Financial Crimes, Financial Institutions, Appeals

Fourth Circuit Limits Beneficiary Bank Liability in BEC Schemes, Requires Actual Knowledge

Holland & Knight LLP on 4/3/2025

Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more

Fourth Circuit Holds UCC Article 4A Requires Beneficiary Bank’s Actual Knowledge for Wire Misdescription Liability in Business...

Troutman Pepper Locke on 3/31/2025

On March 26, the U.S. Court of Appeals for the Fourth Circuit reversed a district court’s decision holding a credit union liable for a wire transfer in a business email compromise scam case where the credit union lacked...more

Significant UK Court of Appeal Decision Confirms the Applicability of the UK’s Proceeds of Crime Legislation to Illegality in...

Skadden, Arps, Slate, Meagher & Flom LLP on 7/8/2024

The UK Court of Appeal recently held that the National Crime Agency’s decision not to investigate whether cotton goods manufactured in China and imported to the UK were the product of forced labour was unlawful — a decision...more

Client Alert: World Uyghur Congress v Secretary of State for the Home Department: Can Forced Labour Goods Cause UK Money...

Jenner & Block on 2/3/2023

On 20 January 2023, the High Court in London issued a historic judgment in relation to the World Uyghur Congress’ (WUC) challenge to the UK government’s failure to investigate the importation of cotton produced in China’s...more

Court of Appeal: Banks’ Quincecare duty may apply to instructions from defrauded customers

White & Case LLP on 3/24/2022

In Philipp v Barclays Bank UK PLC, the Court of Appeal held that the Quincecare duty may apply to direct customer instructions (not just those through an agent), such that banks may be liable for failing to protect against...more

UK Supreme Court upholds first successful claim for breach of the "Quincecare" duty financial institutions owe their customers

White & Case LLP on 11/6/2019

In Singularis Holdings Ltd (In Official Liquidation) v Daiwa Capital Markets Europe Ltd ([2019] UKSC 50), the Supreme Court upheld the first successful claim in negligence by a customer of a financial institution for breach...more