Corporate Crime & Compliance UK

  • May 07, 2024

    Spacey To Face UK Civil Trial Over Sex Assault Claim

    Kevin Spacey successfully bid to overturn a default judgment against him at a London court on Tuesday — but the actor now faces a trial to fight off a man's £457,000 ($574,000) sexual assault claim.

  • May 07, 2024

    FCA Bans Investment Firm's Ex-CEO For Misleading Clients

    The Financial Conduct Authority has fined the former chief executive of a London-based investment firm for misleading clients about cash held by the group and handed him a ban, according to a statement published Tuesday.

  • May 07, 2024

    Apple Seeks To Block 'Hopeless' £853M Battery Class Action

    Apple urged an appeals court on Tuesday to allow it to challenge a £853 million ($1 billion) proposed class action that accuses it of concealing problems with batteries in the phones of 24 million customers, arguing there is no evidence to support the "hopeless" claim.

  • May 07, 2024

    PwC, EY Hit With Fines Over LC&F Audit Failures

    The Financial Reporting Council said Tuesday that it has handed out fines totaling approximately £10 million ($12.5 million) to PwC, EY and a third accounting firm for failures during audits they carried out on London Capital & Finance before the investment company's high-profile collapse.

  • May 06, 2024

    British National Admits To Coworking Business Ponzi Scheme

    A British citizen pled guilty Friday in Manhattan federal court to participating in a scheme to solicit investments using fraudulent misrepresentations about a coworking company where he was a principal.

  • May 03, 2024

    SRA Warns Law Firms On Improper Practices In Mass Claims

    The Solicitors Regulation Authority voiced concerns on Friday about law firms and legal professionals that handle mass claims involving financial services or products, saying that some are running up costs before they have even been instructed to act.

  • May 03, 2024

    Ex-Post Office Lawyer Denies Concealing IT Bug From Court

    A Post Office lawyer was told of a bug in the accounting system used to prosecute an innocent sub-postmistress days before her trial but did not disclose this to the court, according to documents submitted Friday to the inquiry into the Horizon IT scandal.

  • May 03, 2024

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

    The past week in London has seen rapper Ivorian Doll hit with a copyright claim, private members club Aspinalls file a claim against a Saudi sheikh, and Motorola Solutions file a claim against the British government on the heels of its dispute over losing a £400 million ($502 million) government contract. Here, Law360 looks at these and other new claims in the U.K.

  • May 03, 2024

    EU Regulators To Report AML Suspects To Central Database

    The European Union's banking watchdog has said that national regulators can start reporting information on named individuals to the bloc's centralized anti-money laundering database from May, in a step further strengthening the fight against financial crime.

  • May 03, 2024

    Cable Makers Must Face Class Action From UK Energy Customers

    Britain's antitrust court gave the go-ahead Friday for the former director of the U.K. gas regulator to lead a class action for millions of electricity customers in Britain against manufacturers of high-voltage power cables that are accused of fixing prices.

  • May 03, 2024

    Financial Adviser Convicted In Axiom Legal Fund Fraud Case

    A former financial adviser was convicted on Friday of siphoning £5.8 million ($7.3 million) from an investment fund using secret commission payments as part of a legal financing fraud.

  • May 02, 2024

    Whistleblower Claims Would 'Destroy' Autonomy, GC Was Told

    Autonomy's former U.S. general counsel testified Thursday in the criminal fraud trial of former CEO Michael Lynch that the company's chief operating officer didn't want a whistleblower's claims to get into court, telling him that while the "law" was on their side, "the facts look bad" and would "destroy Autonomy."

  • May 02, 2024

    HMRC Asked To Investigate Firm On Dodging Sanctions

    HM Revenue & Customs should investigate a German-owned garage door manufacturer for violating sanctions by importing products from Belarus into the U.K., but instead authorities brushed off the case and now the company might receive a license, a U.K. lawmaker said.

  • May 02, 2024

    Mastercard Appeals Jurisdiction Ruling In £10B Class Action

    Mastercard argued to a London appellate court Thursday that a £10 billion ($12.5 billion) class action over its swipe fees should be governed by the law of the jurisdiction covering the bank that processed the payment, rather than the jurisdiction of the customers who suffered the loss.

  • May 02, 2024

    BofA Beats Whistleblower Claim Without Settlement Defense

    An employment judge has ruled a whistleblower working for Bank of America did not breach the terms of a settlement when he brought fresh litigation against the bank — but still dismissed his claims for filing them too late.

  • May 02, 2024

    Insurers Don't Have To Cover Deal Soured Over Bribery Woes

    A London appeals court on Thursday rejected a holding company's bid to overturn a ruling that found its insurers were not liable for losses it suffered when its acquisition of a construction contractor went south after bribery and corruption allegations.

  • May 02, 2024

    Financial Watchdog Boss Summoned Over Plan To ID Targets

    The head of the Financial Conduct Authority has been summoned to explain to lawmakers why he has not responded to their request to pause the watchdog's controversial plan to name the firms it probes amid mounting criticism that doing so could harm those later found innocent.

  • May 09, 2024

    Dentons Hires Disputes Partner With Green Expertise

    Dentons has hired an environmental litigation guru, who spent over a decade at Freshfields Bruckhaus Deringer LLP, to take up a partner position in its disputes team.

  • May 02, 2024

    PPF Says Norton's Pensions Top-Up Payments Starting Soon

    The pensions compensation program has confirmed that former employees of Norton Motorcycles will get top-up payments soon, after they were left financially disadvantaged when an executive siphoned off funds from a staff retirement savings plan.

  • May 02, 2024

    Europol Helps Bust 12 Fraudulent Call Centers

    Police have raided 12 call centers in several countries for making thousands of investment scam calls and other telephone fraud, Europol said Thursday, as the agency revealed the cost to victims could have been more than €10 million ($10.7 million.

  • May 02, 2024

    Stalker Ex-BBC Presenter Must Pay Libel Damages To Cop

    A former BBC radio presenter imprisoned for stalking broadcaster Jeremy Vine must pay "substantial" compensation to the police officer who investigated him after she settled her libel claim on Thursday over false allegations that he posted about her online.

  • May 02, 2024

    Uber Hit With £250M Claim From London's Black Cab Drivers

    Uber was hit on Thursday with a multimillion-pound claim brought by more than 10,500 drivers of London's black cabs, who say the ride-hailing app operates unlawfully in the capital.

  • May 01, 2024

    Autonomy CEO's Atty Says Judge 'One-Sided' Against Client

    A Steptoe LLP partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial accused the judge overseeing the case of making comments to the jury that are "one-sided" in a way that prejudices the defense.

  • May 01, 2024

    Teacher Argues Ban Over Pronoun Use Violates Human Rights

    A teacher banned from the profession for misgendering a transgender pupil argued Wednesday that the prohibition unjustifiably interfered with his rights as a Christian.

  • May 01, 2024

    FCA Opposes Paying Ex-Julius Baer Manager's Legal Costs

    The U.K.'s Financial Conduct Authority urged a London appellate court Wednesday to overturn a tribunal's decision to make it pay part of a former Julius Baer employee's legal costs, saying the tribunal unfairly ruled that the FCA had unreasonably not called witnesses who were overseas.

Expert Analysis

  • Full EU Import Border Controls Pose Hurdles For UK Cos.

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    The U.K.’s long-anticipated introduction of full border controls on imports of goods from the EU, due to complete by the end of 2024, brings the system broadly into line with goods imported from the rest of the world, but may result in delays, increased costs and disruption as businesses adapt, say Ben Chivers and Jonathan Rush at Travers Smith.

  • Cos. Should Review Cookie Compliance After ICO Warnings

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    The Information Commissioner's Office recently restated its intention to take enforcement action on the unlawful use of nonessential cookies, and with the additional threat of public exposure and reputational damage, organizations should review their policies and banners to ensure they comply with data protection legislation, says Murron Marr at Shepherd & Wedderburn.

  • New Fraud Prevention Offense May Not Make Much Difference

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    By targeting only large organizations, the Economic Crime Act's new failure to prevent fraud offense is striking in that, despite its breadth, it will affect so few companies, and is therefore unlikely to help ordinary victims, says Andrew Smith at Corker Binning.

  • Mitigating And Managing Risks Of AI Use In Private Equity

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    While generative artificial intelligence has the ability to transform private equity firms and their portfolio companies, its deployment brings inherent risks, including those presented by the forthcoming EU AI Act, requiring appropriate risk management strategies, processes and policies to be adopted, says Barry Fishley at Weil.

  • Vodafone Decision Highlights Wide Scope Of UK's FDI Rules

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    The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • EU Product Liability Reforms Represent A Major Shakeup

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    The recent EU Parliament and Council provisional agreement on a new product liability regime in Europe revises the existing strict liability rules for the first time in 40 years by easing the burden of proof to demonstrate that a product is defective, a hurdle that many had previously failed to overcome, say Anushi Amin and Edward Turtle at Cooley.

  • Amazon's €32M Data Protection Fine Acts As Employer Caveat

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    The recent decision by French data privacy regulator CNIL to fine Amazon for excessive surveillance of its workers opens up a raft of potential employment law, data protection and breach of contract issues, and offers a clear warning that companies need coherent justification for monitoring employees, say Robert Smedley and William Richmond-Coggan at Freeths.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

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