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Corporate Crime & Compliance UK
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May 22, 2025
Ransomware Ban Move Could Push Hackers To Private Sector
The government's bid to crack down on ransomware payments could heap pressure on companies in crisis without any guarantee that it will pull the plug on the billion-pound cybercrime industry, lawyers say.
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May 22, 2025
M&S Says Hack Attack Disruption To Last Till July, Cost £300M
Retail giant Marks & Spencer has said it expects the cyberattack hit it took in April to cost it around £300 million ($402 million), with disruption likely to continue to online retail until July.
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May 22, 2025
EY Says NMC Health Obstructed Detection Of £2B Fraud
NMC Health "frustrated and obstructed" EY's ability to detect widespread fraud at the healthcare chain, lawyers for the Big Four firm said in its defense against a £2 billion ($2.7 billion) High Court claim Thursday.
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May 22, 2025
Marsh Settles $143M Claim Over Losses In Greensill Collapse
Marsh has reached settlement in a claim of almost $143 million with investment firm White Oak, which had alleged that the insurance broker misled it when selling cover for investments in Greensill Capital, a financing firm that collapsed in 2021.
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May 21, 2025
Finance Worker Who Stole Secret Docs Can't Claim Notice Pay
A clearing bank was within its rights to sack a finance manager without notice pay after he breached his contract by sending confidential information to his personal email address, a tribunal has ruled.
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May 21, 2025
UK Lawyer Charged With Money Laundering In NCA Probe
A solicitor and an accountant, both Midlands-based, have been charged with money laundering following a National Crime Agency investigation, the authority disclosed Wednesday.
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May 21, 2025
NCA Recovers £17.5M In UAE Money Laundering Investigation
The U.K.'s National Crime Agency said Wednesday that an Emirati company had agreed to forfeit £17.5 million ($23.5 million) after a money laundering investigation.
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May 21, 2025
Crypto-Traders Can't Revive Bulk Of £10B Binance Claim
An appeals court Wednesday rejected most of a £10 billion ($13.3 billion) class action against Binance for delisting a bitcoin alternative, ruling that investors were not entitled to claim damages from the cryptocurrency exchange on the basis they lost out on its future speculative value.
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May 21, 2025
Class Rep Can't Appeal Chucked £800M Water Pollution Claim
The U.K. competition tribunal has said an environmental consultant cannot challenge its decision to toss her £800 million ($1.1 billion) proposed class action against several water companies over their alleged failure to report pollution, finding that there is no real prospect of a successful appeal.
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May 21, 2025
EY Blames 'Army Of Fraudsters' For NMC Health Collapse
EY was "duped by an army of fraudsters" who controlled NMC Health "from top to bottom" and prevented the Big Four firm from discovering failings at the healthcare chain, lawyers argued in their defense against a £2 billion ($2.7 billion) High Court claim Wednesday.
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May 20, 2025
JPMorgan Fell Short In Trader Spoofing Investigation
A former metals trader at JPMorgan Chase & Co. has won his claim that he was unfairly fired on suspicion of fraud because of shortcomings in the bank's disciplinary process — but his compensation will be slim after an employment tribunal ruled it was very likely he would have been dismissed regardless.
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May 20, 2025
Liquidators Of 'Ponzi-Type Scheme' Co. Sue Insurer For £3M
The liquidators of a business behind a "Ponzi-type scheme" are suing the insurer of a now-defunct company involved in the scheme's funding for more than £3 million ($4 million), pointing to its alleged failure to ensure the investment plan was legitimate.
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May 20, 2025
Tenn Capital, Elite Law Settle £1.9M Loan Fraud Dispute
Tenn Capital Ltd. has settled its claim that Elite Law Solicitors Ltd. failed to secure necessary protections over a £1.9 million ($2.54 million) property loan and failing to identify the borrower as an alleged fraudster.
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May 20, 2025
Wine Biz CFO Loses Bid To Block US Fraud Extradition
A wine company's former chief financial officer lost a legal appeal Tuesday against his extradition to New York to face prosecution on charges of cheating investors out of $99 million by persuading them to make interest-bearing loans using valuable wine collections as collateral.
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May 20, 2025
Corker Binning Hires Veteran White Collar Pro Stephen Gentle
White-collar boutique law firm Corker Binning has hired a top-ranked veteran solicitor with an extensive track record working on high-profile bribery, fraud and economic crime cases as a consultant.
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May 20, 2025
Benson Mazure Fights To Nix £4.6M Negligence Case
Benson Mazure LLP urged a London court on Tuesday to toss a £4.6 million ($6.1 million) negligence claim form an energy business, alleging that the law firm's solicitors fraudulently signed a mortgage deed that led to its collapse.
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May 20, 2025
Innsworth Bags £68M As Mastercard Settlement Approved
The Competition Appeal Tribunal gave final approval on Tuesday to a £200 million settlement between Mastercard and Walter Merricks to end litigation over credit card fees, with the funder of the claim set to receive approximately £68 million.
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May 20, 2025
High Street Bank CEOs Warn MPs Of Rules Restricting Growth
The chief executives of large High Street banks warned senior MPs on Tuesday that unnecessary financial regulations are restricting customer service, money flows and U.K. growth.
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May 20, 2025
South Africa Tries Again To Extradite Briton In Bribery Case
A British man wanted in South Africa on charges linked to a £36 million ($48 million) government bribery scandal will face extradition proceedings for a second time after he was rearrested following his successful legal challenge in April.
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May 19, 2025
Takeout Owner Gets Suspended Sentence For VAT Tax Dodge
The former owner of a Chinese takeout restaurant in the U.K. received a one-year prison sentence, which was suspended, for fraudulently disposing property after filing for bankruptcy instead of paying his bill of over £43,000 ($57,000) in value-added tax, the U.K.'s Insolvency Service announced Monday.
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May 19, 2025
Osborne Clarke Pro's Conduct Risked Public Trust, SDT Says
A disciplinary tribunal has ruled that an Osborne Clarke LLP partner committed the kind of misconduct that "would clearly undermine public trust" in lawyers by misusing legal language to try to shield an email sent on behalf of former Chancellor of the Exchequer Nadhim Zahawi from being published, explaining its decision to fine the solicitor over the incident.
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May 19, 2025
The Times Sued For Naming Phone Co. Owner In Fraud Probe
The founder of an exclusive mobile phone provider has sued Times Media Ltd. for allegedly violating his privacy by publishing articles — sourced from covert recordings — identifying him as the subject of a now-closed criminal investigation into corruption in sport.
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May 19, 2025
Aviva To Use AI Tool To Map Cyberthreat Behavior
Insurance giant Aviva PLC on Monday said it has begun using artificial intelligence tools to map the cyberthreats the companies in its portfolio are most exposed to.
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May 19, 2025
Big Tech Is Major Obstacle To Stopping UK Financial Fraud
Anti-fraud campaigners are calling on the government to fine Big Tech companies such as Meta on repeated failures to prevent fraudulent financial advertising on their platforms with a tougher and wider regime than envisaged, with the consensus that social media is the biggest obstacle to combating investment scams.
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May 19, 2025
EY Accused Of Flawed Audits At NMC Health's £2B Fraud Trial
The administrator of NMC Health accused EY on Monday of "fundamentally flawed" auditing that allowed a major fraud against its business by principal shareholders to go undetected for more than seven years, as a multibillion-pound trial kicked off.
Expert Analysis
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How Sustainability Directive Will Contribute to EU Regulation
The EU Sustainability Directive, in potentially enhancing certain obligations and setting a new benchmark for environmental and human rights due diligence practices, is a significant piece of legislation that will likely support the broader legal framework of other laws in a developing legal puzzle, say Rebecca Chin and Silke Goldberg at HSF.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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What The EU Sustainability Directive Will Mean For Companies
The European Parliament’s recent approval of the landmark Corporate Sustainability Due Diligence Directive provides welcome clarity for small and midsize enterprises regarding human rights and environmental due diligence expectations, forming part of a growing pressure on companies around the world to operate ethically and sustainably, say lawyers at Jenner & Block.
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What Can Be Learned From CMA's Green Claims Investigation
The Competition and Markets Authority's recent investigation into retailers' allegedly misleading environmental claims demonstrates that all consumer-facing businesses must exercise caution and ensure their green credentials are genuine, say Charlotte Kong and Stephen Sidkin at Fox Williams.
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The Art Of Corporate Apologies: Crafting An Effective Strategy
Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
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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.