Corporate Crime & Compliance UK

  • April 05, 2024

    CMS Breached Instructions Over Lawyer Fees, Ex-Client Says

    A former CMS Cameron McKenna Nabarro Olswang LLP client told a London court Friday that the law firm acted in breach of instructions when using some of the money earmarked for counsel in civil and criminal proceedings to pay itself.

  • April 05, 2024

    High Court Limits Use Of Confidential Info In $3.7B Asset Fight

    Relatives of a dead Russian oligarch and an investment company accused of international fraud on Friday partially succeeded in obtaining an order to prevent the alleged misuse of their confidential information.

  • April 05, 2024

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

    This past week in London has seen the BBC sued by former Georgian defense minister David Kezerashvili, Russian businessman Ildar Sharipov file a defamation claim against the publisher of the Liverpool Echo newspaper, MEX Group Worldwide sue Barclays and NatWest, and a climbing gear company hit retailer Next with a claim of copyright infringement. Here, Law360 looks at these and other new claims in the U.K.

  • April 05, 2024

    6 Questions For Paul Hastings' Stuart Alford KC

    Paul Hastings LLP's new partner, Stuart Alford KC, is a former senior official at the Serious Fraud Office and has worked at two heavyweight U.S. firms, Kirkland & Ellis and Latham & Watkins. Here, he talks to Law360 about his career and about white-collar crime.

  • April 05, 2024

    18 Crime Gangs Specialize In VAT Fraud, Europol Says

    Eighteen major criminal gangs in the European Union specialize in value-added tax fraud, having end-to-end control over the entire criminal process, the EU's law enforcement agency said Friday.

  • April 05, 2024

    Counterfeiters Flourish In Wake Of COVID, IP Body Says

    The COVID-19 pandemic resulted in a global uptick in the trade of counterfeit goods, beginning with fake healthcare products but spreading to other areas of trade as virtually all shopping moved online, a new report found Friday.

  • April 05, 2024

    Cloud Biz Denies Owing Telecom Execs Over Bad Sale

    A cloud technology business has denied owing directors of a telecommunications company £1.5 million ($1.9 million) left unpaid after it bought their business, claiming the money due is offset by the £2 million it lost from the sale.

  • April 05, 2024

    Retired Rabbi To Return £2.3M To Charities After NCA Probe

    A retired rabbi will return £2.35 million ($3 million) to two charities after he kept the money rather than distribute it for its intended legitimate causes, the National Crime Agency said on Friday.

  • April 04, 2024

    UK Billionaire Lewis Avoids Prison For Insider Trading

    A New York federal judge on Thursday sentenced British billionaire Joe Lewis to three years of probation for feeding his girlfriend and private-jet pilots nonpublic stock tips about his private equity firm's portfolio companies, saying a prison term would put the 87-year-old at "serious risk" of death.

  • April 04, 2024

    Sexually Harassed Class Helper Fired For Lying Wins Payout

    A teaching assistant who lied about having COVID-19 to go on vacation has won a £9,309 ($11,775) payout after a female headmaster sexually harassed him, then sacked him following a flawed investigation into his lies.

  • April 04, 2024

    Pillsbury's New UK White Collar Chief Eyes Success In London

    Former Serious Fraud Office "powerhouse" Audrey Koh is in the building, and Pillsbury Winthrop Shaw Pittman says it now has the tools to launch its white-collar and corporate investigations practice in London. Here, Koh and managing partner Matthew Oresman survey the legal landscape.

  • April 04, 2024

    FCA To Claw Back £1.6M From Fund Manager For Investors

    The Financial Conduct Authority said on Thursday that it has won court approval to take £1.6 million ($2 million) from fund manager Argento Wealth and its only director, who promoted two allegedly unlawful investment schemes.

  • April 04, 2024

    UK Joins Global Data Protection Enforcement Program

    Britain's data watchdog said Thursday it has signed a new agreement with the Global Cooperation Arrangement for Privacy Enforcement to cooperate on cross-border data protection with the U.S. and eight other Pacific Rim countries.

  • April 04, 2024

    Stagecoach Poised To Settle In £93M Train Ticket Class Action

    Train operator Stagecoach is seeking to end its role in a £93 million ($118 million) collective action brought on behalf of passengers who allegedly paid double for their journeys, documents published by the Competition Appeal Tribunal on Thursday reveal.

  • April 04, 2024

    Financial Ombudsman Braces For Bigger Caseload

    The U.K. Financial Ombudsman Service said Thursday that it had upped its estimate of how many complaints it expects to receive in the coming financial year to 210,000 from 181,000 due to increased everyday financial concerns.

  • April 04, 2024

    Standards Setter Warns Of Conflicts Of Interest In Exchanges

    A global standards setter for regulators warned Thursday of the risk of conflict of interests in stock exchanges, including in situations where exchanges also run data or technology services.

  • April 04, 2024

    Money Was Siphoned To Former Exec's Wife, Insurer Says

    A Liechtenstein insurer suing two of its former directors for allegedly funneling millions of pounds to accounts they had ties to has now accused one of the men's wives of also benefiting from unauthorized payments.

  • April 03, 2024

    OneCoin Atty Gets 4 Years For Role In $4B Crypto Fraud

    The former head of legal and compliance at OneCoin on Wednesday was sentenced to four years in prison for her role in the $4 billion cryptocurrency scheme that defrauded millions of investors around the world.

  • April 03, 2024

    UK Billionaire Lewis Agrees To $1.64M Insider Trading Penalty

    British billionaire Joseph Lewis has agreed to pay $1.64 million to settle the U.S. Securities and Exchange Commission's civil claims he fed confidential tips to his personal pilots and then-girlfriend after pleading guilty to related criminal charges earlier this year.

  • April 03, 2024

    Forex Broker Wins Deceit Claim Over TV Transactions

    A forex broker has won in his 7.9 billion Nigerian naira ($5.9 million) deceit claim over an English brokerage's alleged failure to pay out dollars for naira after a London judge ruled that the firm would not be able to defend against it.

  • April 03, 2024

    UK Seeks To Share Country-Level Tax Reports, Official Says

    The U.K. government wants to allow low-income countries greater access to country-by-country reports of multinational corporations' tax data as a way to help them recover revenue that they're owed, a Cabinet official said Wednesday.

  • April 03, 2024

    CMS Says Ex-Client's Fee Dispute Claim Is Baseless

    CMS Cameron McKenna Nabarro Olswang LLP on Wednesday urged a London court to throw out a former client's "fundamentally defective" case over funds paid to the firm during fraud proceedings because it is an abuse of process.

  • April 03, 2024

    Advocate Fights BSB Disciplinary Over Misconduct In Jersey

    An advocate who was found guilty by courts in Jersey of dishonesty and professional misconduct, including doctoring emails to hide that he caused delays for clients, fought disciplinary proceedings brought by the English barristers' regulator on Wednesday.

  • April 03, 2024

    UK Regulators Propose Special Regime For Digital Securities

    Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.

  • April 03, 2024

    Watchdog Bans 'Misleading' Advertisements By UK Lender

    The advertising watchdog said Wednesday that it has banned "misleading" promotions by Nationwide Building Society that boasted of its record of keeping branches open amid closures by competitors, pointing out that the lender has shut just over 150 branches in a decade.

Expert Analysis

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Putin Ruling May Have Unintended Sanctions Consequences

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    By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.

  • Navigating The New Framework On Nature-Related Reporting

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    The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.

  • FCA Engagement Signals New Direction In ESG Disclosures

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    The Financial Conduct Authority recently published a response to a consultation on sustainability-related standards, highlighting the regulator's priorities for the U.K.'s green transition, including an early indication that it may turn its attention to nature-based disclosures, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • New Policies Will Aid UK Cos. Accessing US Capital Markets

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    The U.K. government's recent adoption of regulations permitting the use of U.S. generally accepted accounting principles, and announcement of measures to remove a 1.5% tax on certain share issues and transfers, should help ensure that England remains an attractive holding company jurisdiction for companies seeking a listing on U.S. stock exchanges, say lawyers at Davis Polk.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.

  • Creating A Safe Workplace Goes Beyond DEI Compliance

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    The Financial Conduct Authority and Prudential Regulation Authority recently proposed a new diversity and inclusion regulatory framework to combat sexual harassment in the workplace, and companies should take this opportunity to holistically transform their culture to ensure zero tolerance for misconduct, says Vivek Dodd at Skillcast.

  • How UK AI Agency Will Affect Regulatory Landscape

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    The U.K. government recently unveiled plans for its new Digital Regulation Cooperation Forum AI and Digital Hub, which is poised to be influential in the U.K.’s emerging artificial intelligence landscape through effective collaboration and synchronization between regulators, says Ludovico Lugnani at BDB Pitmans.

  • Asset Managers Should Prepare For Nature-Related Reporting

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    Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

  • What The UK Digital Markets Bill Will Mean For Businesses

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    The new investigatory and enforcement powers conferred by the U.K. Digital Markets, Competition and Consumers Bill mean that although businesses may be aware of their market status due to existing EU law, they should ensure they are mindful of the changes to consumer law and the implications for digital markets, says Richard Hugo at Burges Salmon.

  • 5 Takeaways From ICO's Biometric Recognition Guidance

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    Recent guidance from the U.K. Information Commissioner’s Office is a helpful reminder of key data protection principles and obligations stemming from the U.K. General Data Protection Regulation that organizations should consider when implementing biometric recognition technology, say lawyers at Dechert.

  • TikTok Fine Highlights EU Approach To Children's Data Rights

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    Following the Irish Data Protection Commission's recent fine against TikTok for breaching children's data protection rights, organizations should adopt a proactive approach and implement measures aiding compliance with the General Data Protection Regulation, says Carla Murray at Myerson.

  • A Case For The Green Investment Regime Under The ECT

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    The EU and U.K.'s potential plans to exit the Energy Charter Treaty, which has been criticized as protecting fossil fuel investments to the detriment of energy transition, ignore the significant strides taken to modernize the treaty and its ability to promote investment in cleaner energy forms, say Amy Frey and Simon Maynard at King & Spalding.

  • Considerations For Fund Managers Seeking Retail Investment

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    With recent legal developments, including a revised Long Term Investment Funds Regulation effective in 2024, supporting the market trend of retailization, there are several practical considerations for alternative fund managers embarking on a European fundraise for retail capital, say Zac Mellor-Clark and Kate Downey at Fried Frank.

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