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Corporate Crime & Compliance UK
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April 18, 2024
SFO Vows To Be 'Bold And Pragmatic' Under New Strategy
The Serious Fraud Office unveiled on Thursday its new five-year strategy focused on fraud prevention, the use of AI and greater use of covert intelligence, reflecting director Nick Ephgrave's intention for the agency to be more proactive and pragmatic.
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April 17, 2024
Ex-JPMorgan Analyst Liked 'Winding Up' Autonomy CEO, Jury Told
A former JPMorgan stock analyst testifying Wednesday in the criminal fraud trial of former Autonomy CEO Michael Lynch said that he "took pleasure in winding up Lynch" and once even used a Hitler analogy to describe his performance, but said his critical coverage was never personal.
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April 17, 2024
Raid On Broker In Cum-Ex Fraud Case Was Lawful, Court Says
A raid on the London office of commodity brokerage MCML Ltd. following a request from Danish prosecutors investigating an alleged £56 million ($70 million) tax fraud was lawful, a London court ruled Wednesday.
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April 17, 2024
Merchants Bring Modified Bid For Swipe Fee Class Actions
A group of merchants urged Britain's competition tribunal on Wednesday to approve proposed class actions accusing Visa and Mastercard of unfairly imposing interchange fees on retailers for several years, arguing they had sufficiently addressed concerns that led to their initial proposals being rejected.
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April 17, 2024
Gazprom Unit Fights Ruling Blocking Russian UniCredit Claim
A Gazprom joint venture told the U.K. Supreme Court on Wednesday that appeal judges in England did not have jurisdiction to grant an anti-suit injunction blocking its €450 million ($480 million) claim in Russia against UniCredit Bank.
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April 17, 2024
Post Office Boss 'Exonerated' Over Bullying Allegations
The U.K. Post Office said Wednesday that an investigation has "exonerated" its chief executive of bullying allegations after the probe emerged during a U.K. parliamentary hearing.
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April 17, 2024
Hugh Grant Settles Privacy Suit Against UK Tabloid Publisher
Actor Hugh Grant has settled his claim against the U.K. arm of Rupert Murdoch's media empire over alleged invasions of his privacy, according to London court filings made public Wednesday.
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April 16, 2024
Autonomy CEO Pressured JPMorgan Over Analyst, Jury Told
An ex-JPMorgan stock analyst testifying Tuesday in the criminal fraud trial of former Autonomy CEO Michael Lynch told jurors that the software company founder responded with hostility when his research reports questioned its growth, and that Lynch offered JPMorgan millions in business if he were taken off the Autonomy beat.
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April 16, 2024
Cigna Denies Insurer's Claim For PPI Complaints Indemnity
Cigna hit back at insurer PA (GI) Ltd.'s claim to recover its costs of dealing with missold payment protection insurance for healthcare cover, saying that it is not entitled to any compensation.
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April 16, 2024
Hill Dickinson Bolsters Disputes Team With New Partner
Hill Dickinson LLP has snapped up a partner from Teacher Stern LLP to join its commercial litigation team, bringing a wealth of dispute resolution and crisis management experience to the table.
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April 16, 2024
Legal Experts Uneasy About Post Office Convictions Law
Legal experts warned a parliamentary committee Tuesday that government plans to introduce legislation to quash the convictions of hundreds of Post Office branch managers could unintentionally set a precedent for other miscarriages of justice.
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April 16, 2024
Ex-Post Office Boss Says Lawyers Ignored Prosecution Risks
The Post Office's former chief executive said Tuesday that he was "surprised" that in-house lawyers who prosecuted sub-postmasters based on faulty IT data ignored the risk of failing to disclose certain key facts in court.
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April 16, 2024
EU Watchdogs Ally With ECB To Help Firms' Data Reporting
European Union finance watchdogs said Tuesday they have set up an alliance with Europe's central bank to collaborate more efficiently on regulatory data transfers, reducing reporting costs for financial firms.
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April 16, 2024
Cooley Hires Ex-Norton Rose Antitrust Chief In London
Cooley LLP has recruited Norton Rose Fulbright's London antitrust and competition chief to its London office as a partner in an effort to boost its ability to advise clients on competition disputes across the U.K. and the European Union.
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April 15, 2024
Ex-Autonomy Exec Testifies To Handshake Deals, Backdating
Autonomy's former U.S. head of sales testified for the prosecution Monday in the criminal fraud trial of founder Michael Lynch, saying he boosted sales figures via "quid pro quo" handshake deals with customers, created pretextual emails to cover his tracks and even backdated a deal to meet revenue targets.
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April 15, 2024
Real Estate Plans Were £50M Ponzi Scheme, Investors Say
Over 400 real estate investors said two British men ran a U.K.-wide fraud akin to a Ponzi scheme at a London trial of their £50 million ($62.3 million) claim Monday, arguing the men had made false promises about the returns the investments would generate.
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April 15, 2024
Broker Hit With £15M Claim Over Mexican Reinsurance Policies
A Mexican reinsurance broker and one of its clients are suing a London-based broker for more than £14.8 million ($18.4 million), claiming that one of the U.K. company's agents faked documents for nonexistent reinsurance arrangements and pocketed the proceeds.
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April 15, 2024
SRA Accuses Lawyer Of Profiting From Client Loans
A solicitor profited from his clients' financial difficulties by convincing them to enter into financial arrangements for his benefit, the Solicitors Regulation Authority told a tribunal Monday.
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April 15, 2024
AML Exec Loses Bid For Interim Pay In Whistleblowing Case
The co-founder of a London-based payments platform provider has lost his bid to be paid his £190,000 ($237,000) salary while he pursues a whistleblowing and unfair dismissal claim against the company.
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April 15, 2024
Skat Kicks Off £1.4B London Trial Against British Trader
A British trader was accused Monday of being the "mastermind" behind a fraudulent trading scheme that cost the Danish tax authority £1.4 billion ($1.7 billion) at the start of a year-long High Court trial.
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April 12, 2024
Credit Suisse, Lloyds, Others Ink $3.5M Libor Deal
Plaintiffs in the yearslong suit alleging various big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $3.45 million settlement with Credit Suisse AG, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
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April 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen footwear brand Dr. Martens hit online retailer Temu with a passing off claim, Welsh soccer club Swansea sue its former head coach Russell Martin, Russian diamond tycoon Dmitry Tsvetkov file a claim against his former business Equix Group Ltd., and U.S. bank Omega Financial Corporation hit African oil and gas company Tende Energy with a claim. Here, Law360 looks at these and other new claims in the U.K.
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April 12, 2024
Abbott Loses Bid To Nix UK Whistleblowing Case On Appeal
An appeals tribunal has rejected Abbott Laboratories' bid to escape a whistleblowing case brought by the founders of a British DNA technology business that it bought, concluding on Friday that the founders had an arguable case that U.K. judges had jurisdiction.
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April 12, 2024
Denmark's £1.4B Tax Fraud Trial Heads For 'Uncharted Waters'
Denmark will open its £1.4 billion ($1.7 billion) dividend fraud case in London on Monday, beginning a yearlong trial that will have wide implications for other disputes arising out of the cum-ex trading scandal that has swept Europe.
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April 12, 2024
Over 800 Directors Banned For COVID Loan Fraud In 1 Yr
A total of 831 company directors were banned in the last 12 months for defrauding the COVID loan support scheme for businesses following investigations by the Insolvency Service, the government agency said Friday.
Expert Analysis
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What Prince Harry Privacy Case May Mean For Media Ethics
An English High Court recently allowed the privacy case brought by Prince Harry and six other claimants against the Daily Mail publisher to proceed, which, if successful, could embolden other high-profile individuals to bring claims and lead to renewed calls for a judicial public inquiry into British press ethics, says Philippa Dempster at Freeths.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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How European Authorities Are Foiling Anti-Competitive Hiring
Lawyers at Squire Patton discuss key labor practice antitrust concerns and notable regulation trends in several European countries following recent enforcement actions brought by the European Commission and U.K. Competition and Markets Authority.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
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The State Of UK Litigation Funding After Therium Ruling
The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
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UK Shareholding Report A Missed Opportunity For New Tech
The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
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What Lawyers Need To Know About The UK Online Safety Act
The recently passed U.K. Online Safety Act requires regulated providers to take action to assess and mitigate user risks, and counsel for these companies should take advantage of Ofcom’s clear desire to have a collaborative relationship and improve governance, say Rachael Annear and Tristan Lockwood at Freshfields.
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Trial By AI Could Be Closer Than You Think
In a known first for the U.K., a Court of Appeal justice recently admitted to using ChatGPT to write part of a judgment, highlighting how AI could make the legal system more efficient and enable the judicial process to record more accurate and fair decisions, say Charles Kuhn and Neide Lemos at Clyde & Co.
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Employer Considerations After Visa And Application Fee Hikes
The U.K.'s recent visa and application fee increases are having a significant financial impact on businesses, and may heighten the risk of hiring discrimination, so companies should carefully reconsider their budgets accordingly, says Adam Sinfield at Osborne Clarke.
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Why It's Urgent For Pharma Cos. To Halt Counterfeit Meds
With over 10.5 million counterfeit medicines seized in the EU in 2023, it is vital both ethically and commercially that pharmaceutical companies take steps to protect against such infringements, including by invoking intellectual property rights protection, says Lars Karnøe at Potter Clarkson.
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Nix Of $11B Award Shows Limits Of Arbitral Process
A recent English High Court decision in Nigeria v. Process & Industrial Developments, overturning an arbitration award because it was obtained by fraud, is a reminder that arbitration decisions are ultimately still accountable to the courts, and that the relative simplicity of the arbitration rules is not necessarily always a benefit, say Robin Henry and Abbie Coleman at Collyer Bristow.
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How The Netherlands Became A Hub For EU Class Actions
As countries continue to implement the European Union Collective Redress Directive, the Netherlands — the country with the largest class action docket in the EU — provides a real-world example of what class and mass litigation may eventually look like in the bloc, say lawyers at Faegre Drinker and Houthoff.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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Sustainable Finance Consultations May Signal Key Changes
The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.