The Serious Fraud Office could play a greater role in criminal cartel prosecutions under an agreement to work more closely with the country's antitrust watchdog. But extending the remit of the white-collar crime agency is unlikely to reverse the U.K.'s woeful record of enforcement.
Film distributor Entertainment One won permission Tuesday to add allegations to its £18 million ($24 million) suit against Monex claiming that the foreign exchange firm's top bosses knew of bribes being paid to secure foreign exchange trading business.
Appellate judges in London on Tuesday barred an investment adviser accused of scamming investors as part of a £15.25 million ($20 million) Ponzi scheme from using frozen funds to pay off his BMW or refurbish a Spanish holiday home as he awaits trial.
A judge refused on Tuesday to pare down accusations that a Thai lender conspired to seize control of a $700 million major wind energy company from its owner, saying the bank will have to argue at trial that it has no presence in England.
A KPMG partner accused of misconduct while arranging the sale of a British bed manufacturer to U.S. buyout firm HIG Capital in 2011 told a tribunal on Tuesday that he is the victim of a "witch hunt" by the audit watchdog.
The Financial Conduct Authority said it will hold senior bosses of Lloyd's of London insurers directly to account if it finds evidence that customers with claims from the pandemic have been treated unfairly.
European insurers hit back at the European Commission on Tuesday over proposed changes to the value-added tax regime in the bloc, saying the system is outdated and threatens the EU's capital markets union.
Telecoms businesses that use services from risky sources such as Huawei could face penalties of £100,000 ($133,000) a day under draft legislation published by the government on Tuesday.
Companies planning to list shares on Germany's DAX index will face tougher criteria, the exchange's operator said on Tuesday, with an overhaul that comes after the blue-chip index dropped payments company Wirecard when it collapsed with a €1.9 billion ($2.2 billion) hole in its books.
The U.K.'s competition enforcer said Monday it is reviewing a complaint from a coalition of online marketers contending that changes Google plans to implement to its browser will further cement the search and advertising giant's "dominance of online business."
A Manhattan federal judge showed little inclination Monday to stop convicted forex rigger Jason Katz from earning $400 per hour as consultant for investors seeking to hold 16 big banks liable for price-fixing, but the judge suggested capping the former government cooperator's pay.
British bed manufacturer Silentnight faced a "burning platform" of debt and pension liabilities in the year before it entered administration, a KPMG partner accused of helping a U.S. private equity firm force the company into insolvency told a London tribunal Monday.
A London judge on Monday stopped short of opening committal proceedings against an art dealer despite "strong" evidence she forged an email from Microsoft's late co-founder to justify her £12 million ($16 million) lawsuit for the right to sell a Pablo Picasso painting.
The Financial Conduct Authority said on Monday that is has imposed a fine of £3.44 million ($4.58 million) on TFS-ICAP for market misconduct after the electronic trading platform was found to be making up trades.
The European Banking Authority is planning to keep a closer watch on the way supervisors use digital finance regulatory tools in their work as it seeks to ensure that frameworks are fit for the digital age.
A worldwide freezing order imposed on the former owners of PrivatBank, a Ukrainian lender, does not prevent them from paying their lawyers in a $1.9 billion fraud lawsuit, a judge has said at a court in London.
A British prosecutor told an appeals court Friday that undisclosed information linking associates of a man convicted of insider dealing to an inside source at Citibank doesn't surmount evidence that he got confidential deal information from a friend who was a UBS compliance officer.
The U.S. government called claims Julian Assange is being prosecuted for his political opinions "absurd," saying in court documents filed Friday in London that the WikiLeaks founder is wanted in the U.S. to face trial because he has "committed serious criminal offenses."
This week in London has seen some of Europe's biggest truckmakers facing more litigation following their antitrust fines, Eddie Stobart sued by its fired founder, and pharmaceutical company Reckitt Benckiser go after its former prescription drugs business. Here, Law360 looks at those and other new claims in the U.K.
Three Cayman Island companies have told a court in London that a prime broker in Britain should return more than $12 million in fees after it failed to detect that their investments were being funneled into a Ponzi-like fraud scheme.
The specialist division of German insurer Allianz said it has been hit by a 950% increase in cyber-insurance claims over the last three years, and warned of the growing threat to business from internet criminals taking advantage of a new trend in working from home.
European Union post-Brexit trade talks with the U.K. remained stuck over crucial questions such as competition and dispute resolution on Friday, as France, Belgium and The Netherlands pressed to step up EU preparations for a disruptive no-deal departure by Britain.
The retirement savings watchdog said it will crack down on companies failing to make contributions to staff pension funds during the COVID-19 crisis, reversing an earlier soft-touch approach when the pandemic first hit.
A litigation funder claimed Wednesday that Eni's petition for it to turn over documents is actually "retribution" for the company covering a suit that sees the Italian oil giant facing corruption claims over a Nigerian offshore oil deal.
A former UBS compliance officer and her day trader friend urged a U.K. appeals court Thursday to overturn their insider dealing convictions, saying the Financial Conduct Authority didn't disclose evidence that assisted their case.
A New York federal judge on Thursday gave her congratulations to plaintiffs' counsel for a $23.6 million class-action settlement with more than a dozen big banks accused of rigging the foreign exchange market and said it was "no mystery" she would sign off on the deal.
More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
UPDATED November 23, 2020, 12:51 PM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.
With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.
When the U.K.'s transition out of the European Union ends on Dec. 21, its own sanctions regime will come into effect, and though it will initially be similar to the European Union's, important differences and potential future divergences mean that the U.K. rules should be considered separately, say attorneys at Linklaters.
As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.
Nicola Finnerty and Tom Surr at Kingsley Napley discuss the legal barriers U.K. investors face in reaping the rewards of cannabis legalization in Canada and the U.S., and what recent developments may mean for the future of U.K. cannabis enforcement.
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
The Serious Fraud Office’s recent deferred prosecution agreement with multinational security services company G4S suggests the agency’s approach to compliance, program remediation and corporate renewal is evolving to favor parent company involvement and the appointment of independent compliance monitors, say Chris Roberts and James Ford at Mayer Brown.
The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.
Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.
The High Court of Justice of England and Wales recently required thousands of Nigerians suing Shell in London over an oil spill to provide individual evidence of damage and individual defenses in Jalla v. Shell, illustrating how U.K. class action claimants must truly have a common interest, say attorneys at Signature Litigation.
A Unaoil executive's recent decision to plead guilty to Foreign Corrupt Practices Act violations in the U.S. rather than facing bribery prosecution in the U.K. highlights strategic considerations for individuals facing criminal charges in multiple jurisdictions, says Joshua Ray at Rahman Ravelli.
Neil Williams at Rahman Ravelli outlines why European regulatory investigations into cum-ex — a 1990s-era dividend arbitrage trading practice involving tax rebate claims worth tens of billions of euros — are gaining momentum years after the activities that sparked them, and who should be concerned.
While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.
The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.
The Trump administration’s recent attempt to trigger United Nations sanctions against Iran under the 2015 nuclear deal's dispute resolution mechanism, despite U.S. withdrawal from the accord, adds uncertainty to an increasingly difficult commercial landscape and could strain trade relations between the U.S. and its European allies, say Leigh Crestohl and Stephanie Limaco at Zaiwalla & Co.