Corporate Crime & Compliance UK

  • June 25, 2024

    Hedge Fund Exec Avoids Prison After Forex-Rigging Trial

    The founder of U.K.-based Glen Point Capital on Tuesday was spared prison time following his conviction at trial for unlawfully manipulating the foreign exchange market in order to secure a $20 million payout for the hedge fund.

  • June 25, 2024

    UK Billionaire's Pilot Avoids Prison For Insider Trading

    A Manhattan federal judge sentenced a former private jet pilot to house arrest Tuesday for insider trading on stock tips from his billionaire boss Joe Lewis, finding that a prison term would be unfair in comparison to Lewis' non-incarceratory sentence.

  • June 25, 2024

    Int'l Paper Gets US Clearance On $7.2B DS Smith Buy

    International Paper Co. and its U.K. competitor DS Smith PLC said Tuesday that the waiting period for U.S. antitrust authorities to try and block their planned roughly $7.2 billion merger has expired. 

  • June 25, 2024

    NatWest Faces Fight To Revive Design School Fraud Case

    The founders of an interior design school asked an appeals court to revive their fraud claim against NatWest on Tuesday, arguing that a settlement did not block their case that the bank pretended to help while trying to take the school's assets.

  • June 25, 2024

    Law Firm Faces £35M Suit Over Troubled Care Home Scheme

    Liquidators for a now-defunct group of companies have accused a law firm of ignoring the signs that their client was defrauding investors out of millions of pounds through a luxury care home Ponzi scheme.

  • June 25, 2024

    Assange Plea Deal Vindicates 'Fight To The End' Strategy

    Julian Assange's plea deal with U.S. authorities has validated his legal team's decision to throw the kitchen sink opposing extradition, a strategy that may have cooled prosecutors' appetite for seeing the Wikileaks founder spend more time behind bars, lawyers say.

  • July 02, 2024

    Top White Collar Barrister Jumps Ship To Fountain Court

    A top corporate crime barrister has joined Fountain Court Chambers to boost its offering to high-net-worth individuals and corporate defendants in major investigations by the Serious Fraud Office and other authorities, the set has said.

  • June 25, 2024

    Insurtech Body Calls For Regulatory Shakeup To Fuel Growth

    The next government must create a "positive, enabling policy environment" that allows more insurance technology firms to enter the market and facilitates better funding to drive growth in the sector, a trade body said Tuesday.

  • June 24, 2024

    Julian Assange To Plead Guilty To US Charge, Feds Say

    Julian Assange will plead guilty to a single count of conspiring to disclose national security information, the U.S. Department of Justice told a federal court in the Northern Mariana Islands on Monday, likely ending the WikiLeaks founder's long-running battle to avoid a U.S. prison sentence.

  • June 24, 2024

    Fragrance Co. Fined €15.9M For Deleting WhatsApp Messages

    The European Commission fined International Flavors & Fragrances Inc. €15.9 million ($17 million) on Monday, after enforcers said a senior employee deleted WhatsApp messages during an investigation of potential anti-competitive activity in the fragrance industry.

  • June 24, 2024

    Businessman Sentenced For Disclosure Failings In Fraud Suit

    A real estate investor was given a suspended sentence by a London judge Monday for failing to hand over information about his financial assets to investors suing him for alleged fraud, despite a court order.

  • June 24, 2024

    BHS Asks For £133M In Damages From Former Director

    Liquidators for now-defunct retail chain British Home Stores argued Monday that one of the company's former directors owes it £133.5 million ($169.2 million), maintaining that the court should calculate damages from the day he was found to have agreed to a loan that was not in the interests of shareholders and not likely to save the business.

  • June 24, 2024

    German Banker's Cum-Ex Trial Dropped Due To Health

    The former chairman of M.M. Warburg & Co. KGaA will not face trial for alleged dividend-tax evasion linked to cum-ex transactions spanning from 2006 to 2019 after a German court halted the trial due to his health, according to a Monday court statement.

  • June 24, 2024

    Ex-Chief Of EU Lender Probed Over Corruption Allegations

    Werner Hoyer, the former head of the European Union's lending arm, is being investigated by the bloc's public prosecutor over corruption, abuse of influence and misappropriation allegations that he said on Monday were "unfounded and baseless."

  • June 24, 2024

    Dentons' Inadvertent AML Error Wasn't SRA Misconduct

    Dentons' U.K. arm failed in handling anti-money laundering checks on a politically exposed former client, but its oversight was entirely inadvertent and therefore did not amount to professional misconduct, a London tribunal has ruled.

  • June 24, 2024

    UAE Fund Can't Shake Asset Freeze As Mogul Chases £20M

    A London court agreed on Monday to continue a worldwide asset freezing order against a UAE sovereign wealth fund to allow an aviation tycoon to attempt to recover more than £20 million ($25.4 million) after a fraud allegedly assisted by a Dechert LLP partner.

  • June 24, 2024

    Charity Urges Better Ways To Fight Investment Greenwashing

    A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.

  • June 24, 2024

    FCA Takes Action Against 3 Fund Mngrs On Risky Investments

    The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.

  • June 24, 2024

    Apple Becomes 1st Target Of New EU Digital Markets Law

    European authorities provisionally accused Apple's App Store of violating its new digital antitrust law designed to curtail the power of Big Tech, claiming the iPhone maker's guidelines unfairly prevent developers from steering consumers to alternative platforms.

  • June 21, 2024

    UK Tax Fraud Cases Rose 49% Over One-Year Period

    The U.K. tax authority launched more criminal cases for tax fraud for the year ended June 30, 2023, increasing 49% from 63 cases for the previous year to 94, Pinsent Masons LLP said Monday.

  • June 21, 2024

    Apple Won't Offer AI Tools In EU Due To Regulatory Concerns

    Apple confirmed Friday that the tech giant isn't planning on releasing new artificial intelligence features in the European Union this year due to "regulatory uncertainties" involving the bloc's new Digital Markets Act and the potential security risks that complying with the DMA could pose to Apple users.

  • June 21, 2024

    Pay-For-Delay Drug Case Not Time-Barred, UK Tribunal Says

    The U.K. Competition Appeal Tribunal refused Friday to apply a much more restrictive statute of limitations that would toss government claims that Danish pharmaceutical company Lundbeck Ltd. and generic drug manufacturers anticompetitively agreed to delay generic competition to an antidepressant.

  • June 21, 2024

    Surveyor Wins £110K After Director's Unfounded Fraud Report

    A tribunal has ordered a surveyors company and two of its directors to pay a former trainee almost £110,000 ($139,000) after ruling that she was subject to harassment relating to her sex and victimization.

  • June 21, 2024

    Apple Can't Challenge £853M IPhone Battery Class Action

    Apple failed in its bid to challenge an £853 million ($1 billion) proposed class action that accuses it of concealing problems with batteries in the phones of 24 million customers, after an appeals court found Friday the claim had prospects of success.

  • June 21, 2024

    Part-Time Judge Gets Prison Over £1.8M Legal Aid Fraud

    A barrister and part-time judge was sentenced to three years in prison at a London criminal court Friday for fraudulently submitting false claims for criminal defense costs after he was convicted for engaging in a conspiracy to inflate legal fees.

Expert Analysis

  • Opinion

    New Property Category Not Needed To Regulate Digital Assets

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    The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.

  • FTSE Draft Rules Show Impact Of FCA Listing Reforms

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    FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.

  • FCA Strikes A Balance With 'Finfluencer' Guidance

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    With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.

  • Pharma Remains A Key Focus Of EU Antitrust Enforcement

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    The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.

  • Dissecting Recent Developments Against The Misuse Of NDAs

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    The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.

  • What UK Energy Charter Treaty Exit Would Mean For Investors

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    While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.

  • Assessing The FCA Data Study's Response To User Concerns

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    The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.

  • Uber Payout Offers Employer Lessons On Mitigating Bias

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    Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.

  • Apple Ruling Offers Morsel Of Certainty On Litigation Funding

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    An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.

  • Cum-Ex Prosecutions Storm Shows No Sign Of Abating

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    The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    FCA Greenwashing Rules Need To Be Stronger To Be Effective

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    The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • Gov't Probe Highlights Computer-Based Evidence Issues

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    A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

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