Corporate Crime & Compliance UK

  • April 30, 2024

    Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors

    A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."

  • April 30, 2024

    Cartwright King Warned Post Office Of Giving Defense Ammo

    A Cartwright King lawyer warned that the Post Office announcing an independent review into the IT system used to wrongfully prosecute innocent people would "give ammunition" to the defense, according to documents disclosed to the inquiry into the scandal Tuesday.

  • April 30, 2024

    German Banker Gets 3 Years For €93M Cum-Ex Tax Evasion

    A German court on Tuesday sentenced a former bank board member to three years and two months in prison for his part in a €93.4 million ($100 million) so-called cum-ex dividend tax fraud.

  • May 07, 2024

    Kingsley Napley Hires M&A Pro From Deloitte

    Kingsley Napley LLP has hired a partner from Deloitte LLP as it seeks to expand its corporate practice and its focus on mergers and acquisitions despite the slowdown in the U.K. deals market.

  • April 30, 2024

    Oil Co. Claims Nigeria In For Windfall From $11B Win Legal Bill

    An oil and gas company urged a London appellate court on Tuesday to change the currency for Nigeria's legal costs from a battle over an $11 billion arbitration award due to bribery and fraud, arguing the West African state would profit from exchange rate fluctuations.

  • April 30, 2024

    Deliveroo, Uber Eats Commit To Extra Illegal Working Checks

    Food delivery giants Deliveroo, Just Eat and Uber Eats have agreed to extra security checks to stop delivery drivers from sharing their accounts in a bid to crack down on drivers working illegally, the U.K. government announced Tuesday.

  • April 30, 2024

    EU Banking Watchdog Warns Of New Payment Scams

    The European Union's banking watchdog has warned of the emergence of new forms of payment scams facing consumers and proposed new measures to "future proof" the bloc's anti-fraud rules in an opinion published Tuesday.

  • April 30, 2024

    Insurers Warn Of 'Irreparable Damage' From FCA's New Rules

    An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.

  • April 30, 2024

    Tesco Sues Truckmaker Over Emissions Price Fixing Cartel

    Supermarket giant Tesco is seeking damages from Scania after the Swedish truck manufacturer was fined by the European Commission over its role in a price-fixing cartel, according to a claim filed with the U.K.'s antitrust court Tuesday.

  • April 30, 2024

    Ex-DWF Barrister Disbarred Over False Discrimination Claims

    A tribunal disbarred a formed DWF barrister on Tuesday after concluding that he had dishonestly targeted his boss with false allegations of homophobia and racism, possibly to deflect attention from complaints of misconduct made against him.

  • April 29, 2024

    'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty

    The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."

  • April 29, 2024

    Meta Can't Appeal Approval Of £2.3B Data Class Action

    Meta was blocked on Monday from challenging a decision by the Competition Appeal Tribunal to allow a £2.3 billion ($2.8 billion) class action accusing the Facebook owner of exploiting its users' data, after the court found the appeal had "no real prospect of success."

  • April 29, 2024

    DWF Barrister Made False Discrimination Claims, BSB Says

    A former DWF LLP barrister is facing disciplinary action over allegations that he dishonestly and deliberately targeted his boss with false accusations of homophobia and racism.

  • April 29, 2024

    Fugitive Money Launderer Forfeits Auerbach Painting, Gold

    A painting estimated to be worth £1.6 million ($2 million) and gold bars have been taken from a convicted money launderer after the National Crime Agency succeeded in a bid to have them forfeited at a London court Monday.

  • April 29, 2024

    Trade Bodies Want Gov't Action Over 'Damaging' FCA Rules

    A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority proposals to name companies under investigation, saying the plans could have "damaging consequences" for the U.K.

  • April 30, 2024

    CORRECTED: Marketing Boss Said LC&F Was A Legitimate Biz, Not A 'Rinse'

    The head of a marketing company who referred to London Capital & Finance as a "not a rinse" insisted he was not aware of an alleged Ponzi scheme as he gave evidence on Monday at the trial over the £237 million ($296 million) investment scandal. Correction: An earlier version of the story misstated the content of Careless' 2015 email exchange. The error has been corrected.

  • April 29, 2024

    Ex-Man City Player Benjamin Mendy Pays £710K Tax Debt

    Former Manchester City footballer Benjamin Mendy avoided bankruptcy on Monday after paying a £710,000 ($892,000) tax bill minutes before a court hearing to determine whether an order should be made.

  • April 29, 2024

    Russia Sanctions Creating 'Shadow Fleet,' Insurers Warn

    The increasing compliance burdens that come from a price cap on Russian oil has led to the exodus of 800 tankers from the Western insurance market, a trade association has warned.

  • April 29, 2024

    FCA To Get Extra Data To Police Consumer Credit Lending

    The City watchdog set out on Monday final rules that will require consumer credit lenders to give it more detailed data, enabling it to act against problem companies.

  • April 29, 2024

    More Post Office Convictions Sent For Appeal

    The Criminal Cases Review Commission said on Monday that it has sent the cases of five more Post Office workers who were convicted during the Horizon IT scandal to the Crown Court for appeal, the latest in a string of proceedings to head for review after the major miscarriage of justice.

  • April 26, 2024

    NHS Trust Must Pay £74K, Apologize To COVID Whistleblower

    A National Health Service trust must pay £73,900 ($92,300) and apologize to one of its surgeons after punishing him for blowing the whistle on the risks of face-to-face appointments amid the COVID-19 pandemic, a tribunal has ruled.

  • April 26, 2024

    UK Gov't Rejects Lawmakers' Criticism Of Edinburgh Reforms

    The U.K. government has rejected criticisms from the Treasury Committee that the post-Brexit financial services reform program is moving too slowly, claiming the changes are on track in a letter published Friday.

  • April 26, 2024

    Businessman Gets 4 Years For Fraud During Directorship Ban

    A businessman who defrauded a pensioner of £60,000 ($75,000) and ran companies while barred from doing so, has been sentenced to four years in prison, the Insolvency Service said on Friday.

  • May 03, 2024

    Ex-Mishcon Head Of Risk Joins Litigation Boutique

    Stokoe Partnership Solicitors has appointed Jarret Brown as its new head of compliance in a role he hopes is "going to be a little less frenetic" at a place with less "infrastructure to shift."

  • April 26, 2024

    Insurer Signs First Settlement Over Russia-Stranded Planes

    An aircraft lessor and an insurer have settled their fight over payouts for planes stranded in Russia after its invasion of Ukraine, the first agreement out of dozens of battles worth billions of dollars involving major insurers.

Expert Analysis

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • UK Gov't Response Clarifies AI Regulation Approach

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    Although the U.K. government’s recent response to its artificial intelligence consultation is a clear signal of its continuing pro-innovation approach to AI regulation, high-level systems are likely to be the focus of scrutiny and organizations may consider reviewing measures they have implemented to help identify risks, say Christopher Foo and Edward Machin at Ropes & Gray.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • EU Vote Delay Puts Course Of Sustainability Directive In Doubt

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    With time to adopt the proposed EU Corporate Sustainability Due Diligence Directive during this Parliamentary term running out, and with upcoming elections threatening political uncertainty, the degree of compromise that may be needed to secure a "yes" vote now could undermine the shift the legislation seeks to achieve, say lawyers at Simpson Thacher.

  • 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.

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