Corporate Fraud roundtable discussion reprinted from November 2018 issue of Financier Worldwide magazine.
Shail Patel discusses the APP ("authorised push payment") fraud and related cyber frauds and how they have featured heavily in the financial and mainstream press lately. These scams involve the victim being tricked into making an instant electronic payment to fraudsters instead of the intended recipient.
Brown Rudnick’s Jane Colston considers asset tracing and enforcement across the blockchain in a new article published by Legal Business.
Jon Felce of PCB Litigation LLP examines developments in relation to freezing orders, contempt of court, new causes of action, the use of insolvency procedures and enforcement.
Shail Patel discusses the Court of Appeal’s decision in Property Alliance Group v RBS (2018) EWCA Civ 355. The outcome is a decisive victory for RBS over PAG. However, the door has undoubtedly been opened for other potential claimants. While the CA also made some significant findings on the bank's advisory duties and implied contractual terms, this article focuses on LIBOR and benchmarks. Many negligence and contract claims arising out of swaps mis-selling are likely to be statute barred under the Limitation Act 1980.
Alan Sheeley discusses the law regarding the privileged status of investigations has been in flux since Serious Fraud Office (SFO) v Eurasian Natural Resources Corporation Ltd (2017) EWHC 1017 (QB) (“ENRC”) was handed down in May 2017. The recent decision of Bilta & Ors v RBS & Anor (2017) EWHC 3535 (Ch) (“Bilta”), in which Pinsent Masons acted on behalf of RBS, is therefore an important decision as it confirms that ENRC is not a determinative statement of principle as privilege can apply to investigations on the right set of facts.
Jane Colston speaks to CDR about the importance of asking defendants to disclose virtual currencies, like Bitcoin, in freezing, disclosure or search orders. CDR also reported on Michael Booth QC's recent talk to the CFLA about the role of technology in fraud investigations. First published in: www.cdr-news.com
Jane Colston and Louise Verrill of Brown Rudnick LLP report on the use of Artificial Intelligence in the insolvency profession. This article was originally published by Eurofenix
Trevor Mascarenhas and Jon Felce of PCB Litigation LLP consider Abela and others v Baadarani (Third Party: Fakih)  EWHC 269 (Ch), where a search order was granted against a third party.
Jane Colston and Roger Kennell of Brown Rudnick LLP consider Holyoake v Candy  EWHC 970 (Ch) in which the Chancery Division granted a “notification injunction” requiring subsequent disclosure of the disposal of property assets rather than a full freezing order preventing their disposal in the first place. The decision raises interesting questions about what must be shown by a claimant to get such an injunction, whether risk of dissipation should be proven to a lower standard for the lesser remedy, and whether fortification of the undertaking in damages by the claimant is required.
We welcome all contributions, short or long, in relation to recent developments in commercial fraud and any other topics that may be of interest to members.
If you would like to submit an article, please email Charles Thomson.