Corporate Crime & Compliance UK

  • September 23, 2019

    Investors Rip 'Fictitious' Accounting By Defunct Insurer's CEO

    Investors in Gable Insurance AG have continued pressing their claims in the High Court in a £1.9 million ($2.3 million) lawsuit that the defunct Liechtenstein company's former chief executive concealed a major fraud to lure investments while he funneled money to a company he owned.

  • September 23, 2019

    UK Top Court Sets Parliament Suspension Ruling For Tuesday

    The U.K. Supreme Court will rule Tuesday on whether Prime Minister Boris Johnson unlawfully suspended Parliament for five weeks earlier this month, according to a statement issued by the court Monday.

  • September 23, 2019

    Thomas Cook Execs Face Investigation Over Collapse

    The U.K government announced it will launch a "fast-track" inquiry into the conduct of senior managers at Thomas Cook after the cash-strapped tour operator entered compulsory liquidation proceedings on Monday.

  • September 23, 2019

    EU Bank Regulator Launches New Transparency Testing

    Europe’s banking watchdog said Monday that it will publish quarterly information from 2019 on 130 of the bloc’s banks, deviating from its usual semiannual disclosures for the first time in order to give national supervisors more details about the EU’s financial sector.

  • September 23, 2019

    Gold Payment App Falls Into Administration

    Gold payment app Glint has gone into administration after being declared insolvent, the Financial Conduct Authority has announced, leaving customers in the dark about the safety of their funds.  

  • September 23, 2019

    Dechert Says ENRC Damages Capped At £3M In SFO Suit

    Dechert LLP could be forced to pay as much as £3 million ($3.73 million) if it loses legal battles over its role in a corruption probe launched against Kazakh mining company Eurasian Natural Resources Corp., the law firm told a judge in London.

  • September 23, 2019

    Men Jailed For Fraud Using Fake U2 Names Told To Pay Up

    A former National Health Service manager and two contractors jailed for defrauding the system, in a scam in which they used the real names of U2 band members, have been ordered to pay back more than £560,000 ($696,900).

  • September 20, 2019

    Ex-SocGen Exec Tells 2nd Circ. She's No Fugitive

    A former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate asked the Second Circuit to throw out the case Friday, saying a lower court wrongly classified her as a fugitive.

  • September 20, 2019

    FCA Appoints Exec Director of Risk and Compliance Oversight

    Britain’s finance watchdog on Friday named a longtime financial services expert with experience in banking and insurance to be its new executive director of risk and compliance oversight.

  • September 20, 2019

    Ex-Shareholders Say Wirecard Ignored Stock Sale Fraud

    Two investors have sued Wirecard AG for €33 million ($36.3 million), expanding their London legal fight claiming they were intimidated into selling their stock in a financial services company just before it was sold to the German payments provider for a windfall. 

  • September 20, 2019

    'Irregular' $335M Awards Against PrivatBank Prompt UK Suit

    The trustee for $375 million worth of securities backing loans to troubled Ukrainian lender PrivatBank has asked a London court for guidance on how to abide by its obligations to noteholders while it challenges $335 million worth of partial arbitration awards against that bank. 

  • September 20, 2019

    Drug Suppliers Admit To UK Market Fixing, Watchdog Says

    Two pharmaceutical companies admitted that they broke U.K. competition law when they agreed to fix the quantities and prices of the supply of an antidepressant drug, Britain’s antitrust regulator said Friday.

  • September 20, 2019

    RBS Names New CEO After Scandals Dent Bank's Reputation

    The Royal Bank of Scotland named Alison Rose as its new chief executive Friday, handing over a long list of challenges as the lender looks to rebuild after a series of scandals, including the poor treatment of struggling business customers.

  • September 20, 2019

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

    The last week has seen an investment banker sue his former Mishcon De Reya LLP lawyers following a failed lawsuit against Newcastle F.C.'s billionaire owner, a foreign exchange business drag the head of its Irish operations into court and an Enterprise insurance unit take action against its Greek brokerage arm. Here, Law360 looks at those and other new claims in the U.K.

  • September 20, 2019

    Europe Hires: Jones Day, Squire Patton Boggs, Shoosmiths

    Several law firms are touting recent attorney hires in Europe. Shoosmiths LLP has poached a Euribor lawyer from Hodge Jones & Allen, while Squire Patton Boggs LLP nabbed a banking partner from Herbert Smith Freehills LLP and Jones Day has landed a white collar defense pro from an Amsterdam outfit.

  • September 20, 2019

    Fraud Ringleader Appeals Sentence, Seeks To Sack Counsel

    A key player behind a £1 million ($1.2 million) criminal conspiracy involving bogus companies and credit card fraud is appealing his conviction and wants new counsel, a London judge was told Friday.

  • September 20, 2019

    Consider Recording Client Meetings, FCA Tells Advisers

    The Financial Conduct Authority has urged financial advisers to record interactions with their clients to help ensure that “better quality” recommendations are being made and “provide the most robust evidence” if a consumer brings a complaint.

  • September 20, 2019

    EU Lawmakers Join Call For Money Laundering Crackdown

    European lawmakers have demanded that rules designed to clamp down on money laundering and terrorist financing be better enforced across the bloc, saying that improved coordination is needed to counter criminal finance.

  • September 19, 2019

    Daimler Forced To Hand Over Docs In Trucks Cartel Case

    Daimler AG lost a bid on Thursday to delay handing over documents in a suit over its involvement in a truck cartel, after a London tribunal agreed with the companies seeking damages that waiting would lead to inconsistency in the sprawling proceedings.

  • September 19, 2019

    Businessmen Fight €33M Fraud Suit Over Wirecard Deal

    Two Indian businessmen have denied pressuring a retailer into selling shares in a financial services company shortly before it was flipped to a German payments provider for millions, saying the €33 million ($36.45 million) lawsuit baselessly casts them as villains.

  • September 19, 2019

    Asset Docs Faked For Doctor Who Bilked Investors, FCA Says

    A Financial Conduct Authority prosecutor accused an accountant Thursday of showing the court bogus documents to support a doctor convicted of running a £1.4 million ($1.7 million) investment scheme as he fights efforts to seize his assets to repay investors.

  • September 19, 2019

    Royal Mail, Reseller Admit To Plot To Thwart Competition

    The Royal Mail and a reseller of its business parcel delivery services were reprimanded by the U.K.’s telecommunications regulator Thursday after admitting to entering an illegal anti-competitive pact.

  • September 19, 2019

    FSCS Takes On Failed Pension Co. For Lapses

    The U.K.’s deposit protection fund said Thursday it would handle consumer claims against a pension administrator that fell into administration because it could not afford to compensate customers for not ensuring that their investments were suitable for them.

  • September 19, 2019

    Reality TV Star, Others Plead Not Guilty To Diamond Fraud

    A reality television star pled not guilty at a London court on Thursday to allegations he and five other men conspired to defraud investors in a colored diamond scam.

  • September 18, 2019

    Fraudster Gets Over 9 Years After 15 Years On The Run

    A serial "phoenix" fraudster who spent 15 years on the run was jailed for over nine years following an enforcement hearing at Leeds Magistrates’ Court in northern England on Wednesday, the Serious Fraud Office said.

Expert Analysis

  • Opinion

    Unexplained Wealth Orders Unlikely To Curb UK Drug Trade

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    The U.K. National Crime Agency's newly announced strategy of utilizing account freezing, recovery orders and unexplained wealth orders against drug traffickers is arguably misconceived and possibly more of a money-grabbing exercise than anything else, says Jemma Sherwood-Roberts of Corker Binning.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • 2 Perspectives On Navigating The Litigation Funding Process

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    Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.

  • UK Unexplained Wealth Orders Are On The Rise

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    U.K. enforcement agencies are growing more comfortable in utilizing unexplained wealth orders and undertaking the complex investigations that follow, but the vast majority of international businesses and private clients in the U.K. with wealth situated overseas should not fear that UWOs will be used against them, says Zoya Burbeza of Zaiwalla & Co.

  • Another Setback To The SFO's Individual Prosecution Efforts

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    As shown by the recent acquittal of three Sarclad employees connected to the Serious Fraud Office's Sarclad deferred prosecution agreement, such agreements are not well suited for holding individuals accountable, but introducing a new form of DPAs specifically for individuals would be a step in the right direction, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.

  • EU Commission Is Getting Tough On 'Gun-Jumping' Mergers

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    The European Commission's fine against Canon is one of several recent examples of competition law enforcement that should remind merging companies to carefully assess their actions at the crossroads between permissible preparatory measures and premature transaction implementation, says Andrea Pomana of Debevoise & Plimpton.

  • A Look At UK Enforcement Efforts Against Domestic Bribery

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    The U.K. Fraud Advisory Panel's recent report about unchecked domestic corruption is justified to an extent, but it may be too harsh to make a blanket condemnation of U.K. enforcement agencies' approach to tackling economic crime, says Syedur Rahman of Rahman Ravelli.

  • 3 Tech Competition Concerns In Europe

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    Recent cases involving major technology companies and their acquisition of smaller firms have called international attention to the adequacy of competition policy frameworks, and recent proposals in Europe and Australia reveal the onset of an interventionist approach from regulators, say analysts at Cornerstone Research.

  • Lessons From The Global Forestry Investments Scheme

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    The Global Forestry Investments case's progression, from the Insolvency Service's involvement to recent charges by the Serious Fraud Office, indicates that those responsible for serious financial losses may face criminal prosecutions in addition to regulatory penalties, says Maria Theodoulou of Stokoe Partnership Solicitors.

  • Assessing Risk For AI Trained By Tainted Data In The EU

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    In Europe, evaluating the risk of launching an artificial intelligence system trained by tainted data can be challenging, but identifying the relevant rights, possible sanctions and whether the issue is ongoing can put lawyers well on their way to understanding the risk profile, say Toby Bond and Nick Aries of Bird & Bird.

  • Helpful Insights On Arbitration Jurisdiction From UK Court

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    The U.K. Commercial Court's recent decision on arbitration jurisdiction in Minister of Finance v. International Petroleum Investment makes clear that the court will not unnecessarily interfere with arbitration proceedings, but it will be ready to intervene where appropriate, say Ioannis Alexopoulos and Nikoletta Beneki of Signature Litigation.

  • Record GDPR Fine Marks New Data Privacy Enforcement Era

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    A record $230 million General Data Protection Regulation fine issued to British Airways by the U.K. Information Commissioner’s Office shows just how far the GDPR is meant to reach and that not having a robust information technology security program is no longer an option, say Cynthia Cole and Sarah Phillips of Baker Botts.

  • Pros And Cons Of UK Deferred Prosecution Agreements

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    Since deferred prosecution agreements were introduced in 2014, the Serious Fraud Office has initiated five DPAs that have received formal declarations from the court. Opinions are divided as to whether these agreements improve long-term compliance or allow corporates to pay their way out of prosecution, says Perveen Hill of BDB Pitmans.

  • Perspectives

    2nd Circ.'s Approach To Bail Is Backward

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    The Second Circuit's decision in United States v. Boustani correctly identifies the dangers of a "two-tiered" bail system, but the proper solution is to make bail more accessible to everyone, not to fewer people, says Alexander Klein of Barket Epstein.

  • 3 Steps To Calculating Damages For Unnecessary Injunctions

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    A recent Cayman Islands case, Ennismore v. Fenris, sheds light on the process for assessing how much plaintiffs should pay to defendants if they called for a pretrial injunction that the court later finds should not have been granted, say Nicola Roberts and Laura de Heer of Harney Westwood.