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Corporate Crime & Compliance UK
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April 22, 2024
Med Tech Founder Denies Deceiving Investors For $20M Sale
The co-founder of a medical technology business has denied concealing his financial interest in a $20 million deal to purchase shares in his company, claiming he was never told it was important to reveal the seller's identity to the investment company.
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April 22, 2024
Leaked Doc Undermines Court's Libor Findings, Hayes Says
A leaked document from Britain's former banking trade association casts doubt over a key finding in the Court of Appeal's decision to uphold the convictions of two traders jailed for rigging interest rate benchmarks, one of the men claimed Monday.
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April 22, 2024
EU Threatens To Suspend 'Addictive' TikTok App Features
The European Commission warned TikTok on Monday that it may suspend a key feature of the video sharing platform's new app that rewards users for watching videos unless it addresses the watchdog's concerns about addictive elements of the new app and its risk to mental health.
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April 22, 2024
Complaints Of Closed Bank Accounts To Ombudsman Surge
Customer complaints to the Financial Ombudsman Service about closure of or refusal to open bank accounts have risen sharply in the last year, particularly from businesses, according to figures recently released by a select group of members of Parliament.
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April 22, 2024
Ex-Axiom Ince Chief Faces Bankruptcy Petition
The former head of collapsed Axiom Ince Ltd. is facing a bankruptcy petition after being accused of misappropriating almost £65 million ($80.3 million) to fund the acquisition of Ince Group PLC and property purchases.
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April 29, 2024
New Norton Rose UK Antitrust Chief Eyes Fresh Opportunities
Norton Rose Fulbright has promoted one of its partners to become its new head of antitrust and competition in London, with the new chief saying Monday she saw "new opportunities" for the group to build after her predecessor left for Cooley LLP.
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April 22, 2024
UK Authorities Charge 2 Men With Spying For China
U.K. authorities charged two men on Monday with spying for the Chinese government.
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April 22, 2024
NCA Investigator Sues Over Sexual Misconduct Sacking
A former National Crime Agency investigator told a tribunal on Monday that the law enforcement body unfairly sacked him over allegations that he inappropriately touched female colleagues and a member of the public at a Christmas party.
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April 22, 2024
FCA To Consider Big Tech Data-Sharing With Finance Firms
The Financial Conduct Authority said on Monday it will examine how Big Tech's access to data could be valuable to firms in the finance sector if it reveals consumers' preferences, and will consider setting out incentives to encourage information-sharing.
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April 22, 2024
FCA Defends Response To British Steel Pension Scandal
The Financial Conduct Authority on Monday said it took "appropriate regulatory action" amid complaints over its handling of the British Steel Pension Scheme transfer scandal and would not uphold any of the grievances it has received over its approach.
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April 22, 2024
CMA Wins Battle Over Home Search Warrants In Cartel Probe
The competition watchdog won a legal battle at a London court on Monday after a tribunal refused to grant it a domestic search warrant as it carried out a cartel investigation.
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April 22, 2024
FCA Urged To Halt Plan To Publicize Enforcement Probes
The Financial Conduct Authority's plan to name the firms it probes and publish information about investigations at an earlier stage risks an unjustified departure from the "fundamental principle" of being innocent until proven guilty, a House of Lords committee warned in a letter published Monday.
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April 19, 2024
Reed Smith Can't Escape £21M Suit Says Shipping Co.
A United Arab Emirates shipping company suing Reed Smith LLP for £21 million ($26.1 million) has accused the law firm of "surreptitiously" telling Barclays Bank that the shipping company was sanctioned by the U.S. resulting in its funds being frozen.
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April 19, 2024
SRA Calls For Law Firms To Step Up Checks On Third Parties
Half of law firms have changed working practices to avoid getting instructed in meritless lawsuits that gag negative publicity, but they still need more checks and balances in place when they work with third parties on reputation management claims, the Solicitors Regulation Authority said Friday.
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April 19, 2024
Post Office Lawyer Denies Aggressive Litigation Tactics
A top Post Office lawyer denied that his team had a strategy of fighting off at all costs a civil action brought by wrongly prosecuted sub-postmasters in order to stave off criminal appeals, as he testified Friday at the public inquiry into the scandal.
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April 19, 2024
Sudan Granted Two-Year Grace Period In £1.5B Debt Row
Long-standing creditors of Sudan were granted a two-year stay of their claim against the nation on Friday, with a London judge agreeing with the creditors that the country should be given time to stabilize its financial situation in the wake of political turmoil.
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April 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.
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April 19, 2024
Grant Settlement Proves Pull Of Offer That Can't Be Refused
Hugh Grant's decision to settle his case against News Group to avoid the "most likely" outcome of paying millions in legal fees even if he won demonstrates the effectiveness of a common cost-saving legal mechanism despite criticism the media giant is being allowed to avoid scrutiny.
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April 19, 2024
EU Firms Say Strict ESG Rules Risk Chasing Off Clients
Large banks have warned the European Union's banking regulator that its proposed guidelines for managing sustainability risks are too demanding and could drive clients away to banks outside the bloc.
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April 19, 2024
UK Probes Suspected Charity Funding For Pro-Hamas Agency
The Charity Commission said Friday it has opened an investigation into the possible misuse of funds raised by charities linked to the director of a pro-Hamas news outlet who is subject to government sanctions.
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April 19, 2024
Prince Harry Beats Tabloid's Bid To Push Back Privacy Trial
Prince Harry and others suing the U.K. arm of Rupert Murdoch's media empire won their battle to avoid a preliminary trial on whether their claims were brought too late after a judge refused Friday to push the case back, ruling the main trial should go ahead as planned.
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April 18, 2024
Ex-BigLaw Atty Can Stay Free During OneCoin Fraud Appeal
A Manhattan federal judge Thursday granted a former Locke Lord LLP partner's motion for bail pending appeal of his 10-year prison sentence after he was found guilty of laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying he does not pose a flight risk given his medical conditions.
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April 18, 2024
Ex-Autonomy CEO Wanted Whistleblower Fired, Ex-GC Says
Former Autonomy CEO Michael Lynch thought a finance department whistleblower was "trying to destroy the company" and wanted him fired, the software company's former U.S. general counsel testified Thursday in a criminal fraud trial over claims Lynch conned HP into buying the British company at an inflated price of $11.7 billion.
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April 18, 2024
Insurers Face Appeal Over Refusal To Cover Bribery Loss
A holding company took its fight for an insurance payout to the Court of Appeal on Thursday, urging justices to force its insurers to cover its claim for losses it sustained when its acquisition of a construction contractor went south due to bribery and corruption allegations.
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April 18, 2024
HMRC Opens Consultation On Payroll Tax In Freeports
The U.K. tax authority is mulling changes to National Insurance, a payroll levy used to fund state pensions and healthcare, for employees working in special economic zones known as freeports.
Expert Analysis
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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.
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Economic Crime Act Offers Welcome Reform To AML Regime
The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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Key Litigation Funding Rulings Will Drive Reform In 2024
Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.
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10 Global Antitrust Trends To Anticipate In 2024
Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.
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Breaking Down The New Rules For High Net Worth Individuals
Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.
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How Data Privacy Law Cases Are Evolving In UK, EU And US
To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.
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Misleading Airline Ads Offer Lessons To Avoid Greenwashing
Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.
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CMA Guidance Can Help Businesses Act On Climate Change
Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.
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Supreme Court Ruling Is A Gift To Insolvency Practitioners
As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.
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How FCA Listing Regime Reform Proposals Are Developing
The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.
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Key Points From Ireland's New Accountability Framework
The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.