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Corporate Crime UK

  • January 18, 2019

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

    The last week has seen former Rabobank trader Anthony Conti sue his old employer, ArcelorMittal take Essar’s investment manager to court months after acquiring its steel business, and the managing director of AlixPartners sue a prominent Irish businessman and a British property tycoon. Here, Law360 looks at those and other new claims in the U.K.

  • January 18, 2019

    Leaker Cleared As UK Appeals Court Clarifies Data Law

    A U.K. appeals court on Friday overturned the conviction of a London man who leaked a confidential report investigating sexual harassment at his company, ruling that while the country's data protection laws require defendants to submit evidence suggesting they believe the disclosure was somehow warranted, they don't have to prove it. 

  • January 18, 2019

    Privacy Hawk Hits Tech Firms With Fresh GDPR Complaints

    Austrian privacy lawyer Max Schrems on Friday hit eight companies — including Apple, Amazon and Netflix — with complaints claiming they have breached the EU's General Data Protection Regulation by failing to give users adequate access to data.

  • January 18, 2019

    Shipper Gets Reprieve For Not Showing Up In $86M Loan Suit

    A shipping and commodities trading conglomerate was spared by a U.K. judge on Friday from any penalties for taking too long to respond to IDBI Bank Ltd.’s suit over an outstanding loan that has been at the center of a criminal investigation in India.

  • January 18, 2019

    Property Developer Pauses Swap Misselling Suit Against RBS

    Legal proceedings brought by a health care property developer against Royal Bank of Scotland PLC over allegedly missold swaps have been stayed to allow the parties to continue talks outside of court.

  • January 18, 2019

    Barclays Settles £1.4B Suit Over 'Worthless' Credit Cards

    Credit card services firm CCUK Finance and Barclays Bank U.K. PLC have settled their £1.4 billion ($1.8 billion) lawsuit over the sale of allegedly "worthless" debt waiver product credit card agreements similar to payment protection insurance.

  • January 18, 2019

    Trader Slams Prosecution's 'Nonsense' Claim In Euribor Trial

    A trader accused of illegally rigging a key interest rate benchmark did not act dishonestly when he submitted rates to benefit bankers’ trading positions, his attorney told a London jury on Friday, saying it is “nonsense” to suggest he flooded the market with cash to bolster huge financial trades.

  • January 18, 2019

    Fraudsters Jailed After Trying To Bribe RBS Staff For Scam

    A former member of staff at Royal Bank of Scotland Group PLC and his accomplice have been jailed for attempting to bribe two employees at the lender to help them make illegal transfers of at least £200,000 ($260,000).

  • January 18, 2019

    FCA Warns Of Misleading Life Insurance Ads For Over-50s

    The Financial Conduct Authority has warned that older life insurance customers risk being misled into believing that their policies will pay for their funerals, and told British companies to promote their products accurately.

  • January 17, 2019

    UK Finance Cop 'Aggressively' Pursuing Robo Regulation

    The United Kingdom’s head of regulatory technology shed new light Thursday on the Financial Conduct Authority’s “aggressive” pursuit to roboticize oversight of financial services and the watchdog’s vision to automate filings not only for digital currencies but human broker-dealers and investment advisers as well.

  • January 17, 2019

    EU Order Doesn't Trump Bulgarian Laws In VAT Suit, ECJ Says

    The European Union mandate to prosecute tax fraud doesn't supersede national laws on the proper collection of evidence, the European Court of Justice ruled Thursday in a Bulgarian criminal value-added tax evasion case.

  • January 17, 2019

    SFO Opens Investigation Into 3 Property Developments

    The U.K.'s fraud watchdog said Thursday that it has launched an investigation into three failed property developments in northern England following years of complaints from small overseas investors that their money had disappeared. 

  • January 17, 2019

    Signature Litigation Opens Paris Office With 12 Staff

    City of London specialist disputes law firm Signature Litigation announced Thursday it has opened a new Paris office and snagged three partners with expertise in litigation cases spanning banking, insurance and reinsurance and product liability. 

  • January 17, 2019

    Brexit Debate Enters New Legal Terrain With Talk Of Delay

    A Brexit "Plan B" could involve a legally untested extension of the U.K.'s planned departure date after Parliament rejected the government's withdrawal agreement, easing the immediate threat that British banks and businesses will plunge into a regulatory void if there is no deal, according to lawyers and political experts.

  • January 17, 2019

    Trader Pushed Cash To 'Add Weight' To Euribor Fix, Jury Told

    A former trader working on the money markets desk at Barclays PLC, who is on trial for his alleged role in a conspiracy to game the financial system, manipulated the cash market to “add extra weight” to attempts to rig a key global interest rate benchmark, prosecutors told a jury in London on Thursday.

  • January 17, 2019

    Hard Brexit Will Threaten GDPR Data Swap, Regulator Warns

    British companies that share data across national borders should brace themselves for legal disruption if the country crashes out of the European Union without a trade deal on March 29, a senior official at the Information Commissioner’s Office warned on Thursday.

  • January 16, 2019

    Cafe Chain Uncovers More 'Extensive' Accounting Fraud

    The parent company of British cafe chain Patisserie Valerie announced Wednesday an accounting shortfall that nearly caused the company to collapse was larger than it initially feared, deepening a scandal that has toppled executives and triggered a criminal probe.

  • January 16, 2019

    Banks Accused Of Rigging Libor After Post-Scandal Overhaul

    A Connecticut bank on Tuesday accused the owner of the New York Stock Exchange of conspiring with some of the world's largest banks to artificially deflate a key financial benchmark after taking over responsibility for the rate setting following a previous price-fixing scandal.

  • January 16, 2019

    UK Nat'l Security Official To Lead New Financial Crime Agency

    A high-ranking U.K. national security official with a background in implementing controversial data collection efforts will take the reins of a new economic crime-fighting department, the National Crime Agency said Wednesday.

  • January 16, 2019

    Real Estate Agent Guilty Of Fraud Gets 4 1/2 Years Prison

    A real estate agent who was convicted of fraud and perverting the course of justice has been handed a jail sentence of four and a half years, the Insolvency Service said Wednesday.

Expert Analysis

  • How Brexit May Impact UK Criminal Justice

    John Binns

    As uncertainty over a Brexit deal remains following the U.K. Parliament's overwhelming rejection this week of a draft withdrawal agreement, John Binns of BCL Solicitors LLP takes a closer look at the potential end of criminal justice cooperation arrangements between the United Kingdom and the European Union.

  • Worldwide Freezing Orders Can Backfire Without Proper Care

    Nicola McKinney

    Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.

  • UK Litigation And Guidance Highlight Cybersecurity Risk

    Guillermo Christensen

    Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.

  • 7 Questions To Add To Your Lateral Partner Questionnaire

    Howard Rosenberg

    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Do UK Territories Need Beneficial Ownership Info Registers?

    Aki Corsoni-Husain

    The U.K.'s Sanctions and Anti-Money Laundering Act proposes introduction of publicly accessible registers of beneficial ownership information on companies in U.K. overseas territories. There is a chance that these registers may cause more trouble than they are worth, says Aki Corsoni-Husain of Harney Westwood & Riegels LLP.

  • 2 BVI Cases Explore Scope Of Proper Purpose Test

    Rosalind Nicholson

    Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.

  • Attorney-Client Privilege Must Be Reclaimed In The UK

    Quentin Bargate

    The House of Lords' landmark decision in Three Rivers v. Bank of England significantly undermined confidentiality of communications between lawyers and clients. The U.K. Supreme Court should review this case as soon as possible, says Quentin Bargate of Bargate Murray Ltd.

  • 2018 In Review: Significant White Collar Developments At DOJ

    Jason Jones

    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.