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Corporate Crime & Compliance UK
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April 01, 2024
Autonomy Paid Whistleblower $750K Over Firing, Jury Told
Autonomy's former U.S. chief financial officer testified Monday in the California criminal fraud trial of ex-CEO Michael Lynch that he was fired after blowing the whistle to British regulators about accounting irregularities, and revealed that Autonomy later paid him $750,000 to resolve his wrongful termination claims.
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March 28, 2024
Feds Say Ex-OneCoin Atty Should Serve 'Substantial' Time
Manhattan federal prosecutors have requested a "substantial" amount of prison time for a Bulgarian woman who worked on the legal team at the fraudulent OneCoin cryptocurrency exchange, but said the sentence should fall below the guidelines range of 10 years.
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March 28, 2024
Ex-Plastics Co. Manager Found Guilty Of Insider Dealing
A former manager at a plastics company was found guilty of insider dealing on Thursday by a London jury, but his friend was acquitted of similar charges in connection with the £261 million ($329 million) purchase of a rival company.
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March 28, 2024
PE Firm Denies Liability For $28M Plane Lease Fees
A private equity firm has hit back against a $28.5 million claim brought by three aircraft lessors over alleged unpaid fees for four jets, arguing the leases to a Canadian budget carrier it partly owns were unlawfully terminated.
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March 28, 2024
Truck Co. Sues Ex-Boss For £216K Over Tax Dodge Scheme
A British truck dealership is suing its former managing director for more than £216,000 ($273,000), alleging that he left the company liable for a huge back tax bill by setting up a fraudulent salary sacrifice scheme to rent a house.
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March 28, 2024
Traders' Loss Raises High Bar For Bankers To Clear Names
The failure of two former traders to overturn their rate-rigging convictions could mark the end of the road for others convicted in connection with the scandal because of the reluctance of the English courts to topple precedent, lawyers say.
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March 28, 2024
NCA Logs 5% Decline In Suspicious Activity Reports Last Year
The National Crime Agency reported Thursday a 5% decline in reports about potential criminal activities such as suspected money laundering and terrorist financing to its intelligence unit received during the financial year that ended March 2023.
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March 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.
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March 28, 2024
Nuclear Regulator To Prosecute Waste Dump Over IT Security
The U.K.'s nuclear industry regulator said Thursday that it will prosecute the operator of Europe's largest nuclear site for allegedly committing computer security offenses for around four years.
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March 28, 2024
Investors Told To Show Standing For £1.4B StanChart Claim
A London judge on Thursday ordered part of a group of investors suing Standard Chartered PLC for £1.4 billion ($1.7 billion) — for allegedly downplaying how much it had breached U.S. sanctions — to prove they are entitled to bring the claim.
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March 28, 2024
Crowe Denies £5M Negligence Claim Over Audits Of Wine Co.
A London-based accounting firm has hit back against a £5 million ($6.3 million) negligence claim by the liquidators of a failed wine investment company, saying it acted with the "care and skill" of a "reasonably competent" auditor.
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March 28, 2024
UK To Nullify NDAs That Stop People Reporting Crimes
Non-disclosure agreements that prevent victims from reporting potential crimes are to become unenforceable, the government said Thursday as it announced plans to "clarify" the law governing the controversial contracts.
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March 27, 2024
No New Trial For Hedge Fund Boss In Forex Rigging Case
A New York federal judge on Friday refused to acquit or call for a new trial for a U.K.-based hedge fund chief convicted of illegally manipulating a currency exchange rate, rejecting his argument that his alleged conduct lacked sufficient ties to the United States.
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March 27, 2024
Evidence On Ex-Mozambique Official Stays In $2B Fraud Suit
A former Mozambique finance minister can't keep evidence from his phone out of a case alleging his involvement in a $2 billion scheme to siphon government-backed project funds from that country after a federal judge in Brooklyn on Wednesday backed the phone's seizure and search.
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March 27, 2024
Amazon Can't Block DSA Ad Repository Requirements
A European court reversed a ruling temporarily exempting Amazon from a set of regulations for large digital platforms, ruling Wednesday that — like Apple's App Store, Facebook and Instagram — Amazon will have to maintain a publicly available repository of advertising information, as mandated by the European Union's 2022 Digital Services Act.
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March 27, 2024
Fashion Retailers Agree To UK Green Claim Rules
Enforcers in Britain said Wednesday that ASOS PLC, Boohoo.com UK Ltd. and Asda Stores Ltd. have agreed to a new set of rules covering environmental claims about their fashion products following a "greenwashing" probe in the fashion retail sector.
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March 27, 2024
StanChart Urges Court To Toss Part Of £1.4B Sanctions Suit
Standard Chartered PLC urged a London judge Wednesday to block part of a group of investors' £1.4 billion ($1.77 billion) claim against it alleging that the bank had downplayed how much it breached U.S. sanctions against Iran by hundreds of billions of dollars, alleging some of the investors had not shown they had standing.
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March 27, 2024
Aviation Co. Did Not Undersell By $28M, Lessor Claims
An aircraft lessor has denied falsely suppressing its profitability to convince an aviation business to undersell its shares in the lessor by $28 million, claiming that any estimates of possible income were genuine and honest.
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March 27, 2024
BoE Finds Increasing Fear Of Financial Risk From AI
The Bank of England said on Wednesday the proportion of banks, insurers and other firms that find artificial intelligence one of the greatest risks to the finance system has doubled in six months.
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March 27, 2024
Finance Pros Avoid Prison For £3M Mortgage Fraud
A banned independent financial adviser and an accountant were handed suspended sentences on Wednesday for forging documents to help their clients make fraudulent mortgage applications worth £3 million ($3.8 million).
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March 27, 2024
Jaguar, Land Rover Owners Bring New 'Dieselgate' Action
More than 3,000 owners of Jaguar and Land Rover diesel vehicles have launched legal claims against the manufacturer, dealerships and auto finance companies, alleging that their cars were fitted with defective exhaust filters, the law firm steering the action said Wednesday.
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March 27, 2024
SFO Loses Bid To Delay £1B Damages Trial Over ENRC Leaks
A judge refused to grant the Serious Fraud Office permission on Wednesday to challenge his findings that its officers encouraged a former Dechert LLP partner to divulge confidential information about ENRC.
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March 27, 2024
UK Draft Pay Fraud Rules Open Tricky Legal Liabilities
The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
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March 27, 2024
Insurers Undervalue Junked And Stolen Vehicles, FCA Says
British insurers have been undervaluing written-off and stolen vehicles when settling customers' claims, according to a review by the country's financial watchdog published Wednesday.
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March 27, 2024
Ex-Barclays, Citi Traders Lose Interest Rate-Rigging Appeals
Two former traders convicted of manipulating benchmark interest rates lost their bid to clear their names on Wednesday as an English appellate court ruled that they had received fair trials.
Expert Analysis
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Why FCA Crypto Rules Need To Align With UK Gov't Aims
There is a critical need for cryptocurrency regulations that protect consumers while supporting the government's aim to make the U.K. a crypto hub, but the Financial Conduct Authority’s recently effective rules on financial promotion of crypto-assets bring an unintended risk that legitimate firms will be driven out of the market, says Laura Navarathnam at the Crypto Council for Innovation.
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What To Consider When Making Brand Sustainability Claims
A recent KMPG report shows that while consumers are actively seeking out sustainable products, most will also avoid brands caught misleading customers about their sustainable credentials, meaning companies must walk a fine line between promoting and exaggerating sustainability claims, says Iona Silverman at Freeths.
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In Balancing Commerce And Privacy Interests, Consent Is Key
Although the European Commission's recent adoption of the EU-U.S. data privacy framework will make the use of tracking services with pixels easier, it highlights the significance of website visitor consent and the need for enterprises to provide users with complete and transparent information while adhering to all data protection regulations, say Áron Hegyi and Máté Dura at Schönherr.
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CMA Report On AI May Lead to Greater Competition Control
The U.K. Competition and Markets Authority’s recent report on artificial intelligence foundation models is a sign that developers could face increased merger control and antitrust enforcement, and businesses should be mindful of these views to ensure that their models do not come under investigation, say attorneys at Morgan Lewis.
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UK Mozambique Ruling Will Have Int'l Ramifications
The recent U.K. Supreme Court judgment in Mozambique v. Privinvest considered for the first time stay proceedings under the Arbitration Act, offering guidance on whether claims are a "matter" within the scope of an arbitration clause, which could become a point of reference for foreign courts in the future, say lawyers at Herbert Smith.
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Recent Trends In European ESG-Related Shareholder Activism
New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.
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Audit Regulator Review Has Tips On Climate Metric Reporting
The U.K. Financial Reporting Council’s recent review of climate-related metrics and targets in listed companies’ annual reports is an extremely useful guide for issuers considering the quality of their disclosure reporting, with a number of key areas identified as central to further improvement, say lawyers at Bryan Cave.
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What Russia Case Reveals About UK Sanctions Enforcement
The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.
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Breaking Down The UK's Draft Updates To Prospectus Regime
While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.
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Italy's Bank-Profits Tax Plan May Become Model For Eurozone
If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.
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Accountability Is Key To Preventing Miscarriages Of Justice
The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.
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4 Compliance Considerations Under FCA Consumer Duty
Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.
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Unpacking The Govt.'s Definition Of 'Professional Enablers'
A new U.K task force, which pursues lawyers who knowingly facilitate illegal immigration, may provide a preview of how the government intends to answer whether merely negligent legal professionals can also be charged as professional enablers of organized crime, says Kathryn Westmore at RUSI.
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6 Key Factors For Successful Cross-Border Dispute Mediation
The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.
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Understanding EU's AI Act And Its Enforcement Mechanisms
Companies wishing to use or market AI technology in the EU will need to become familiar with the risk-based regulatory framework and strict enforcement mechanisms of the draft EU Artificial Intelligence Act, which may be effective as early as next year, say Matthew Justus at AT&T and Wade Barron at Kilpatrick Townsend.