investors
While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Uber Payout Offers Employer Lessons On Mitigating Bias
Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.