Corporate Crime & Compliance UK

  • April 03, 2020

    CEO Fees To Be Unveiled In Kazakh Paper Co. Funding Row

    A London judge on Friday ordered the disclosure of fees paid to the chief of a Kazakh paper company in a successful $300 million fraud lawsuit, saying the terms may be relevant to a financing dispute that has erupted in the wake of the judgment.

  • April 03, 2020

    FCA Extends Senior Manager Approvals Amid Virus Turmoil

    The Financial Conduct Authority said Friday it is prepared to temporarily relax financial accountability rules by allowing firms to draft in replacements for senior managers without regulator approval for up to nine months during the coronavirus pandemic.

  • April 03, 2020

    Construction Giant Hits Truck Makers With Cartel Suit

    Construction giant Balfour Beatty has sued some of the world's biggest truck makers in London seeking damages over a cartel that led to €2.93 billion ($3.23 billion) in price-fixing fines from the European Commission.

  • April 03, 2020

    Global Regulators Delay Finalizing New Derivatives Rules

    Global financial regulators said Friday they would push back deadlines for new rules on non-centrally cleared derivatives by one year to help the finance industry cope with the upheaval of the COVID-19 outbreak.

  • April 03, 2020

    Covington Adds Bryan Cave Partner To London Antitrust Team

    Covington & Burling LLP has snagged a partner from Bryan Cave Leighton Paisner LLP who brings with him experience working at the U.K.’s antitrust authority to join its competition group in London.

  • April 03, 2020

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

    The past week in London has seen Hilton lodge competition claims against Visa and Mastercard, a hedge fund slap a family-run investment company with a trademark case, and two oil explorers working in Africa square off in court. Here, Law360 looks at those and other new claims in the U.K.

  • April 03, 2020

    Fraud Rises 9% As UK Braces For Surge In COVID-19 Scams

    Britain’s top law enforcement agency reported a rise in fraud driven by cybercrime on Friday amid warnings of a spike in scams by criminals exploiting the coronavirus pandemic to target pension savers, investors, online consumers and remote workers.

  • April 03, 2020

    Seized Ship Owners In $41 Suit To Hand Over Mortgage Docs

    A judge on Friday ordered the owners of a cargo ship seized with allegedly forged documents to give Libya Insurance information related to mortgages on the ship and discussions with lenders, but rejected the insurer’s calls for wider disclosure in the $41 million suit.

  • April 03, 2020

    Investor Drops Swaps Loss Claim Against Lloyds Unit

    A London judge has dismissed a legal dispute between a subsidiary of Lloyds Banking Group PLC and a property investor over the alleged misselling of crisis-era financial products that was set to head to trial this month.  

  • April 02, 2020

    2nd Circ. Refuses To End Ex-SocGen Exec's Fugitive Appeal

    The Second Circuit on Wednesday denied prosecutors' bid to dismiss an appeal from a former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate, finding that it has jurisdiction to decide whether or not she is a fugitive.

  • April 02, 2020

    Financial Watchdog Tells Firms To Maintain Critical Staff

    A global forum of central bankers on Thursday urged governments to recognize some financial services professionals as essential staff in order to keep markets operating smoothly during the COVID-19 outbreak.

  • April 02, 2020

    VW May Face European Dieselgate Claims In National Courts

    Volkswagen could have to face litigation brought by Austrian consumers claiming they overpaid for vehicles fitted with devices designed to cheat emissions tests in Austrian courts, rather than in Germany, because the damage happened where the cars were bought, an adviser to the European Union’s highest court said Thursday.

  • April 02, 2020

    Ex-RBS Manager Fights Legal Fees Over Film Investment Row

    A former RBS manager continued his fight Thursday against the legal fees he owes Fieldfisher LLP for his now-settled £14 million ($17.3 million) lawsuit against a financial adviser over a film investment scheme that led to him losing his job and facing conspiracy charges.

  • April 02, 2020

    Serco Eyes Early Exit In Shareholder Suit Over Stock Dive

    Security outsourcing giant Serco may ask a London court to dismiss a shareholder suit alleging the company misled investors about government contracts that led to a fraud scandal, saying they have failed to prove any connection between statements to the market and financial losses.

  • April 02, 2020

    Record UK Sanctions Fine Ushers In More Aggressive Era

    Britain's fledgling sanctions watchdog took a big swing with its £20.5 million ($25.5 million) fine on Standard Chartered PLC over loans that violated Ukraine sanctions, its most aggressive move yet that could usher in a new era of U.S.-style enforcement in the U.K.

  • April 02, 2020

    2nd Circ. Backs Stock-Parking Penalty For Ex-Barclays Trader

    The Second Circuit published an opinion on Thursday affirming the U.S. Securities and Exchange Commission’s five-year ban of an ex-Barclays bond trader over an alleged stock-parking scheme.

  • April 02, 2020

    Ex-Dell Distributor Execs Get Prison After Anti-Suit Order

    A London judge on Thursday sentenced two directors of a Middle Eastern company to 18 months in prison for ignoring the court’s orders to halt litigation brought in the Lebanese courts after a Dell unit ended their distribution deal.

  • April 02, 2020

    Morrisons Ruling Leaves Door Open For Data Breach Suits

    Morrisons no longer has to pay up over a rogue worker's theft of thousands of employees' data after the U.K. Supreme Court’s landmark decision Wednesday, but the threat of group actions over more straightforward data breaches remains.

  • April 02, 2020

    KPMG Fined £484K For Failing To Challenge Client Audit

    Britain’s accounting watchdog said Thursday it has fined KPMG and a senior partner a total of £484,000 ($600,000) for falling to challenge a client during an audit over information provided about complicated payments by suppliers.

  • April 02, 2020

    French Movie Producer Gets OK For English Tax Fraud Suit

    A judge in London has allowed a French movie producer to proceed with a lawsuit against nearly a dozen financial advisers and former HSBC bankers implicated in a money laundering scandal over the alleged theft of €7.2 million ($7.8 million) from a tax-savings scheme.

  • April 02, 2020

    Sweden Allows 14-Month Suspension Of Mortgage Payments

    Sweden’s financial regulator told banks on Thursday they can exempt homeowners from mortgage payments until June 2021 if they have lost their jobs or fallen ill with the coronavirus, after other countries enacted similar measures.

  • April 02, 2020

    Banks Asked To Freeze Loan Payments As Crisis Deepens

    British lenders should freeze loan and credit card payments for borrowers struggling with the “financial shock” caused by the coronavirus outbreak, the Financial Conduct Authority said Thursday, as it set out a proposed three-month relief package for consumers.

  • April 01, 2020

    2nd Circ. Revives Yen Libor-Rigging Suit Against Big Banks

    The Second Circuit reversed the tossing of a 2015 suit accusing Barclays, Lloyds, Bank of America and more than a dozen other international banks of benchmark interest rate-rigging, ruling Wednesday that the investor plaintiffs convincingly linked their financial losses to the banks' alleged market manipulation.

  • April 01, 2020

    Int'l Antitrust Enforcers Balance Cooperation, Crackdowns

    Antitrust agencies worldwide continue to adapt to enforcement in the time of COVID-19, balancing the need to be more permissive about intercompany collaboration necessary to combat the pandemic with warning others against taking advantage of the situation, all while still reviewing mergers.

  • April 01, 2020

    Office Depot Settles €14M Envelope Cartel Damages Suit

    Retailer Office Depot has settled its High Court case seeking to recover some €14 million ($15.2 million) it allegedly overpaid for envelopes from Swedish manufacturer Bong AB while the latter was part of a five-year European cartel.

Expert Analysis

  • Latest UK Sanctions Breach Fine May Signal New Era

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    The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.

  • Responding To DOJ's Increasing Int'l Antitrust Extraditions

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    The U.S. Department of Justice's recent extradition of a Korean auto parts executive — the third extradition based solely on an antitrust charge — reveals the difficult choices individuals face in deciding whether to defend themselves in a foreign land, but defendants in these cases have other options, say attorneys at BakerHostetler.

  • UK Gambling Regulator's AML Action Is A Warning To All Cos.

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    The U.K. Gambling Commission's recent anti-money laundering fine against online gambling giant Betway illustrates that companies subject to the U.K. Money Laundering Regulations must adopt a risk-based compliance approach that concentrates resources and focus into their highest-risk areas, say attorneys at Cadwalader.

  • A Few Unexplained Wealth Orders Don't Solve Fraud Issues

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    While the National Crime Agency has paraded a few high-profile unexplained wealth orders, like those the U.K. Court of Appeal recently upheld against Zamira Hajiyeva, the hype still fails to match their limited usefulness in combating illicit money thus far, says Bambos Tsiattalou at Stokoe.

  • Regulating Cryptoassets May Be Harder Than FCA Expects

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    The Financial Conduct Authority's director of retail and regulatory investigations recently painted a hopeful picture of plans to regulate cryptoassets, but obstacles such as weak links in the global regulatory chain and resistance to compliance may be more challenging than anticipated, says Anna Gaudoin of WilmerHale.

  • Opinion

    SFO Must Radically Overhaul Prosecution Approach

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    The Serious Fraud Office's recent failure to convict three Barclays executives for fraud is the latest evidence that the agency's real issue is its tendency to seek prosecution without a realistic chance of conviction, says Bambos Tsiattalou at Stokoe.

  • Aviation Watch: Airbus Gets Off Easy In Bribery Settlement

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    The $4 billion settlement Airbus recently agreed to pay to the U.S., U.K. and France over foreign bribery charges is merely a cost of doing business for the aircraft manufacturer, and suggests that there is no effective deterrent to corruption when companies are too big to prosecute, says Alan Hoffman, a retired attorney and aviation expert.

  • Conviction Toss Reinforces FCPA’s Jurisdictional Constraints

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    A Connecticut federal court's recent decision in Lawrence v. Hoskins, throwing out a foreign national's conviction for Foreign Corrupt Practices Act violations, is a potent reminder of the FCPA's limited reach and provides defense counsel with a powerful new precedent, say attorneys at Fried Frank.

  • UK Group Data Breach Claims Pose Big Financial Risks

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    Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.

  • Corporate Self-Reporting Won't Guarantee SFO Leniency

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    While self-reporting corporate crime can generally help U.K. companies get more lenient treatment from the Serious Fraud Office, two companies that were formally prosecuted nonetheless demonstrate that self-reporting should be backed by proper cooperation, reform and caution, says Azizur Rahman at Rahman Ravelli.

  • Assessing Trump's Conditional Pardon Offer To Assange

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    President Donald Trump's reported offer to pardon Julian Assange, if Assange denied that Russians hacked into the Democratic National Committee database, was constitutionally risky and highlights the danger of presidential power wielded for personal goals, says Harold Krent at Chicago-Kent College of Law.

  • Legacy Contracts Complicate Libor Transition

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    As firms prepare for Libor cessation by the end of next year, one of the more difficult challenges may be dealing with legacy contracts, which could cause significant market disruption and litigation if not successfully renegotiated, say Abdulali Jiwaji and Johnny Shearman at Signature Litigation.

  • SFO Compliance Evaluation Guidance Is Insubstantial

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    The Serious Fraud Office's new guidance explaining how it assesses companies' compliance programs is laudable, but does not provide enough solid advice, says Azizur Rahman of Rahman Ravelli.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

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