The past year saw long-running Serious Fraud Office investigations conclude with mixed results for the white-collar crime agency, while a ruling by the U.K.'s top appeals court reinforced the duty banks owe to corporate clients to help protect against fraud. Here Law360 looks back at the biggest cases of the year.
Three former bankers have to pay collapsed Russian lender Trust National Bank $900 million in compensation, after a London judge ruled Thursday that they had funneled hundreds of millions of dollars out of the Russian lender for their own benefit.
Swiss lender Credit Suisse denied knowing about a $2 billion fraud and bribery scam tied to loans the bank made to Mozambique, rejecting the African country’s claims that it’s liable for the actions of three of its former employees.
Employees of energy consulting company Unaoil bribed an Iraqi oil official to "tip the scales" in favor of companies vying for lucrative government contracts to rebuild the country's war-damaged infrastructure, prosecutors said at the start of a trial on Thursday.
Europe’s banking watchdog has said its is broadening the scope of data on payments fraud that companies must report to include types of transactions not included in earlier European Union guidelines.
Lloyd’s of London has appointed a so-called whistleblowers’ champion to its board, a month after a financial regulator censured the corporation for cutting off a hotline for reporting wrongdoing.
A judge at a London court has prevented a private equity firm from trying to oust the founders of a family-run records search company amid accusations of bribery to allow the under-fire directors to fight for control of the business.
Parliament must scrutinize Britain’s finance watchdogs to ensure they protect the country's markets after Brexit, as they will no longer be held to account by the European Union, regulatory experts warned on Thursday.
A European Court of Justice advocate general said Wednesday that the court should back £44.99 million ($59 million) in U.K. government fines against GlaxoSmithKline PLC and generic-drug makers accused of cutting anti-competitive pay-for-delay deals, in an opinion that could have important implications for other pay-for-delay cases before the top court.
The U.K’s competition watchdog has whopped Fender with a £4.5 million ($5.9 million) fine after the guitar maker admitted it had been breaking antitrust law by requiring British retailers not to sell its guitars below a set rate.
A cache of emails divulged by a hacker revealed that an aviation magnate was a “serial fraudster” who dishonestly reaped millions from an Emirati state-owned investment authority, the fund’s counsel said during opening trial statements Wednesday.
A London judge pared back a £46 million ($60 million) lawsuit brought against Credit Suisse by a former director who was jailed in Romania on espionage charges, but ruled on Wednesday that the bank could still have to pay him back after his career was ruined.
The former prime minister of Kazakhstan has denied leaking confidential information about a mining giant to the Serious Fraud Office, saying the “incoherent” allegations should be severed from the latest suit connected to the Kazakh company’s complex legal battle with the agency.
Dozens of shareholders in Serco are suing the company at the High Court to seek compensation after share prices were devastated in 2013 by fraud and false accounting revelations over the electronic tagging service the security outsourcing giant operated for the government.
A judge barred a pension company on Wednesday from seeing documents linked to an investigation by the Financial Conduct Authority into its business partners, hindering its efforts to deflect blame for allegedly misleading consumers at an £86 million ($113 million) trial.
Britain’s cybercrime laws need to be brought into the 21st century, according to a legal report published Thursday that warns outdated rules could lead to courts prosecuting professionals who have ethical motives for accessing company data.
A claims management company has gone into liquidation after failing in a legal appeal to have a fine of £91,000 ($119,000) wiped out, the Financial Conduct Authority said.
Ted Baker revealed on Wednesday that an accounting error is more than twice as big as it had initially thought, leaving the fashion chain with a £58 million ($76 million) hole in its balance sheet.
A Louisiana federal court said Tuesday that a $20 million settlement in a different case allows Goldman Sachs & Co. LLC to exit a suit alleging the Wall Street titan and other major banks rigged the price of bonds issued by government-sponsored entities such as Fannie Mae and Freddie Mac.
A pensions “introducer” promised consumers unrealistic, sky-high returns if they sunk their retirement savings into risky overseas investments and reaped huge commission fees as the projects failed, the financial services watchdog said at trial Tuesday.
The Bank of England said Tuesday it is working with five central banks from across the globe to explore the merits of creating digital currencies, as Facebook prepares to launch its own virtual money.
Europe should extend its proposed tax on financial transactions to include the currency market, a “privileged playground” that trades more than $5 trillion every day, to make financial institutions pay their share of the tax, a consumer group said Tuesday.
Two men who helped swindle millions of pounds from vulnerable consumers through a solar panel sales scam have been ordered to pay more than £434,000 ($567,000) in compensation, as the final court order in the investigation was handed down on Tuesday.
Britain’s payments regulator has proposed widening the measures that banks can use to seek exemptions from new rules designed to prevent fraud by authenticating the identity of their customers.
A husband and wife have been sentenced for falsely telling their insurer that their children were in the back of a car in a road accident as they attempted to inflate the value of their claim.
Two former Barclays executives on trial for fraud invented the concept that the bank would become a preferred provider of banking services to Qatar via a side deal to emergency fundraising launched by the lender, a Serious Fraud Office prosecutor told a jury in London on Monday.
Anne Giviskos, head of risk and compliance at Euronext, talks to Law360 about the challenges of creating a companywide culture amid significant growth, the importance of keeping up with technology in the fight against market abuse and her department’s approach to regulatory change.
Fraud and money laundering are increasing in the U.K., requiring better coordination among law enforcers and more funding from government to combat the threat, the head of the country’s new command center for fighting economic crime told Law360 in an exclusive interview.
Martina Rejsjö and Jimmy Kvarnström talk to Law360 about Nasdaq’s big focus on innovation to better detect patterns in trading behavior, the skills required to work in a tech-driven environment and the issues that take up the bulk of their time on a daily basis.
A recent legal statement from the U.K. Jurisdiction Taskforce clearing up the status of cryptoassets and smart contracts reaffirms the flexibility of English law, but leaves matters of data protection and treatment of related assets in question, say Mark Dawkins and Jenny Arlington of Akin Gump.
Two recent cases from the High Court of Justice and the Court of Appeal shed light on how English appeals courts consider the principle of comity when one jurisdiction exposes a person to criminal prosecution for conduct required by the law of another jurisdiction, says Nick Barnard of Corker Binning.
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.
As 2020 arrives, we may see new products and initiatives in litigation finance that we can’t imagine yet, but one thing is clear — this industry is well past its earliest stage and is entering a very active growth spurt, says Ralph Sutton of Validity Finance.
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
As another year draws to a close, Aisling O'Shea and Nicholas Brechbill at Sullivan & Cromwell take a look at some of the most important U.S. anti-corruption enforcement trends.
Although English civil and criminal liability frameworks that apply to artificial intelligence systems seem likely to be reformed in the near future, those operating in the AI space should manage existing legal risks in the meantime, say Ben Hughes and Russell Williamson of Bird & Bird.
With powerful states in Europe using their full resources to investigate and prosecute those involved in the tax fraud scheme known as cum-ex trading, it seems all but inevitable that shared information will prompt significant investigations in London by the U.K. authorities, says Bambos Tsiattalou of Stokoe.
Transparency International's recent report regarding money laundering in the U.K. shows that the government is not making enough progress in addressing these crimes, says Syedur Rahman of Rahman Ravelli.
Although there is still a long way to go, France's recent adoption of the European Union's Quick Fixes Council Directive will increase the odds of stemming carousel fraud — a type of value-added tax exploitation facilitated by the removal of customs borders, says Sophie Dorin at Bird & Bird.
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
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.
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.
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.
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.