Corporate Crime & Compliance UK

  • November 15, 2019

    Manchester City's Appeal Of Finance Probe Rejected

    The Court of Arbitration for Sport said Friday that Manchester City’s appeal of a Union of European Football Associations decision to initiate a probe of potential finance rule violations must be dismissed, as the club was attempting to challenge a non-final ruling.

  • November 15, 2019

    Info Sharing Isn't Rate-Rigging, Big Banks Tell Cities

    Bank of America, Wells Fargo and a slew of other major financial institutions said Thursday that the two major cities accusing them of rigging bond rates are trying to spin standard information sharing into an antitrust conspiracy.

  • November 15, 2019

    No Threats Here, RBS Says As £34M Morley Trial Wraps

    RBS denied illegally coercing a developer into handing over the bulk of his property portfolio to resolve concerns over his £75 million ($96.7 million) loan, with the big UK lender saying at the close of a high-profile trial Friday it had a legal right to try to recover the money.

  • November 15, 2019

    Ex-PrivatBank Owners Ask For Time To Fight $2.6B Fraud Suit

    Two former owners of PrivatBank being sued by the lender asked a London judge Friday for more time to file their defenses to two-year-old allegations that they orchestrated a scheme to steal billions of dollars from Ukraine’s largest bank.

  • November 15, 2019

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

    The past week in London has seen Libya's sovereign wealth fund sue Credit Suisse amid a long-running bribery battle, retailer Sports Direct take on its former accountant Grant Thornton, and a host of underwriters file claims against a shipowner and its bank a month after winning a case over a fake pirate attack. Here, Law360 looks at those and other new claims in the U.K.

  • November 15, 2019

    Goldman Sachs To Exit Bond Price-Fixing Suit With $20M Deal

    Investors who targeted big banks with bond price-fixing claims have nabbed a third settlement in the sprawling litigation, telling a New York federal judge Thursday that they’ve reached a $20 million deal with Goldman Sachs.

  • November 15, 2019

    EU Banks Support France’s Call For Tougher Cybersecurity

    The European banking sector has said it will support an initiative by the French government to clamp down on cybercrime and fend off attempts by foreign governments to interfere with elections.

  • November 15, 2019

    Fee Trips Up UK Banks In Talks On Helping Fraud Victims

    Banks in Britain have failed to reach a deal on how to compensate victims of scams in which customers are tricked into transferring money directly to fraudsters amid disagreements over a proposed transaction fee, an industry body said Friday.

  • November 14, 2019

    Mozambique Maritime Deals Were Legit, Boustani Jury Hears

    Attorneys for Privinvest Group executive Jean Boustani on Thursday sought to cast a different light on maritime projects in Mozambique that prosecutors say were at the center of a $2 billion fraud and kickback scheme, eliciting testimony from insiders at the Abu Dhabi-based shipbuilder who told jurors the projects were aboveboard.

  • November 14, 2019

    Aviation Mogul's Testimony Pared Down In UAE Fraud Claim

    A London judge on Thursday struck out parts of aviation magnate Farhad Azima’s witness statement in a case that’s been brought against him by an Emirati state-owned investment authority, concluding that the arguments arose from speculation with no firsthand knowledge.

  • November 14, 2019

    Ex-Deutsche Trader To Pay $500K To End DOJ’s RMBS Suit

    The U.S. Department of Justice announced Thursday that a former Deutsche Bank trader will pay $500,000 to settle allegations that he misled investors about the quality of loans underlying two residential mortgage-backed securities in the lead-up to the financial crisis.

  • November 14, 2019

    No Brexit? Then Name A Commissioner, EU Says

    The European Commission took steps Thursday toward taking the U.K. to court over its refusal to nominate a new commissioner to serve in Brussels, saying the country still has to live up to its obligations after its exit from the European Union was delayed again in October. 

  • November 14, 2019

    Fraudsters Posed As US Fed Officials In €100M Con, Jury Told

    A Dutch-Swiss shipping company was conned out of a €100 million ($110 million) investment by a gang of fraudsters posing as U.S. government officials, the company’s top in-house lawyer told a London jury on Thursday.

  • November 14, 2019

    Danish Watchdog Tells Swedish Bank To Boost AML Efforts

    Denmark’s financial regulator said Thursday it has ordered the Danish arm of Swedish bank Handelsbanken to strengthen its anti-money laundering efforts after an inspection found an “inherent risk” that the subsidiary would be used to move dirty money.

  • November 14, 2019

    Singapore Fines UBS $8.2M For Overcharging Clients

    Singapore’s financial watchdog hit UBS AG with a fine of 11.2 million Singapore dollars ($8.2 million) on Thursday, the second regulatory penalty the Swiss giant has faced this week for overcharging clients during trades.

  • November 14, 2019

    Pension Watchdog Snares More Execs In Criminal Crackdown

    Two company bosses are set to be sentenced after pleading guilty in separate cases to lying about whether they had placed their staff into a workplace savings plan, the pensions watchdog said Thursday.

  • November 14, 2019

    Fear Still Holds Back Whistleblowers, Banking Chief Warns

    A huge number of people working at lenders in Britain refuse to blow the whistle on misconduct because they fear repercussions, the head of a banking standards body warned Thursday.

  • November 14, 2019

    Danske Bank Faces Prosecution For Overcharging Investors

    Danske Bank said Thursday it has been preliminarily charged by Danish prosecutors for overcharging investors in a low-performing wealth-management product by tens of millions of dollars.

  • November 13, 2019

    Post-Scandal Libor Rigging Suit Can Proceed, Investors Say

    Investors defended their massive proposed class action accusing Bank of America, Deutsche Bank and a slew of other major banks of a sequel Libor-rigging conspiracy, telling a New York federal court that their statistics-heavy case paints enough of a plausible picture of price-fixing to move forward.

  • November 13, 2019

    Feds Rest In Case Of Alleged $2B Mozambican Loan Fraud

    New York federal prosecutors on Wednesday rested their monthlong case against Privinvest Group executive Jean Boustani, who stands accused of conspiring to defraud investors in $2 billion worth of loans used to finance state-backed maritime projects in Mozambique.

  • November 13, 2019

    Shipowners Fight Insurers For $41.5M Over Detained Vessel

    The owners of a Libyan cargo ship seeking $41.5 million for a vessel that was seized and fraudulently detained by Bulgarian authorities disputed its insurer's claim that the Balkan nation’s actions were simply “court processes” and not an “insured peril.”

  • November 13, 2019

    Digital Banks Key To Fighting Dirty Money, NCA Says

    Fintech companies and mobile-based lenders challenging the traditional brick-and-mortar banking model play a crucial role in preventing money laundering but must adapt monitoring to follow how their customers bank, Britain's crime-fighting agency said Wednesday. 

  • November 13, 2019

    Exec In LC&F Scandal Looks To Block Access To Private Docs

    An executive at one of the main companies that borrowed money from London Capital & Finance, the failed minibond provider facing a criminal probe, took the investment firm’s administrators to court Wednesday in an effort to block their access to confidential documents.

  • November 13, 2019

    Halifax Dodges Customer Suit Over PPI Sales

    A London court refused Wednesday to revive a customer's claim that lender Halifax wrongly sold her unnecessary payment protection insurance, siding with a financial ombudsman's decision that she would have purchased coverage even if she had been warned about its flaws.

  • November 13, 2019

    Clearinghouses Call For Longer Buffer After Brexit

    Fourteen trade associations have called on the European Commission to extend rules that will allow U.K.-based clearinghouses to temporarily continue serving the bloc’s financial companies if Britain leaves the European Union without a trade deal at the end of January.

Expert Analysis

  • Key Takeaways From Ex-Alstom Exec's FCPA Conviction

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    In U.S. v. Hoskins, a Connecticut federal court last week convicted a foreigner who did not work for a U.S. company of Foreign Corrupt Practices Act violations, presenting valuable lessons about the scope of FCPA liability and how to effectively withdraw from a bribery scheme, say Sunil Shenoi and Kim Nemirow at Kirkland.

  • The Evolution Of GDPR Enforcement Across The EU

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    With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.

  • Corporate Wrongdoing Risks Go Beyond Exec Departures

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    Recent controversy over misconduct allegations that led to the ousting of a KPMG executive reminds firms that the challenges caused by suspecting or uncovering internal wrongdoing are not so easily solved by the implicated executive's exit, says Sarah Chilton of CM Murray.

  • Series

    Why I Became A Lawyer: Being There For Families In Trouble

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    My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.

  • What To Expect From The US-UK Data Access Agreement

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    The data sharing agreement recently signed by the U.K. and U.S. will be a useful evidence tool in some situations, such as counterterrorism efforts, but is unlikely to be a landmark pact that radically speeds up investigations, says Anna Gaudoin of WilmerHale.

  • FCPA Lessons On 3rd-Party Risks And Cooperation Credit

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    The Microsoft settlement, along with other recent Foreign Corrupt Practices Act enforcement actions, demonstrates the need to prioritize compliance resources in high-risk jurisdictions if third-party intermediaries are engaged and provides insight into how the U.S. Department of Justice voluntary disclosure policy operates, say attorneys at FaegreBD.

  • Covert Corporate Surveillance May Not Be Practical For SFO

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    Recently, Serious Fraud Office Director Lisa Osofsky expressed her desire for covert surveillance to play a greater role in the U.K.'s battle against corporate crime, but a number of barriers stand in the way of this approach, says Neil Williams of Rahman Ravelli.

  • 3 Ways To Leverage Vulnerability For Lawyer Well-Being

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    Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.

  • Zurich Case Brings Clarity To Complex Contempt Proceedings

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    The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.

  • SFO Cooperation Guidance Merits Cautious Welcome: Part 2

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    While the Serious Fraud Office's Corporate Cooperation Guidance provides sensible thoughts on cooperation overall, the SFO's evolving views on privilege are at best confusing and at worst unhelpful, say Matt Getz and Scott Wilson of Boies Schiller in the final part of this article.

  • FX Fraud Decision Tests Limits Of Right-To-Control Theory

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    In United States v. Johnson, the Second Circuit’s decision affirming an ex-HSBC foreign exchange trader's wire fraud conviction highlights that the government and courts may not agree on the government's burden to prove tangible economic harm under the so-called right-to-control theory, say attorneys at White & Case.

  • SFO Cooperation Guidance Merits Cautious Welcome: Part 1

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    The Serious Fraud Office's recently released Corporate Cooperation Guidance is a mixed bag, providing an excellent framework for how investigations should be conducted, but not clearly stating how cooperation will benefit corporates, say Matt Getz and Scott Wilson of Boies Schiller.

  • PayPal Case Illustrates Difficulty Of Avoiding CMA Penalties

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    The U.K. Competition and Markets Authority's recent fine against PayPal for violating U.K. merger control rules — despite the company's attempts to put safeguards in place — demonstrates how rigid the CMA can be when it comes to initial enforcement orders, say attorneys at Fried Frank.

  • SFO's Cooperation Strategy May Fail To Entice Corporations

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    Serious Fraud Office Director Lisa Osofsky's emphasis on corporate cooperation instead of traditional prosecutions may fail to produce results unless individuals and companies contemplating whether to share information with the SFO can be convinced that the benefits outweigh the risks, says Danielle Reece-Greenhalgh of Corker Binning.

  • The Problem — And Opportunity — Of Implicit Bias In The Bar

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    Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.