Explainer: What is the Economic Crime Act and how will it help the government tackle oligarchs? March 17, 2022 The government’s Economic Crime Bill, which gives the UK new powers to tackle oligarchs, has gained Royal Assent after being fast tracked through parliament. In a statement, the government said the new laws will make it easier for the government to “tackle corrupt elites” and crack down on “Putin’s cronies.” Notably, the law will require [...]
Dechert lawyers held ‘mock trial’ to help witnesses construct false cover story, court hears March 17, 2022 Lawyers in Dechert’s London office have been accused of holding meetings to come up with a “cover story” for how the firm obtained a cache of hacked emails that were used to win a lawsuit against Iranian airline tycoon Farhad Azima. A High Court heard that Neil Gerrard, Dechert’s former head of financial crime, put [...]
Roman Abramovich used ‘barrage’ of legal threats to silence journalist, MPs hear March 17, 2022 A prominent British journalist has said she received legal threats from Roman Abramovich after she published a book laying out the oligarch’s links to Vladimir Putin. Reuters journalist Catherine Belton told MPs she received a “barrage” of legal threats from Russian oligarchs, including sanctioned billionaire Roman Abramovich and Everton backer Alisher Usmanov, after she published [...]
UK government vows to crack down on use of ‘lawfare’ to silence ‘valid criticism’ March 17, 2022 The UK government is preparing to crack down on those using legal threats to intimidate journalists and silence the British press. Justice Secretary Dominic Raab will today set out plans to stop wealthy individuals and large businesses from “using the threat of endless legal action” to “stifle legitimate criticism”, the government said in a statement. [...]
Supreme Court ruling could lead to boom in flight refund solicitors, legal expert says March 16, 2022 The UK’s Supreme Court today said solicitors claiming refunds for delayed and cancelled flights have a right to claim any legal costs from clients. Legal experts speaking to City A.M. said the Supreme Court ruling, which allows law firms to cover their legal costs using refunded money, is likely to embolden solicitors and lead to [...]
Latham & Watkins brings in mental health counsellors to deal with employee burnout March 16, 2022 Los Angeles law firm Latham & Watkins has hired two mental health counsellors to work in its UK offices, amid mounting concerns around burnout in the legal sector. The California firm, which is one of the most profitable law firms in the world, has brought in two full time counsellors, with a view to offering [...]
Big Four auditors EY, KPMG, Deloitte and PwC face SEC probe over conflicts-of-interest March 16, 2022 The US watchdog tasked with regulating financial markets has launched an investigation into potential conflicts of interest in the Big Four accountancy companies. The US Securities and Exchange Commission (SEC) has set up a probe into whether the Big Four’s businesses selling consulting and non-audit services undermine their ability to provide objective and independent audits, [...]
Lloyds of London hands out biggest fine ever following years’ long bullying campaign March 16, 2022 City of London insurance market Lloyds of London today issued its largest fine ever against syndicate member Atrium, after the underwriting firm failed to “adequately protect” a junior employee once it became aware of a “systematic campaign of bullying”. In a notice, Lloyds of London said it had fined Atrium Underwriting a record £1.05m for [...]
Raab says barristers’ strike would be ‘totally unwarranted’ following legal aid reforms March 16, 2022 Justice secretary Dominic Raab has said it would be “totally unwarranted” for barristers to go forwards with strike action, after the Ministry of Justice said it would invest an extra £135m a year into criminal legal aid. The comments come after the Criminal Bar Association (CBA) said 94.34 per cent of criminal barristers had voted [...]
German law firm launches class action lawsuit against EY over Wirecard scandal March 16, 2022 A German law firm has opened a class action lawsuit against Big Four accountancy firm EY over the auditor’s role in the multi-billion-euro Wirecard scandal. German law firm TILP said it had filed a lawsuit in a Munich court on behalf of Wirecard shareholders, over claims that EY breached its duty to investors by “aiding [...]
