Corporate Crime & Compliance UK

  • March 04, 2024

    5 Questions For Peter Carter On Insider Dealing Prosecutions

    The Financial Conduct Authority's successful prosecution of a former Goldman Sachs analyst for insider dealing provides new insights into what a determined criminal will do to get around compliance procedures and break the law. Here Peter Carter KC at Doughty Street Chambers, who led the prosecution for the FCA, talks to Law360 about the intricacies of tackling these kinds of cases.

  • March 04, 2024

    Apple Fined €1.8B For Restricting Music Streaming Developers

    The European Union's antitrust authority said Monday that it has fined tech giant Apple €1.8 billion ($1.95 billion) for abusing its dominant position in the market for music streaming apps by preventing developers from letting iPhone users know about cheaper subscriptions.

  • March 04, 2024

    KPMG Fined £1.46M For Ad Agency Accounting Breaches

    The Financial Reporting Council said on Monday that it has fined KPMG £1.46 million ($1.85 million) for a string of "serious failings" during the audit of advertising group M&C Saatchi PLC.

  • March 03, 2024

    UK Gov't Plans New Law To Reverse PACCAR Funding Fallout

    The U.K. government announced legislative changes on Monday designed to make it easier for people to secure funding for legal claims against companies in the wake of a landmark Supreme Court ruling that made many litigation agreements unenforceable.

  • March 01, 2024

    WealthTek Case Paused For FCA To Weigh Bringing Charges

    A judge on Friday delayed the Financial Conduct Authority's enforcement proceedings against a wealth manager over an £80 million ($101 million) shortfall, finding the watchdog should prioritize deciding whether to charge the company's founder over one of the "most significant frauds" it ever investigated.

  • March 01, 2024

    Ex-Stobart CEO Fights To Argue Conspiracy As A Shareholder

    Stobart Group's former chief executive should not be allowed to retry his claim that he was the victim of a conspiracy to remove him as chair, the company now known as Esken Ltd. told a London court on Friday.

  • March 01, 2024

    Wright Blames Enemies For Forged Email In Satoshi Trial

    Craig Wright hit back on Friday at accusations that he forged an email amid a trial over his claims that he is the inventor of bitcoin, telling a London court that an enemy could have doctored the message to sabotage his case.

  • March 01, 2024

    Greenwashing Risk Warning As EU Plans Benchmark Change

    European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.

  • March 01, 2024

    5 Questions For Ex-Public Prosecutions Director Max Hill KC

    Max Hill KC, the former head of the Crown Prosecution Service, was persuaded to join King & Spalding LLP as a consultant in its special matters and government investigations practice partly because of the changing economic crime landscape in the U.K.

  • March 01, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.

  • March 01, 2024

    Home Office Ankle Tags For Migrants Breached Data Law

    A government pilot scheme to electronically monitor migrants breached privacy law, the U.K.'s data watchdog said on Friday as it issued an enforcement notice and warning.

  • February 29, 2024

    HMRC Uncovers Complex Offshore Tax Avoidance Scheme

    The U.K. tax authority said Thursday that it had exposed a complex tax avoidance scheme operating through a Singapore-based company.

  • February 29, 2024

    Drax May Face Group Litigation Over Greenwashing Claims

    Drax Group PLC shareholders could launch a group legal action against the energy company over claims it faked its environmental credentials to secure £6.5 billion ($8.2 billion) in U.K. government subsidies, the law firm helming the action said.

  • February 29, 2024

    Mozambique President Beats 'Tuna Bonds' Immunity Appeal

    Mozambique's president cannot be sued in England by shipbuilder Privinvest in the country's wide-ranging litigation over the $2 billion "tuna bonds" corruption scandal as a London appellate court on Thursday upheld a ruling that he has immunity as a sitting head of state.

  • February 29, 2024

    European Authorities Arrest 14 In €195M VAT Fraud Probe

    European law enforcement agencies said Thursday that they had arrested 14 people suspected in a €195 million ($211 million) value-added tax fraud across 17 countries.

  • February 29, 2024

    Global Regulator Seeks Stronger Swiss Bank Safeguards

    A global standards setter recommended on Thursday that the Swiss authorities introduce tougher rules for the country's biggest banks as it learns from the crisis that led to the rushed UBS-Credit Suisse merger in 2023.

  • February 29, 2024

    Academic Says Richard III Film Shows Him As Misogynistic

    A university academic who oversaw the discovery of Richard III's remains told the High Court in the first stage of a libel trial on Thursday that a Steve Coogan film portrays him as devious, misogynistic, patronizing and disablist.

  • February 29, 2024

    FCA Plan To Name Suspect Firms Early Alarms Finance Sector

    Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.

  • February 29, 2024

    £1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent

    Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.

  • February 29, 2024

    Meta Hit With GDPR Complaints By EU Consumer Groups

    Meta has been accused of "massive illegal data processing" by eight European consumer groups, which alleged on Thursday that the tech giant's "consent or pay" choice for customers is a cover-up for obtaining sensitive personal information.

  • February 29, 2024

    Car Leasing Execs To Face 2026 Trial In £88M SFO Fraud Case

    Two directors of a failing car leasing company accused by the Serious Fraud Office of carrying out an £88 million ($111 million) investment fraud are set to face trial in September 2026, a judge confirmed on Thursday. 

  • February 28, 2024

    Autonomy Founder's Fraud Trial Risks 'Morass,' Judge Warns

    The California federal judge overseeing the upcoming criminal fraud trial of Autonomy founder Mike Lynch over the software company's $11.7 billion sale to Hewlett-Packard warned prosecutors and defense attorneys Wednesday about growing estimates for the trial's length, saying they're "going to lose [jurors] in the morass" of a monthslong trial.

  • February 28, 2024

    MPs Launch Inquiry Into Effectiveness Of Russia Sanctions

    Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.

  • February 28, 2024

    Fieldfisher Hires New ESG Chief From BCLP

    Fieldfisher LLP has recruited a former general counsel at Bryan Cave Leighton Paisner LLP to lead its environmental, social and governance function as the law firm continues building its credentials in sustainability.

  • February 28, 2024

    Insurer To Pay £15K To End Abuse Payout Row With Ex-Vicar

    The Church of England's main insurer has agreed to pay £15,000 ($18,950) in a settlement to resolve a dispute over a former vicar's liability for money the insurer paid to settle victims' claims after he was convicted of child abuse.

Expert Analysis

  • How EU Sustainability Directive Will Improve Co. Reporting

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    The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.

  • PPI Ruling Spells Trouble For Financial Services Firms

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    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • Extradition Ruling Hints At Ways Around High Burden Of Proof

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    The U.K. Supreme Court's recent ruling in Popoviciu v. Curtea De Apel Bucharest confirmed that, in a conviction extradition case, the requested person must establish a flagrant violation of their right to a fair trial, but the court's reasoning reveals creative opportunities to test this boundary in the U.K. and Strasbourg alike, says Rebecca Hughes at Corker Binning.

  • What Lawyers Can Learn From FDI Screening Report Findings

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    The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

  • Why Law Firms Should Heed Calls To Put ESG Over Profit

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    According to Deloitte’s recent survey, the majority of Gen Z and millennials remain unimpressed with businesses’ societal impact, and junior lawyers in particular are increasingly expecting the legal profession to shift to a business model that prioritizes sustainability above profitability, says Dana Denis-Smith at Obelisk Support.

  • UK Review May Lead To Lower Investment Screening Burden

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    The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

  • What Prince Harry Privacy Case May Mean For Media Ethics

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    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.

  • Economic Crime Act Exposure: What Companies Can Expect

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    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.

  • How European Authorities Are Foiling Anti-Competitive Hiring

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    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.

  • FCA Promotions Review Sends A Strong Message To Firms

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    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.

  • When Can Bonuses Be Clawed Back?

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    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.

  • The State Of UK Litigation Funding After Therium Ruling

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    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.

  • UK Shareholding Report A Missed Opportunity For New Tech

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    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.

  • What Lawyers Need To Know About The UK Online Safety Act

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    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.

  • Trial By AI Could Be Closer Than You Think

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    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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