Corporate Crime & Compliance UK

  • June 19, 2024

    Drivers Sue Amazon Over Alleged Work Visa Scam

    A group of drivers for Amazon who say they were lured to the U.K. from Spain as part of a sophisticated visa scam have filed an employment claim against the retail giant and its logistics provider.

  • June 19, 2024

    Rosling King And Ex-Client Clash Over Negligence Claim

    Tonstate Group and its former legal counsel Rosling King LLP sought Wednesday to toss parts of each other's cases in the claim by the investment company accusing the law firm of negligently managing litigation against Tonstate's ex-CEO.

  • June 19, 2024

    Russian Billionaire Loses Bid To Overturn EU Sanctions

    The European Union's General Court upheld sanctions against Russian billionaire Igor Rotenberg on Wednesday, ruling that there is enough evidence to show he profited from Russia supporting companies he managed and owned shares in.

  • June 19, 2024

    Mastercard Cuts Time-Barred Claims From £10B Class Action

    A London tribunal has wiped out a swathe of claims from a £10 billion ($12.7 billion) class action against Mastercard for being time-barred, dismissing allegations on Wednesday that the credit card giant had hidden information about its interchange fees from consumers.

  • June 19, 2024

    PPE Distributor Claims $11M Lost In 'Secret Commissions'

     A British medical supplier is suing its former agent for $10.8 million for allegedly defrauding it by taking secret commission on orders of personal protective equipment during the COVID-19 pandemic.

  • June 19, 2024

    Train Operator Denies Hiding Cheaper Fares From Passengers

    A rail operator told a class action trial in London on Wednesday that allegations by rail passengers that it had concealed the existence of cheaper tickets from customers are not backed up by any evidence.

  • June 19, 2024

    Nasdaq Stockholm Fined $9.6M For Compliance Breaches

    The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.

  • June 18, 2024

    Train Operators' Boundary-Fare Class Action Trial Opens

    At a class action trial in London on Tuesday, rail passengers accused English rail operators of abusing their dominant market position by failing to sell cheaper tickets to some customers and forcing them to pay up to double the price for their journey.

  • June 18, 2024

    Solicitor Who Stalked Ex-Girlfriend Struck Off

    A solicitor convicted of stalking over repeatedly kicking his ex-girlfriend's door and threatening to "sort her out" has been struck off by a tribunal Tuesday.

  • June 18, 2024

    Ex-Yukos Oil Investors Auction Russian Vodka TMs For €1.6M

    The former shareholders of Yukos Oil Co. said Monday they have auctioned the Benelux rights to trademarks for 18 Russian vodka brands, including Stolichnaya and Moskovskaya, as they continue their effort to enforce $50 billion in arbitral awards against Russia.

  • June 18, 2024

    HSBC Hit With Swiss Restrictions After Compliance Breaches

    Switzerland's financial regulator said Tuesday that HSBC's Swiss private bank had breached anti-money laundering requirements in banking transactions with two high-profile individuals, restricting its new business relationships until it completes reviews overseen by a monitor.

  • June 18, 2024

    EU Finance Watchdogs Call For Improved Sustainability Rules

    The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.

  • June 18, 2024

    Serco Settles Landmark Shareholder Dispute Mid-Trial

    Serco settled a landmark shareholders' claim on Tuesday with investors who sued the outsourcing giant for compensation over an overbilling scandal that caused its share price to nosedive.

  • June 17, 2024

    OECD Tax Plan Is Developing Nations' Best Choice, Prof Says

    Developing countries could gain more revenue from the OECD's multilateral plan to tax the digital economy than the U.N. Tax Committee's bilateral alternative because they have small treaty networks, many customers and few large companies, an academic argued Monday during an Oxford University panel.

  • June 17, 2024

    Ex-Energy Minister Revives Bid To Ax Libel Defense

    A lawyer for an Iraqi politician said an investigative journalism article about the Iraqi oil business is "cherry-picking" bits of a court judgment to "create a story of corruption," urging a judge Monday to throw out the journalists' defense to his libel claim.

  • June 24, 2024

    Leading Blockchain Lawyer Joins Lawrence Stephens

    Lawrence Stephens Ltd. has hired a litigator with expertise in blockchain technology and digital assets from Shoosmiths amid growing demand from clients for advice on cryptocurrency asset recoveries and all other issues associated with emerging technologies.

  • June 17, 2024

    Solicitor Accuses MI5 Of Breaching Her Rights With Spy Alert

    A solicitor and her son argued in a London tribunal Monday that the U.K. Security Service had unfairly labeled her as a spy for China, saying the security service had unlawfully and unfairly acted against her, breaching her human rights.

  • June 17, 2024

    Feds Take Hard Line On Tycoon's Pilots After He Goes Free

    Manhattan federal prosecutors asked a sentencing judge to consider aggravating circumstances for two pilots who allegedly traded on stock tips from U.K. billionaire Joe Lewis, despite not seeking a prison term for the private equity honcho and former soccer club owner.

  • June 17, 2024

    Next Gov't Urged To Install Criminal Justice Reforms

    A criminal justice advocacy group on Monday said the next British government should be transparent and honest about its ability to fix the country's criminal justice system and proposed measures to address overcrowded prisons and a backlog in Crown Court cases.

  • June 17, 2024

    Judge Axes Ex-Stobart CEO's Conspiracy Claim

    Allowing Stobart Group's former chief executive to reargue that he was the victim of a conspiracy to remove him as chair would be "an abuse of process," a London court ruled Monday as it struck out his claim against the company and five of its directors.

  • June 17, 2024

    SFO Intends To Charge Individuals In Glencore Bribery Case

    The Serious Fraud Office is seeking permission to charge individuals in its bribery probe into international commodities trader and miner Glencore, the crime-fighting agency confirmed at a London court on Monday.

  • June 17, 2024

    StanChart Investors Can 'Piggyback' On US Sanctions Claims

    Standard Chartered PLC lost its bid at a London appellate court on Monday to toss accusations by investors that the bank downplayed by hundreds of billions of dollars the extent to which it had breached U.S. sanctions against Iran.

  • June 17, 2024

    Political Parties Urged To Accelerate Financial Inclusion

    An independent body of parliamentarians and finance experts called on Monday on the main political parties to establish a national strategy on financial inclusion in the first 100 days of a new government.

  • June 17, 2024

    UBS Sets $900M Aside For Greensill-Linked Redemptions

    UBS said on Monday that it expects to record a $900 million liability to pay back inherited Credit Suisse clients the money they lost in funds linked to Greensill Capital, the supply-chain finance company that collapsed in 2021.

  • June 14, 2024

    Meta Halts AI Tech Debut In EU After Regulatory Backlash

    Meta Platforms Inc. said Friday that it was putting on hold plans to expand its artificial intelligence offerings to the European market after the Irish privacy regulator raised concerns about the company's efforts to use public content posted on Facebook and Instagram to fuel these models.

Expert Analysis

  • EEA Equivalence Statement Is Welcomed By Fund Managers

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    The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.

  • In Int'l Arbitration Agreements, Be Clear About Governing Law

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    A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.

  • Post Office Scandal Stresses Key Directors Duties Lessons

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    The Post Office scandal, involving hundreds of wrongful convictions of subpostmasters based on an IT failure, offers lessons for company directors on the magnitude of the impact that a failure to fulfill their duties can have on employees and the company, says Simon Goldberg at Simons Muirhead.

  • Employer Tips For Handling Data Subject Access Requests

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    As employers face numerous employee data-subject access requests — and the attendant risks of complaints to the Information Commissioner's Office — issues such as managing deadlines and sifting through data make compliance more difficult, highlighting the importance of efficient internal processes and clear communication when responding to a request, say Gwynneth Tan and Amy Leech at Shoosmiths.

  • Comparing UK And EU's View On 3rd-Party Service Providers

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    The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.

  • CMA Road Map Helps Cos. Prepare For UK Digital Markets Bill

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    Although only provisional, the recent publication of the Competition and Markets Authority's road map for the implementation of the U.K. Digital Markets Bill demonstrates that the regulator is keen to reassure Parliament that it takes accountability seriously, and that there will be sufficient safeguards in place regarding its decision making, say lawyers at Morgan Lewis.

  • Opinion

    European Union Criticisms Of The FCPA Are Misguided

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    Some in the European Union have criticized U.S. enforcement of the Foreign Corrupt Practices Act for what they perceive as jurisdictional overreach, but this appears to overlook the crucial fact that jurisdiction is voluntary, and critics should focus instead on the lack of equivalent laws in their own region, say John Joy and YuTong Wang at FTI Law.

  • Key Points Of BoE Response To Digital Pound Consultation

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    Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.

  • Bribery Class Action Ruling May Revive Bifurcated Processes

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    The Court of Appeal's recent decision allowing the representative bribery action in Commission Recovery v. Marks & Clerk offers renewed hope for claimants to advance class claims using a bifurcated process amid its general absence as of late, say Jon Gale and Justin Browne at Ashurst.

  • Goldman Prosecution Delivers A Clear Sign Of FCA Strength

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    The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.

  • Whistleblower Pay Is A Risky Path For The SFO To Tread

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    In a recent speech, Serious Fraud Office director Nick Ephgrave supported the payment of whistleblowers, but implementing such an extreme measure is potentially hazardous and could leave the new director a hostage to fortune, says Richard Cannon at Stokoe Partnership.

  • The Good, The Bad And The New Of The UK Sanctions Regime

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    Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.

  • Businesses Using AI Face Novel Privacy, Cybersecurity Risks

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    Rapid advancements in artificial intelligence are resulting in complex privacy and cybersecurity challenges for businesses, and with the forthcoming EU AI Act and enhancement of existing laws to ensure a high common level of security, key stakeholders should be empowered to manage associated risks, say lawyers at Goodwin.

  • A Look At Environment Agency's New Economic Crime Unit

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    Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.

  • Prompt Engineering Skills Are Changing The Legal Profession

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    With a focus on higher-value work as repetitive tasks are delegated to artificial intelligence, legal roles are set to become more inspiring, and lawyers need not fear the rising demand for prompt engineers that is altering the technology-enabled legal environment, say Eric Crawley, Shah Karim and Paul O’Hagan at Epiq Legal.

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