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Assange Appeal May Put US Constitution In UK Crosshairs

Julian Assange's latest appeal, in which he claims he would be denied free speech protection if he is put on trial in the U.S., could break new ground in extradition cases and end up having to be decided by Britain's highest court, legal experts say.
June 07, 2024
Merchants Get OK For Visa, Mastercard Fees Suit On 2nd Try

A group of merchants got a tentative go-ahead Friday to bring a collective action accusing Visa and Mastercard of unfairly imposing interchange fees on retailers after revising weaknesses in the initial proposal at the U.K.'s specialist antitrust court.
June 07, 2024
Crypto Developers Fight To Gag Wright After 'Satoshi' Trial

A group of cryptocurrency asset developers urged a London judge on Friday to order Australian computer scientist Craig Wright to never again assert that he is the pseudonymous inventor of bitcoin Satoshi Nakamoto, arguing it was the best way to end his "campaign of dishonesty."
June 07, 2024
Axed Telecom CEO Loses Early Battle In Whistleblower Suit

A former interim chief executive officer at a telecom company has failed for now to get her job back, with a tribunal saying it was unconvinced by her early-stage claim that she was unfairly dismissed for calling out allegedly unlawful business proposals that would breach agreements with HSBC.
June 07, 2024
Former Allianz Unit Exec Admits Role In $6B Fund Fraud

A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.
June 07, 2024
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen British broadcaster GB News hit with a libel claim by climate activist Dale Vince, MGM take aim at an immersive events company over intellectual property rights to the James Bond franchise, and law firms Stephenson Harwood and Bowen-Morris & Partners tackle a contracts claim by investment adviser Yieldstreet. Here, Law360 looks at these and other new claims in the U.K.
June 07, 2024
Trio Make First Appearance In FCA's £8M Pension Fraud Case

Three consultants made their first court appearance on fraud charges in London on Friday to face allegations by the Financial Conduct Authority over an investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.
June 07, 2024
Financial Adviser Gets 8 Years For Legal Funding Fraud

A London judge sentenced a former financial adviser to eight years in prison on Friday after he was convicted of siphoning £5.8 million ($7.4 million) in secret commission payments from an investment fund in a legal financing fraud.
June 07, 2024
Swiss Finance Watchdog Issues New Cyber-Warnings

Switzerland's financial markets regulator issued new guidance for all regulated firms on Friday, telling them how to manage cyberrisks after finding that many are failing to take the right steps to prevent attacks, including those against the service providers they use.
June 07, 2024
Ex-Goldman Sachs Banker Loses Bribery Extradition Fight

A former Goldman Sachs banker has lost his fight to avoid being extradited to the U.S. for allegedly bribing Ghanaian officials, as a London court ruled on Friday that the alleged crimes were sufficiently linked to America to be tried there.
June 06, 2024
Ex-Autonomy CEO, VP Both Cleared In HP Criminal Fraud Trial

A California federal jury on Thursday acquitted former Autonomy CEO Michael Lynch and former finance Vice President Stephen Chamberlain of criminal fraud and conspiracy charges following an 11-week trial over allegations that the two conned HP into overpaying billions for the British tech company.
June 06, 2024
'Brussels Effect' Of EU's AI Act Is Uncertain, Legal Pros Say

BigLaw attorneys advising international clients on the European Union's AI Act tell Law360 there are significant uncertainties over vague terms in the 458-page statute, how its steep eight-figure fines will be enforced, and whether it will set a new standard globally as part of the "Brussels effect."
June 06, 2024
Post Office Board Missed Clues, Former Chair Tells Inquiry

A former chair of the Post Office Ltd. board told the inquiry into the Horizon IT scandal on Thursday that the board did not act on a number of "clues" suggesting that the company was wrongly prosecuting innocent subpostmasters.
June 06, 2024
Autoliv, ZF Must Share Expert Evidence In €734M Cartel Claim

The Court of Appeal has blocked an attempt from two global technology groups to provide separate expert evidence in a €734 million ($799 million) cartel damages claim, finding no material conflict of interest preventing the co-defendants from relying on one joint expert.
June 06, 2024
Broker Jailed For £46K Bouncy Castle Insurance Fraud

A former insurance broker has been jailed for two years after pocketing more than £46,000 ($58,900) by editing another company's contract documents to increase the cost of the insurance premiums paid by his clients, City of London Police said Thursday.
June 06, 2024
5 Questions For Linklaters Partner Guillaume Couneson

Since European Union law negotiators gave final approval in May to the first worldwide rules on artificial intelligence, the pressure on global banks and insurers to prepare to comply has started. Here, Guillaume Couneson, a partner at Linklaters, tells Law360 that regulators are likely to focus initially on low-hanging fruit breaches.
June 06, 2024
EU Watchdog Specifies New Rules For Crypto-Asset Issuers

The European Union's banking regulator Thursday published detailed rules for many stablecoin issuers to comply with its bloc-wide crypto-assets regime in force, including to have the remuneration framework used in investment firms.
June 06, 2024
Ex-Fuel Trader 'Has Nothing To Hide' In SFO Fraud Case

Former fuel trader Gianni Rivera testified at his fraud trial on Thursday that he fully cooperated with Serious Fraud Office investigators, saying he handed over trading documents, bank statements and underwent interviews because he had nothing to hide.
June 06, 2024
Retailers Filing £1B Data Misuse Class Action Against Amazon

Retailers said Thursday they are set to file a £1 billion ($1.3 billion) class action against Amazon in London, accusing it of illegally misusing their data to boost its sales and profits.
June 05, 2024
DLA Piper Atty, Ex-UK Official On Practicing Across The Pond

In returning to the United States after nearly two decades in London, former Serious Fraud Office official Judy Krieg says DLA Piper was the ideal place to serve clients and leverage the skills she has gained from working on both sides of the Atlantic.
June 05, 2024
Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison

A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.
June 05, 2024
Saudi Investor Bids To Revive Legal Costs Claim Against RLS

A Saudi Arabian property investor urged a London judge Wednesday to revive his claim against a law firm to recover the costs of investigating and litigating an alleged £35 million ($44.6 million) fraud by a former property business partner that settled mid-trial.
June 05, 2024
Binance Fights To Ax Crypto Investors' £9B Delisting Claim

The cryptocurrency exchange Binance asked a U.K. tribunal on Wednesday to strike out a £9 billion ($11.5 billion) claim brought by investors who say the exchange illegally colluded with other trading platforms to delist the Bitcoin Satoshi Vision cryptocurrency.
June 05, 2024
Trafigura Settles Nickel Fraud Suit With Reuben Brothers Co.

Trafigura has settled a London legal claim allegedly linked to a major ongoing nickel fraud scandal, the commodities trader confirmed Wednesday.
June 05, 2024
EU Financial Watchdogs Team Up With Cybersecurity Agency

The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.
June 05, 2024
Google Must Face £14B Class Action Over Advertising

Google must face a £13.6 billion ($17.4 billion) class action brought on behalf of website publishers which run advertisements over alleged anticompetitive practices, Britain's antitrust tribunal said Wednesday.

Expert Analysis

How Revision Of The EU Works Directive May Affect Cos.

The European Union’s proposed revision of the Works Councils Directive, motivated by perceived shortcomings of existing legislation and the transformation of the world of work, includes significant changes that would increase workers' rights, including through strengthened enforcement and confidentiality provisions, says Thomas Player at Eversheds Sutherland.
What The New Digital Markets Bill Will Mean For Companies

The recently passed Digital Markets, Competition and Consumer Bill will bring significant reform to U.K. merger control and antitrust rules for all businesses, but the introduction of a strategic market status regime and its reporting obligations means large tech organizations in particular need to think carefully about the forthcoming changes, say lawyers at Linklaters.
EU's AI Act: Pitfalls And Opportunities For Data Collectors

The European Union’s new Artificial Intelligence Act entails explicit requirements and limitations throughout the AI value chain that might affect firms directly or indirectly dealing with AI development, such as data-as-a-service companies and web scraping providers, says Denas Grybauskas at Oxylabs.
FCA Doubles Down On New Priorities With Target ID Plan

Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
Insurance Ruling Stresses High Hurdle To Fix Policy Wording

In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
CMA Reports Signal Tighter Scrutiny Of AI Model Markets

The Competition and Markets Authority’s recent reports on artificial intelligence foundation models suggest that competition in AI is not working as it should, so large digital firms can expect the regulator to use its full toolbox as it continues to monitor and investigate the sector, say lawyers at Cooley.
Taking Stock Of Changes UK Economic Crime Act Will Bring

With more than six months since the Economic Crime and Corporate Transparency Act's enactment, it is time to look at the steps organizations can take to prepare for imminent changes, including the new failure to prevent fraud offense and extensions to Companies House authority, say lawyers at Mayer Brown.
Examining Senior Managers' Accountability For AI Use

With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
FCA Brokerage Changes Offer Asset Managers Wider Options

The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
What Cos. Should Know About The EU Greenwashing Rules

The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
How Gov't Response Addresses Investment Act Concerns

The government’s recently published response to a call for evidence on the National Security and Investment Act is largely appropriate to stakeholder concerns raised and demonstrates in its five areas of focus that it is willing to respond to live issues, say lawyers at Watson Farley.
New Legislation May Jeopardize The Future Of Data Protection

While U.K. officials argue that the recently enacted Investigatory Powers (Amendment) Act seeks to enhance national security and the pending Data Protection and Digital Information Bill aims to modernize data protection regulations, both give rise to concerns about achieving a balance between security needs and individual liberties, says Maria Moloney at PrivacyEngine.
'Debanking' Complaints Highlight Need For Flexibility In AML

The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
Mitigating Incarceration's Impacts On Foreign Nationals

Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.