The European Union's first blocwide prosecutor's office launched this week to the expectation that it will be a game changer in the fight against crimes that damage the EU's finances, but its authority and ability are already being tested.
A former Deutsche Bank commodities trader was sentenced to one year and one day in Illinois federal court on Monday after he was convicted of wire fraud for engaging in a scheme to spoof the precious metals market.
A London judge said on Monday it was too early to widen the disclosure of confidential documents by Google to a shopping comparison website in an antitrust lawsuit over alleged unfair search results.
An IT consultant working for ENRC leaked a "personal archive" of the company's confidential information to a freelance journalist for his own profit, counsel for a Dechert attorney accused of orchestrating leaks about the miner's internal graft probe said Monday.
A former solicitor and ex-director of Claims Direct PLC, who made millions before it eventually collapsed, deceived the company into handing over £9.75 million ($13.5 million) for a stake in his law firm, a judge ruled.
Brazilian orange juice exporter Sucocitrico Cutrale argued at a London court on Monday that a damages suit brought by more than 1,500 farmers over the company's involvement in a price-fixing cartel belongs in Brazil, not the U.K.
KPMG should be fined at least £15 million ($21 million) for ignoring the interests of a struggling mattress company it advised in favor of a private equity fund client it was nurturing, Britain's accounting watchdog told a disciplinary tribunal on Monday.
An HSBC client threatened to "open up a Pandora's box" over allegations that the bank's foreign exchange traders were front-running his firm's currency transactions to force it to reach a financial settlement, lawyers for the lender said at a trial on Monday.
The past week in London has seen a blockchain company sue Bryan Cave Leighton Paisner, one of the world's largest sugar producers file an insurance claim and drinks giant Pepsi lodge two intellectual property complaints. Here, Law360 looks at those and other new claims in the U.K.
Britain's antitrust tribunal said on Friday that a ball-bearing manufacturer accused of fixing prices cannot widen its defense by arguing that a carmaker's cost controls softened the cartel's impact on its profits, ruling that the theory is "unpleaded and speculative."
Stanford International Bank has asked the U.K.'s highest court to revive the bulk of its £118 million ($163 million) lawsuit against HSBC over a $7 billion, decades-long Ponzi scheme orchestrated by the Caribbean bank's former owner.
A British financial adviser who urged clients to transfer £23 million ($32 million) of their pension savings into dodgy investment plans has been banned from acting as a company director for more than a decade, the Insolvency Service said on Friday.
A trade body for insurers in Ireland could have breached antitrust rules and cut consumer choice by limiting access to a data-pooling service for automotive insurance claims, the European Commission said on Friday.
Danske Bank said on Friday that it will not allow clients to trade cryptocurrencies on its platform despite their growing interest, saying the lack of transparency of digital assets means they are open to being used for financial crime.
Investors suing Bank of America and other banking giants for allegedly conspiring to fix European government bond prices are crediting State Street Corp. with giving them "critically important" ammunition in their case as part of a one-off settlement tentatively approved Wednesday in New York federal court.
A U.S. lawyer who advised ENRC on sanctions issues during the Kazakh miner's internal probe into suspected corruption blasted the Dechert partner who led the investigation for his "unprofessional behavior" at a London trial on Thursday.
A Spanish winemaker has asked the U.K.'s financial regulator to look into foreign exchange trades it says were encouraged by Goldman Sachs in the latest chapter of a multimillion-dollar fight over lost investments.
The owner of currency investment firm ECU Group testified on Thursday that he did not suspect HSBC foreign exchange traders were misusing confidential information to trade ahead of client orders at the time, as the bank pushes to escape the suit.
The chairman of a parliamentary committee called Wednesday on Lex Greensill to testify as part of an inquiry into Sanjeev Gupta's steel business, saying that the Australian businessman's refusal to appear before Parliament because of an ongoing probe is "disrespectful."
Multibillion-dollar losses reported by Credit Suisse and UBS from their exposure to Archegos Capital highlight the necessity of capital requirements for larger lenders, Switzerland's central bank said on Thursday.
Cryptocurrencies are rising in popularity among British investors, although their understanding of the digital assets is declining and consumers might not know what they are buying, the finance watchdog warned on Thursday.
With President Joe Biden gung-ho about fighting corruption, new anti-money laundering rules looming, and vulnerabilities that were amplified by the pandemic, companies should act now to reexamine and bolster their compliance programs, experts say.
A U.K. tax court denied an appeal by a General Electric Co. subsidiary seeking to escape about £650 million ($908 million) in taxes because it claimed it was entitled to a foreign tax credit in the U.S. for 2003 through 2008.
Greenberg Traurig successfully lobbied for a New York state bill that will make it harder to enforce foreign judgments, which could be worth $700 million or more to a Vladimir Putin-linked Russian oligarch who is a client of the firm. The state senator who sponsored the bill had no idea.
A former ENRC security consultant testified on Wednesday that he regretted lying in an anonymous letter he sent to the Serious Fraud Office accusing a Dechert attorney investigating alleged corruption at the Kazakh mining company of colluding with the agency's officials.
A former government tax employee who was the ringleader of a payroll fraud conspiracy has been ordered to hand back £1.7 million ($2.4 million) or face a further four years in jail, HM Revenue & Customs said on Wednesday.
Cohen & Gresser LLP's U.K. white collar chief John Gibson talks to Law360 about building a new team, his experience at the country's top fraud prosecutor, and where he expects the watchdog to turn its sights next.
Three years after a run of high-profile scandals led to calls to help small businesses deal with banks, the new dispute resolution service is finally open for business. Some of the key players involved in creating the organization told Law360 about how the ambitious project got off the ground and how they hope it will become a permanent fixture in the U.K.'s alternative dispute resolution armory.
The past year saw major developments in civil fraud cases in the U.K., including a Supreme Court decision easing the limits on who can sue for damages suffered by a company and two rulings carving out the jurisdiction of courts in England and Wales.
Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.
New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.
An advocate general's recent opinion in Bank Melli Iran v. Telekom Deutschland, a European Union sanctions blocking case, highlights serious new international regulatory compliance risks but also presents helpful guidance for navigating conflicting EU and U.S. rules, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University.
The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.
The recent collapse of the U.K. Serious Fraud Office's case against two former Serco Geografix Ltd. directors underscores the SFO's continued challenges in turning lucrative deferred prosecution agreements into the guilty verdicts it seeks, raising concerns about the agency's success rates, say Richard Sallybanks and Alex Swan at BCL Solicitors.
The COVID-19 pandemic has provided many new opportunities for fraudsters to exploit resulting assistance measures or changes in victims' behavior, and the U.K. government's efforts to combat fraud and recover public funds may be insufficient, say Cameron Brown at Red Lion Chambers and Kabir Sondhi at 9 Bedford Row.
The U.K. Financial Conduct Authority’s recent criminal proceedings against NatWest over Money Laundering Regulation compliance failures show how the regulator may be positioning itself to take on a more active role as a prosecutor, says Jemma Sherwood-Roberts at Constantine Law.
Amid the economic turmoil of COVID-19, a proactive approach to asset disclosure should be central to a strong strategy for enforcing judgments, enabling civil fraud claimants to identify and freeze all manner of assets while applying pressure and gaining information, say Kate Gee and Olivier Swain at Signature Litigation.
The U.K. Financial Conduct Authority's recent fine against Sapien Capital for money laundering failures related to the cum-ex trading scandal never actually touched upon the practice's legality, foreshadowing a roundabout strategy regulators outside the affected countries may employ to hold those responsible to account, says Syed Rahman at Rahman Ravelli.
If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.
Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.
In PJSC National Bank Trust v. Mints, the U.K. High Court imposed costs on the prevailing party for failure to notify the court of related proceedings, demonstrating an approach that judges may use to mitigate the risk of discordant outcomes in multijurisdictional litigation, say Thomas Grant at Cambridge University and Scott Kieff at George Washington Law School.
Bribery Act-related deferred prosecution agreements lack sufficient defense analysis, are heard too quickly and may contain defective indictments among other signs that point to insufficient judicial scrutiny of the agreements, says David Corker at Corker Binning.
UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.
Editor's note: This guest article has been removed due to the authors' ongoing involvement in the case discussed.