Corporate Crime & Compliance UK

  • February 27, 2024

    Dyson Looks Responsible For Labor Abuses In TV Clip

    A London judge ruled Tuesday that viewers of a TV news broadcast that investigated conditions in Malaysian factories manufacturing Dyson products would think that the company had some responsibility for human rights abuses, in a decision on meaning in a long-running defamation case.

  • February 27, 2024

    Truckmaker DAF Can't Overturn £15M Price Fixing Judgment

    A London appeals court on Tuesday rejected DAF's attempt to overturn a £15.2 million ($19.3 million) judgment against the Dutch truckmaker for overcharging BT and Royal Mail, because the British companies suffered significant loss as the result of a price-fixing cartel.

  • February 27, 2024

    Financial Ombudsman Braced For APP Fraud Claims

    Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.

  • February 27, 2024

    FCA To Start Naming Finance Firms Under Investigation

    The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.

  • February 27, 2024

    Abramovich Ally Loses Test Appeal To Upend UK Sanctions

    A billionaire with ties to Roman Abramovich lost his attempt on Tuesday to overturn sanctions imposed on him following Russia's invasion of Ukraine, in the first substantive appeal to challenge the U.K. government's sanctions regime since the war began.

  • February 26, 2024

    Consumers Face Big Setback In £10B Mastercard Class Action

    Britain's antitrust court dealt a blow to consumers Monday in a £10 billion ($12.68 billion) class action over Mastercard's fees by ruling that the credit card titan's European interchange fees didn't influence its domestic rate in the United Kingdom.

  • February 26, 2024

    Woman Denies Lying To Citibank To Launder Stolen Bitcoin

    A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud denied Monday knowingly giving Citibank false information about her transactions, saying at her London trial that at the time she thought she was being truthful.

  • February 26, 2024

    1 Pilot For Billionaire Cops Plea, But 2nd Says He's Innocent

    A pilot employed by British billionaire Joe Lewis pled guilty in Manhattan federal court Monday to insider trading, while counsel for a second Lewis pilot charged with profiting from illegal stock tips said his client is innocent and preparing for trial.

  • February 26, 2024

    Solicitor Who Lied To Cover Up Negligence Struck Off

    A solicitor at a subsidiary of Irwin Mitchell who lied to cover up her negligent handling of a client's cases has been struck off by a tribunal.

  • February 26, 2024

    Dental Software Biz Bites Back In Infringement, Fraud Claim

    A dental software company has hit back against allegations of copyright infringement from a rival, saying the other business is seeking to intimidate it and only wants to cause commercial damage to a competitor.

  • February 26, 2024

    10 Years And £1.6B Later, DPAs Are Only A Qualified Success

    Corporate plea deals promised to transform the prosecution of bribery and corruption in Britain — but, a decade after the agreements were introduced, the jury is still out on whether they have lived up to the billing.

  • February 26, 2024

    Housebuilders Face Antitrust Probe Over Information-Sharing

    The Competition and Markets Authority said Monday it has launched an investigation into eight housebuilders over suspicions that they might be sharing commercially sensitive information with their competitors that could influence the development and pricing of new homes.

  • February 23, 2024

    Barclays Must Face Trimmed Suit Over $17.6B Over-Issuance

    Barclays PLC and a number of its top executives must face a trimmed version of a proposed class action over a financial reporting error that led to Barclays selling more than $17.6 billion in securities over its maximum registered amount, a New York federal judge ruled Friday.

  • February 23, 2024

    UN Tax Pact May Need OECD Nations' Support, Diplomats Say

    The United Nations' global tax convention will likely require adoption by many advanced economies to address corporate tax abuse effectively, diplomats said, after countries resolved to pursue consensus over the long term but retain majority rule while drafting its terms of reference.

  • February 23, 2024

    Therium Can't Block Law Firm's Claim Over VW Scandal

    A London court refused Friday to end a law firm's claim that litigation funder Therium breached a confidentiality agreement for group emissions litigation against Volkswagen, even though the case involves some facts similar to one decided by the U.K.'s top court.

  • February 23, 2024

    Ex-Kurdish Energy Minister Largely Fails To Ax Libel Defense

    An Iraqi politician largely failed to throw out an investigative reporting organization's defense to his defamation claim, after a London judge ruled that journalists had a real chance of showing they fairly and accurately reported legal proceedings in an article about alleged corruption in the Iraqi oil business.

  • February 23, 2024

    Ex-Law Firm Worker Can't Nix Sanction Over Siphoned Funds

    An ex-employee of a law firm failed to convince a tribunal Friday that it should overturn a restriction on his ability to work in law after he was exonerated in criminal proceedings on accusations that he had embezzled at least £89,000 ($113,000).

  • February 23, 2024

    Russian Tycoon Can Take Sanctions Case To UK's Top Court

    An oligarch can take his attempt to halt a $850 million fraud claim brought by two Kremlin-backed banks to the U.K.'s highest court after it granted him permission to challenge a decision allowing the case to proceed despite one of the lenders being under British sanctions.

  • February 23, 2024

    Lawyers Question UK's Sanction Muscle 2 Years After Invasion

    A lack of enforcement over suspected sanctions breaches two years on from Russia's invasion of Ukraine has left lingering doubts about the effectiveness of the U.K.'s response — even though prosecutors recently opened the first such criminal case, legal experts say.

  • February 23, 2024

    Serco Ordered To Dump Staff's Biometric Data

    The privacy watchdog ordered Serco's health club arm on Friday to stop using facial recognition and fingerprints to identify when employees clock in to work, saying that it is an excessively intrusive use of biometric data.

  • February 23, 2024

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

    This past week in London has seen Tesco target competing retailer Lidl with a copyright claim as they battle in the Court of Appeal over the design of Tesco’s Clubcard, the directors of a taxi business sue the creator of an AI route mapping app for professional negligence, Global Aerospace Underwriting Managers tackle an aviation claim by an Irish investment company, and Robert Bull hit with a general commercial contracts claim by Hancock Finance.

  • February 23, 2024

    UK Gov't Backs Plans To Expand Scope Of Anti-SLAPP Laws

    The U.K. government added its backing on Friday to legislation that will prevent corrupt elites from making spurious legal claims to gag journalists and silence critics, expanding on similar rules introduced into law last year.

  • February 23, 2024

    Pensions Regulator To Rejig Oversight Of Workplace Schemes

    The Pensions Regulator has said it will create three new regulatory functions as part of a strategic overhaul it said would meet the demands of a changing marketplace of fewer, but larger schemes.

  • February 23, 2024

    FCA Fires Warning Shot Over City's Consumer Duty Failings

    The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.

  • February 22, 2024

    Spain Allowed To Reclaim Illegal Aid Given To Ship Buyers

    Spain can reclaim the financial benefits given to beneficiaries of a tax scheme that gave illegal state aid to purchasers of ships built in Spanish shipyards, the European Union's General Court has ruled.

Expert Analysis

  • 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.

  • 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.

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