Britain’s Serious Fraud Office suffered a major setback to its strategy of striking bargains with companies and prosecuting individuals allegedly involved in corporate wrongdoing after a London jury acquitted three individuals accused of bribery at a company that admitted liability in a deferred prosecution agreement.
A judge on Monday ordered a former manager at Alstom Power known as "Mr. Lithuania" to hand over approximately £410,000 ($512,000) for his role in bribing politicians and senior officials in the country to win contracts to upgrade a power station.
The government has said it plans to introduce new laws to clamp down on companies in Britain that use gagging orders to prevent staff from reporting wrongdoing to the police, lawyers or doctors.
Troubled lender Metro Bank confirmed on Monday it is in talks to sell off a loan portfolio as it seeks to improve its financial position after revealing a £900 million ($1.2 billion) accounting blunder.
A former Credit Suisse managing director on Friday admitted to his role in a bribery and investor fraud scheme involving $2 billion in loans to state-backed companies in Mozambique, telling a New York federal judge he conspired to defraud those who invested in the debt.
A former director at Das must hand over approximately £1.4 million ($1.8 million) after a London judge slapped him with a confiscation order Friday over his part in a conspiracy to defraud the German-owned insurance company.
A trial over a private equity firm’s claim that Barclays Bank PLC defrauded it at the height of the financial crisis has been postponed until June to ensure enough time for the parties to weigh the outcome of parallel criminal proceedings, a judge ruled Friday.
A London judge Friday ordered an Ernst & Young unit to search for additional documents in a whistleblower suit accusing EY of suppressing incriminating audit findings for a Dubai gold company, after learning some materials had been destroyed.
The last week has seen the owner of a Manchester skyscraper that needed repair sue several underwriters at Lloyd's, a prominent cryptocurrency trader drag a U.K. digital currency exchange into court and an executive for Honeywell sue HSBC Bank PLC. Here, Law360 looks at those and other new claims in the U.K.
Europe’s securities regulator set out guidelines on Friday aimed at ensuring that managers across the European Union are consistently testing whether their money market funds are sufficiently resilient and reporting key information to national supervisors.
A former oil executive has pled guilty to conspiring to bribe officials to secure contracts in Iraq for clients of the Monaco-based oil consultancy Unaoil, the first conviction in the Serious Fraud Office’s three-year investigation.
An Ernst & Young unit opposed as unnecessary Thursday a disclosure request from a whistleblower at its Middle East outpost who accuses E&Y entities of suppressing audit findings indicating that a Dubai company laundered money and bought gold from conflict zones.
The founder of a network services provider and other shareholders won £6.5 million ($8.11 million) from the company's former managers after a judge ruled Thursday that the founder was duped into selling a majority stake during a management buyout for less than the company was worth.
The number of companies fined for violating pensions laws have grown significantly over the last 12 months, the Pensions Regulator reported Thursday, amid growing scrutiny over how employees' retirement packages are managed.
The former boss of the U.K. subsidiary of a German insurance group fought on Wednesday to keep his £4.6 million ($5.7 million) pension pot out of the hands of prosecutors after he was convicted last year of conspiring with two others to defraud the unit.
The former owner of an oil tanker has asked a judge in London to force dozens of insurers to cough up $77 million after Venezuelan authorities seized the ship, claiming the events are covered as an act of war.
Danske Bank said Thursday that its net profit for the first half of 2019 has fallen 24% against the same period a year ago, pinning the blame partly on compliance costs connected to a money-laundering probe and allegations that it overcharged customers.
British investigators have secured their first unexplained wealth order linked to an individual with suspected connections to organized crime in an investigation into a £10 million ($12.5 million) property empire, the National Crime Agency said Thursday.
Five men conspired with a Russian state company to rig an auction for Yukos Oil and should now cover its lost income and the millions of dollars spent blocking the sale, the Dutch finance arm of the former oil giant said Wednesday at the wrap of a London trial.
Google urged an appellate court Wednesday to reject a multibillion-pound privacy suit brought by a consumer rights activist against the tech giant, arguing that the iPhone users at the heart of the claim are not entitled to damages under U.K. law.
The head of the Financial Conduct Authority suggested on Wednesday that the marketing of new financial products should be more closely regulated, amid renewed criticism that the City watchdog is not providing enough protection against investment scams.
The Pensions Regulator said on Wednesday that it is launching a clampdown on employers who use “camouflage” to commit fraud by changing the name of their company to avoid enrolling workers into a retirement scheme.
Swedbank AB said Wednesday that it will cut payouts to investors as it looks to steady its financial health after top executives left the lender amid a money-laundering scandal that has engulfed a number of Nordic banks.
The European Union launched an investigation Wednesday into how Amazon uses sensitive data collected from merchants over concerns the online giant is restricting competition, in the latest probe into big tech by the bloc's antitrust watchdog.
A former U.K.-based executive of French corporation Alstom SA asked a Connecticut federal judge on Monday to end the Foreign Corrupt Practices Act case against him over delays that make the allegations "almost old enough to vote."
A judge on Tuesday postponed a plea hearing for the former owner of collapsed retail chain BHS Ltd., who is facing tax evasion and money laundering charges connected to his purchase of two yachts, after he asked for more time to obtain legal aid.
Corporations swept up by Europe's year-old data protection law are more comfortable now with their vast compliance obligations than when the law was enacted, but key questions about regulators' expectations and the price of noncompliance still linger as the landmark regulation enters its second year.
The U.K government has piled pressure on its white collar enforcers to tackle increasingly complex crime while offering few new resources to fund the task — leaving agencies to get creative or risk falling short.
Banks in the U.K. are under pressure to sharpen their compliance procedures after a lender was slapped with an unprecedented fine for handling just £200 ($265) of tainted money linked to Egypt after an assets freeze in Britain.
In response to concerns about an excess of suspicious activity reports, the U.K. Law Commission recently published a report recommending improvements to the U.K.'s anti-money laundering regime. The proposed reform is welcome, but may have missed an opportunity to advocate for some additional changes, says Jonah Anderson of White & Case.
The U.K. government's review of its company and persons of significant control registers, which have struggled with information reliability issues, will provide a useful yardstick on the progress of fighting money laundering and other nefarious activities, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
As the problem of modern slavery persists, U.K. companies must take a broad approach when rooting out slave labor in their supply chains, and should not ignore the risk posed by suppliers within the U.K., says Maria Theodoulou of Stokoe.
While the General Data Protection Regulation would seem to create a fertile area for group litigation, U.K. data breaches have not resulted in much litigation so far, say Oran Gelb and Sarah McAtominey of Bryan Cave.
The planned European Public Prosecutor's Office faces structural and jurisdictional issues that may complicate EU investigations and prosecutions, including those in the U.K., say Peter Binning and Alex Cummins of Corker Binning.
While discussion of the Danske Bank scandal has focused on what went wrong and who was to blame, it is the financial regulators' failures that must be corrected in order to prevent such a massive money laundering scandal from happening again, says Neil Williams of Rahman Ravelli.
While the Crime Overseas Production Orders Act appears to significantly extend U.K. enforcement authorities' data-collection powers, overseas production orders are unlikely to be granted until a cooperation agreement is achieved with the U.S., say Peter Burrell and Francesca Sherwood of Willkie.
Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.
The Financial Conduct Authority's Senior Managers and Certification Regime, which will take effect this December, seeks to increase personal accountability within regulated firms and will introduce changes relevant to all FCA-authorized financial services firms, say Rosemarie Paul and Kirsten Lapham of Ropes & Gray.
Eight arbitration claims have been filed under the 1998 investment treaty between Russia and Ukraine in connection with the 2014 incorporation of Crimea into Russia. Nicholas Peacock and Paula Cala of Herbert Smith discuss these claims' unusual background and how they might develop.
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.
Recent fines imposed against Standard Chartered by both U.K. and U.S. regulators raise questions about whether banks are now viewing anti-money laundering enforcement fines as a day-to-day cost of doing big business, says Syedur Rahman of Rahman Ravelli.
The European Union's recently issued recommendations on energy sector cybersecurity are valuable input for industry stakeholders with a presence in the EU, because they take into account the sector's real-time requirements, the risks of cascading effects and the combination of legacy systems with new technologies, say Diletta De Cicco and Charles Helleputte of Mayer Brown.
A New York federal judge's recent decision in the Deutsche Bank Libor-rigging case U.S. v. Connolly threatens to upend decades of established cooperation practice in government investigations, a fact to which the opinion makes only a passing reference, say attorneys at Arnold & Porter.