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Major global bank guilty of fraud

Dec 2012
Fraud updates

This week, UBS became the first global bank in over two decades to have a subsidiary pleading guilty to fraud in the US. UBS announced that its Japanese subsidiary would plead guilty to one count of felony wire fraud as part of a wider settlement deal with the US authorities over its manipulation of Libor rates.

UBS has been fined £940 million by British, American and Swiss regulators including the biggest-ever fine given by the FSA of £160m. The US Justice Department also filed criminal charges against two former UBS traders. (more…)

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PCB win crucial victory in Middle East Fraud case

Dec 2012
Fraud updates
On 16 October 2012 PCB Litigation applied to the English Commercial Court to discharge freezing and disclosure orders made on the basis that:
  • The claimants breached their duty on the ex parte applications by failing to make full and frank disclosure and misrepresenting matters; and
  • The claimants had breached an order for the preservation of certain hard drives (more…)
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Civil proceedings – the only route for fraud victims to recover overseas assets?

Dec 2012
Fraud updates

The Supreme Court have recently ruled that, under English criminal law, the Proceeds of Crime Act 2002 ("POCA"), the English courts cannot impose property freezing orders or civil recovery orders in respect of property situated outside the UK. The Supreme Court also held that, under POCA, the English courts have no power to make disclosure orders relating to persons outside the jurisdiction.

The ruling was made in the case of Perry and others v Serious Organised Crime Agency [2012] UKSC 35. Perry was convicted of a serious criminal fraud in Israel in 2007 and sentenced to 12 years in jail and a large fine. Later, the Serious Organised Crime Agency ("SOCA") discovered that Perry and his family held £14 million in two bank accounts in London, as well as assets and property in other jurisdictions. (more…)

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November 2012

Nov 2012
Latest news
PCB Litigation is advising on a multi million dollar claim where multi jurisdictional freezing and disclosure orders have been granted involving Eastern Europe, Cyprus and the Caribbean.
PCB Litigation is advising on multi million dollar fraud claims involving US, Caribbean and Asia. Read More

PCB top fraud lawyers

Nov 2012
Fraud updates

Chambers and Partners published its 2013 UK rankings at the end of last week re-affirming PCB Litigation LLP's status as a leading niche fraud practice.

The Chambers guide ranks PCB for civil fraud either above or alongside all of the Magic Circle firms and commends "this outstanding fraud litigation boutique", which is "going from strength to strength" according to market sources, who see the firm consistently "punching well above its weight" when coming up against much larger outfits. (more…)

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October 2012

Oct 2012
PCB news
PCB Litigation have been retained to act for one of the parties in an alleged €1 billion global bank fraud. Read More

September 2012

Sep 2012
PCB news
PCB Litigation have obtained World Wide Freezing Orders on behalf of a leading European Bank against Defendants whose assets are located in numerous jurisdictions.
PCB Litigation are advising in relation to a Middle East financial dispute where proceedings have been brought in several jurisdictions. Read More

August 2012

Aug 2012
PCB news
PCB Litigation are advising a global energy corporation in respect of asset recovery arising out of procurement fraud.
PCB Litigation are advising a prominent European Bank in relation to asset recovery arising out of guarantee defaults. Read More

July 2012

Jul 2012
PCB news
PCB Litigation are advising on a multi million dollar fraud claim involving Cyprus, BVI and St Kitts.
PCB Litigation have been retained by a Bank to recover assets held in Western Europe. Read More

June 2012

Jun 2012
PCB news
A major European Bank have retained PCB Litigation to pursue claims in excess of $150 million against assets held in numerous offshore structures.
A prominent European commercial corporation has retained PCB Litigation to pursue claims against multi-jurisdictional assets. Read More

May 2012

May 2012
PCB news
PCB Litigation advised a Far East company in respect of claims and relief arising from apparently forged bills of lading. Read More

April 2012

Apr 2012
PCB news
PCB Litigation has advised on a fraud claim by an overseas company and its continental subsidiary against a director and other associated parties.
PCB Litigation is advising on a claim against a London bank in respect of unauthorised transactions.
PCB Litigation is advising on jurisdictional issues arising out of an alleged scheme to strip assets from an overseas company.
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