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Corporate Crime & Compliance UK
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March 13, 2024
All Post Office Convictions To Be Quashed Through New Law
The government introduced landmark legislation on Wednesday that will exonerate hundreds of people wrongfully convicted as the result of the Post Office scandal.
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March 12, 2024
IPhone Users' £853M Battery Suit Gets OK On Funding Revamp
Apple must face an £853 million ($1 billion) class action claim alleging it concealed problems with iPhone batteries after Britain's antitrust tribunal said Tuesday that a revised litigation funding deal overcomes the hurdle recently thrown up by the country's highest court.
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March 12, 2024
Immigration Lawyer Caught In Sting Loses Strike-Off Appeal
An immigration lawyer lost his appeal on Tuesday to stay on the rolls, after he was caught by an undercover journalist recommending that a client gather false documents for a visa application, with a London court ruling that his appeal was "totally without merit."
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March 12, 2024
Man Loses Bid To Challenge US Tax Refund Fraud Extradition
A man facing extradition to the U.S. — to stand trial on allegations that he took part in a scheme to fraudulently receive millions in tax refunds — was denied a chance to challenge the extradition by a London judge on Tuesday.
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March 12, 2024
'Clearer Than Ever' That Wright Is Not Satoshi, Developers Say
Lawyers for developers seeking to prove that Craig Wright is not the pseudonymous inventor of bitcoin told the High Court that it is "clearer than ever" that the Australian computer scientist is not Satoshi Nakamoto in closing arguments on Tuesday.
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March 12, 2024
Gov't To Give Banks More Time To Investigate Payment Fraud
HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.
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March 12, 2024
SFO Arrests 3 In £76M Luxury Care Home Fraud Probe
The Serious Fraud Office arrested three people on Tuesday in an investigation into an alleged £76 million ($97 million) fraud over the collapse of a luxury care home provider that left elderly residents homeless and 600 investors out of pocket.
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March 12, 2024
FCA's New Greenwashing Rules Lack Clarity, City Firms Warn
City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.
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March 11, 2024
Whistleblower Forced To Quit After Questioning CEO's CV
A chief operating officer at a charity was forced to resign after senior figures said his whistleblowing claims about the new chief executive's CV had ruined their trust in him, an employment tribunal has ruled.
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March 11, 2024
Santander Whistleblower Loses Bid To Revive Claim
An appellate tribunal has rejected a bid by a former financial crime policy manager at Santander to revive her whistleblowing and discrimination claims against the bank, ruling a fair trial was not possible because she failed to exchange witness statements.
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March 11, 2024
£237M Ponzi Case Doesn't Stack Up, Ex-LC&F Director Says
A former director of London Capital & Finance told a trial over the £237 million ($304 million) investment scandal on Monday that he did not take part in the alleged Ponzi scheme.
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March 11, 2024
New Treasury Review Of AML Rules To Cast Wide Net
The U.K. Treasury said Monday that a new review on the effectiveness of anti-money laundering regulations will have a broad scope, encompassing more than 100,000 businesses, including law firms.
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March 11, 2024
MPs To Hear From Administrators In Norton Pension Scandal
A parliamentary committee said Monday that it will weigh whether victims of pension fraud can receive compensation faster as the first part of its probe into the retirement savings scandal at Norton Motorcycle Co.
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March 11, 2024
Danish Prosecutors Open Tax Fraud Trial Against Sanjay Shah
Prosecutors in Denmark opened the criminal trial on Monday of a British hedge fund trader accused of masterminding a £1.44 billion ($1.85 billion) tax fraud scheme.
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March 11, 2024
FCA Ends Eight-Year Probe Into Former Mobile App Co. Execs
The Financial Conduct Authority has ended its civil court proceedings against two former executives of Globo, nine years after the mobile software developer fell into administration amid allegations of accounting fraud.
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March 11, 2024
Dentons Defeats SRA Over AML Checks On PEP Client
A London tribunal confirmed on Monday that it has dismissed the Solicitors Regulation Authority's action against the U.K. arm of Dentons over the firm's handling of anti-money laundering checks on a politically exposed former client.
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March 11, 2024
FCA Fines British Steel Pensions Firm, Bans Advisers
The finance watchdog said Monday that it has hit a financial advice company with a fine and banned two former employees after discovering failures by the business when it put through £90 million ($115 million) of retirement savings transfers for members of the British Steel Pension Scheme.
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March 08, 2024
UK Enforcers To Appeal Nixed £100M Hydrocortisone Fine
Britain's competition enforcer is planning to appeal a tribunal's ruling that upended more than £100 million ($128.6 million) in fines against several drug companies for allegedly reaching agreements that increased the price of hydrocortisone tablets.
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March 08, 2024
News Outlet Defends Article About Ex-Kazakh Leader's Assets
The Bureau of Investigative Journalism has denied publishing defamatory articles suggesting Jusan Technologies Ltd. was set up as a corrupt vehicle for the ex-president of Kazakhstan to control his $7.8 billion business empire, claiming it was in the public interest to report on.
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March 08, 2024
FCA To Boost Fight Against Nonfinancial Misconduct
The Financial Conduct Authority said Friday it would ramp up its fight against bullying and sexual harassment in the financial services sector in light of a damning parliamentary report condemning efforts to tackle sexism in the financial services sector.
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March 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barclays initiate legal proceedings against top Russian private bank JSC Alfa-Bank; Lex Greensill, founder of the collapsed Greensill Capital, suing the U.K.'s Department for Business and Trade; Wikipedia's parent company hit with a libel claim; and a sports journalism teacher filing a data protection claim against Manchester United FC. Here, Law360 looks at these and other new claims in the U.K.
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March 08, 2024
Saudi Bribery Trial Defense Wins After Failed Dismissal Bids
The defense strategy employed by two British men, who were acquitted of bribing Saudi officials in a significant arms deal, finally succeeded when they argued at trial that the government was complicit in the corruption — but only after they lost two earlier bids to throw out the case.
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March 08, 2024
Shell Ordered To Disclose Docs In Nigerian Oil Spill Case
Shell PLC was ordered by a judge on Friday to disclose documents concerning its potential liability for oil spills that are the subject of claims from thousands of Nigerian citizens suing the fossil fuel giant over the consequences of the pollution.
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March 08, 2024
Azeri Tycoon Can't Shift Freeze On £50M UK Property Empire
A High Court Judge refused Friday to lift a freeze on a £50 million ($64 million) London property empire belonging to an Azeri tycoon and politician allegedly purchased with illicit cash while U.K. law enforcers plan their next move.
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March 08, 2024
GPT Whistleblower Sues MoD Over Saudi Bribery Scandal
A whistleblower in a Saudi bribery case is suing the Ministry of Defence for allegedly leaving him exposed to threats of jail in Riyadh after he revealed corrupt payments worth millions from a British defense company to Saudi officials, his lawyers announced Friday.
Expert Analysis
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EU Privacy Plan Finally Resolves Data Transfer Woes
Previous attempts by the European Commission to facilitate data transfers to the U.S. have been unsuccessful, but the recent EU-U.S. Data Privacy Framework may bring greater legal certainty through new control mechanisms and clearer supervisory authority functions, say Joaquín Muñoz and Robbie Morrison at Bird & Bird.
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The New Accountability Landscape For Financial Regulators
The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.
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Director Responsibilities Amid Russian Asset Seizures
Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.
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Investors Should Prepare For Possible EU Energy Treaty Exit
Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.
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EU Illumina-Grail Fine Cools Cos.' Merger Control Approach
The European Commission's recent record-breaking fine on Illumina for acquiring Grail without approval underscores its tough stance on merger control enforcement, showing that companies in Europe need to be vigilant in complying with regulatory requirements, say Salomé Cisnal de Ugarte and Raphaël Fleischer at King & Spalding.
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EU Raw Materials Initiative Vital For Sustainable Value Chains
The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.
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A Cross-Border Data Refresher After New EU-US Framework
Following the recent release of an updated EU-U.S. Data Privacy Framework, Jack Hobaugh at Brownstein Hyatt discusses the complicated question of what is and is not a cross-border transfer of information under the EU General Data Protection Regulation.
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UK Top Court Ruling Spells Uncertainty For Litigation Funders
The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.
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UK Task Force Report Focuses Digitization Of Shares Process
The U.K. Digitization Task Force’s recently published interim recommendations on the U.K. shareholding framework are helpful in the push toward improving the share ownership system, following overwhelming support from stakeholders to eradicate paper processes, say lawyers at Davis Polk.
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Gender Diverse Boards May Reduce Corporate Fraud Risk
Following the recently proposed "failure to prevent fraud" offense, companies should focus on diversity in leadership as research shows that an increase in women's representation on boards is associated with a decreased probability of fraud, say Anoushka Warlow and Suzanne Gallagher at BCL Solicitors.
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EU Privacy Framework Will Aid Int'l Data Transfer Compliance
The underlying certification mechanism in the EU-U.S. Data Privacy Framework recently adopted by the European Commission has pros and cons, and by understanding its mechanics businesses and organizations can grasp the means to ensure General Data Protection Regulation compliance in their data transfers, say lawyers at Chiomenti.
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Opinion
Plea For A New Int'l Tribunal For Russia's Crime Of Aggression
Legal experts worldwide should support the International Bar Association and other organizations calling for a United Nations special criminal tribunal to prosecute Russian leaders for the crime of aggression against Ukraine, or risk standing by as war atrocities and threats to global security increase, says Olga Kostina at Robert F. Kennedy Human Rights.
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Protecting Reputation In The Age Of Shareholder Activism
With the rise in investors using equity ownership to influence the management of a company, shareholder activism has taken on fresh impetus, and general counsel have a critical part to play in safeguarding an organization's reputation by engaging in open communication and implementing effective corporate governance, says Neil McLeod at The PHA Group.
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Factors Driving Increased Litigation Against European Cos.
European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.
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Oil Industry Must Brush Up On Int'l Anti-Bribery Standard
The recent displays of environmental concerns by activist group Just Stop Oil demonstrate why compliance with the internationally recognized anti-bribery standard, known as ISO 37001, and its whistleblower systems, is essential to maintain ethical corporate behavior, says Felicity Gerry at Libertas Chambers.