A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
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Analysis

How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

By Bonnie Eslinger

A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.

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Labour To Set Up Watchdog For COVID Corruption

By Eddie Beaver

The Labour Party promised to create a new COVID-19 corruption tsar and use "every means possible" to recoup public money lost in fraud and failed contracts during the pandemic, as it launched its general election manifesto Thursday.

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Analysis

UK Digital Markets Law Will Spur Group Consumer Litigation

By Joanne Faulkner

Hastily passed legislation that equipped the competition regulator with the clout to punish companies for breaches of consumer protection will probably spur litigation, lawyers say, although claims will be limited for now after the proposal to extend the class action scheme was abandoned.

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ENFORCEMENT

Media Personalities Appear At Court Charged Over Forex Ads

By Ronan Barnard

Six reality TV stars and social media influencers appeared at a London court for the first time Thursday charged with promoting an unauthorized trading scheme online that dealt with high-risk financial products tied to foreign exchange rates.

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EU Makes First Ever Formal Pharma Price-Fixing Complaint

By Bryan Koenig

European Union antitrust authorities issued their first ever price-fixing complaint in the pharmaceutical industry Thursday, going after the only company that did not agree to a €13.4 million ($14.4 million) settlement in October.

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LITIGATION

Meta Facing Complaint Over Plans To Train AI With User Data

By Jamie Lennox

A Norwegian consumer protection group has hit Meta with a legal challenge over its plans to deploy its users' data — including images and posts — to train artificial intelligence models.

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Angolan Billionaire Dos Santos Fights £580M Asset Freeze

By Joanne Faulkner

The daughter of Angola's former president argued at the Court of Appeal Thursday that the wrong legal test had been applied when telecoms operator Unitel SA secured a £580 million ($740 million) freezing order against her assets.

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Lawyer Struck Off For Fake Immigration Application Claims

By Sophia Dourou

A solicitor who was imprisoned for helping clients make bogus immigration applications to remain in the U.K. was struck off by a tribunal Thursday.

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COMPLIANCE

UK Adds 42 Entries To Russian Financial Sanctions List

By Sam Tabahriti

The U.K. government slapped further sanctions on Thursday on 42 individuals and entities involved in sectors of strategic significance to the Russian government, including financial services and defense, as it continues to respond to the unprovoked war waged by Russia against Ukraine.

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EXPERT ANALYSIS

Risks And Promises Of AI In The Financial Services Industry

Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.

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EU Anti-Greenwashing Guide Analyzed For Fund Managers

Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.

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LAW FIRMS IN TODAY'S NEWS

4 Stone Buildings

5 Paper Buildings

Addleshaw Goddard

Bird Marella

Clifford Chance

Fieldfisher

Fountain Court Chambers

Freshfields

Gibson Dunn

Joseph Hage Aaronson

Norton Rose

Schulte Roth

Steptoe LLP

COMPANIES IN TODAY'S NEWS

Amazon.com Inc.

Apple Inc.

Boehringer Ingelheim Vetmedica Inc.

ByteDance Ltd.

Deloitte Touche Tohmatsu Ltd.

Google LLC

Instagram Inc.

Meta Platforms Inc.

Microsoft Corp.

Moscow Exchange

Organization for Economic Cooperation and Development

Pew Research Center

Solicitors Regulation Authority Ltd.

The New York Times Co.

TikTok Inc.

GOVERNMENT AGENCIES IN TODAY'S NEWS

Bank of England

Commodity Futures Trading Commission

Competition Appeal Tribunal

Competition and Markets Authority

European Commission

European Securities and Markets Authority

European Union

Financial Conduct Authority

House of Lords of the United Kingdom

Office of Financial Sanctions Implementation

Prudential Regulation Authority

The Crown Prosecution Service

U.K. Foreign & Commonwealth Office

U.S. Attorney's Office for the Northern District of California

U.S. Department of Justice

U.S. District Court for the Northern District of California

U.S. Securities and Exchange Commission

United Nations