Feb 16, 2016 Waiving Privilege in Witness Statements: Application in Commodities Research Unit International (Holdings) Ltd -v- King and Wood Mallesons LLP [2016] EWHC 63 (QB) Introduction Privilege is an important right in litigation which enables the client to refuse to disclose certain evidence to the court or a third party. It is an absolute right: if privilege is established it will apply indefinitely. However, it is possible to waive privilege or to lose it inadvertently. Legal Professional Privilege There are two types of legal professional privilege. Legal advice privilege: this applies to confidential communications between the client and his/her lawyer created for the purpose of obtaining legal advice. Litigation privilege: this applies to ... Read More
Feb 10, 2016 CPR 36.17(5) and the decision in Yentob v MGN Ltd [2015] EWCA Civ 1292 Introduction   Under Part 36 of the Civil Procedure Rules, a party to litigation may make an offer of settlement prior to trial which carries with it severe costs and interest consequences in the event that it is rejected by the opposing party and subsequently ‘bettered’ by the offering party by reference to the damages ultimately awarded at trial. Either a claimant or defendant may make a Part 36 Offer. A Part 36 offer will be treated as being made without prejudice save as to costs.   Defendant’s Offer   Where a defendant makes a Part 36 offer and the ... Read More
Feb 10, 2016 Double Jeopardy - Practical implications for defendants charged in both the UK and USA. Introduction By virtue of the nature of financial crime as it exists today, more and more we are encountering situations where clients are charged with offences which have an international impact on society and as such these individuals are often charged with the same or similar offences in multiple jurisdictions. A prime example of this is the LIBOR scandal which has had a far reaching impact on the financial industry across the globe. Unsurprisingly therefore, a number of those charged in the UK in connection with LIBOR manipulation, have also been charged in other jurisdictions, primarily ... Read More
Jan 27, 2016 Byrne and Partners client acquitted in LIBOR trial, Matthew Frankland comments. Matthew Frankland, partner at Byrne and Partners, comments on the acquittal of LIBOR brokers today (Wednesday 27 January) including Byrne and Partners' client, Danny Wilkinson: "We are extremely happy with today's result for our client, Danny Wilkinson. We believe the Judge's decision further underlines that the LIBOR system was broken well before this indictment period, both in terms of banks submissions and the British Bankers Association (BBA). Indeed, the evidence of John Ewan was likened to consulting a clairvoyant, and Mr Wilkinson’s statement that the BBA was ... Read More
Jan 27, 2016 Byrne and Partners founding partner, Michael Potts, selected for 2016 The Lawyer Hot 100 Byrne and Partners LLP is proud to announce that Michael Potts, one of the founding partners of the boutique criminal and civil litigation firm, has been personally selected for The Lawyer Hot 100 2016: Litigation. A specialist defence lawyer in the areas of financial crime, fraud and regulatory investigations, Michael has acted for individuals in investigations brought against them by regulatory bodies including the SFO, FCA and the Fraud Prosecution Service.   In 2015, Michael was the lead solicitor on two notable and high profile cases – JP Morgan Chase vs Bruno Iksil and ... Read More
Jan 28, 2016 Electronic documents When considering what documents exist to support a case it is vital not to overlook electronic documents.  In many modern disputes, electronic documents form a high proportion of the disclosure in a case. As a potential claimant or defendant it is important to understand the value of electronic documents to your matter. The value of electronic documents Unlike paper documents, electronic documents are particularly resilient. Even after you believe a document has been deleted or lost, those documents can often be partially or fully recovered. In cases where fraud is alleged, it is ... Read More
Jan 19, 2016 A return to Victorian levels of personal accountability for those working in Financial Services? The new Senior Managers & Certification Regime (SMR) comes into force for relevant persons on 7 March 2016. The political and social fallout from the financial crisis could not have been played out on a more public stage. However, have the subsequent calls for more individual accountability (read ‘heads on sticks’) in the financial services industry really been led by a wave of ‘public’ opinion, as we have been led to believe? Or has this narrative simply provided the regulators with just the politically palatable justification that they needed to increase their ... Read More
Dec 23, 2015 Freezing Injunctions – the Cross-Undertaking as to Damages The freezing injunction is a potent weapon for claimants, but it can backfire very badly. This is because the claimant who obtains a freezing injunction must undertake to comply with any subsequent court order requiring him to compensate the defendant for losses caused by the injunction. The cross-undertaking should play a central role in how both defendants and claimants approach freezing injunctions. Each case will turn on its facts but the following considerations tend to be important.   If you are a defendant: Keep the claimant fully informed of any loss or damage which you ... Read More
Dec 21, 2015 Film scheme tax fraud convictions Film scheme tax fraud convictions A former financial adviser was found guilty on 10 December of conspiracy to cheat HM Revenue & Customs (‘HMRC’) by promoting a film investment scheme to evade paying tax. Neil Williams-Denton, a former director of Greystone Financial Services, was convicted of another count of conspiracy to cheat HMRC in a linked trial in September. In the earlier trial, he was convicted along with Terence Potter, a film producer and former partner at accountancy firm Ernst & Young, who pleaded guilty to the second trial. Both defendants were sentenced on ... Read More
Dec 7, 2015 First Deferred Prosecution Agreement approved This week, the first Deferred Prosecution Agreement (DPA) was approved between ICBC Standard Bank PLC and the SFO by Lord Justice Leveson at Southwark Crown Court, sitting at the Royal Courts of Justice. The indictment set out a count of bribery under section 7 of the Bribery Act 2010, alleging that the bank’s sister company (Stanbic Bank Tanzania) increased the cost of a $600m sovereign loan by a further 1% to be paid to induce members of the Government of Tanzania to show favour to Stanbic and Standard Bank’s proposal. The offence arose out of the inadequacy of the ... Read More