Search results

What To Know About AI Fraudsters Before Facing Disputes

Published on 29 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.

The EU Compliance headache you don't know you have? A priority primer on the European Accessibility Act

Published on 31 Oct 2024. By Oliver Bray, Senior Partner and Hettie Homewood , Senior Associate

It is now less than a year until the EU Accessibility Act (EAA) comes into force, which will require businesses to ensure a range of products (eg smartphones and computers) and services (eg e-commerce services, consumer banking services, and ebooks) are accessible for persons with disabilities.

Seeing the wood for the trees: preparing for new deforestation due diligence rules in the UK and EU

Published on 24 Oct 2024. By Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

Green claims update: July 2024

Published on 31 Jul 2024. By Oliver Bray, Senior Partner and Ciara Cullen, Partner and Hettie Homewood , Senior Associate and Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

Welcome to our round-up of the key legal and regulatory developments relating to green claims.

The Corporate Sustainability Due Diligence Directive expert briefing

Published on 08 Jul 2024. By Sam Tate, Partner and Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead and Thomas Jenkins, Senior Associate and Robert Semp, Associate and Sarah Barrie, Associate and Eve Matthews, Associate

The Corporate Sustainability Due Diligence Directive (CSDDD) was adopted on 24 May 2024 and was published in the Official Journal of the EU on 5 July. This means the law will enter into force 20 days later on 26 July, and will apply to companies from 2027.

Green claims update: June 2024

Published on 02 Jul 2024. By Oliver Bray, Senior Partner and Ciara Cullen, Partner and Hettie Homewood , Senior Associate and Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

Welcome to our round-up of the key legal and regulatory developments relating to green claims.

Environmental sustainability: a snapshot of a changing regulatory landscape

Published on 01 Jul 2024. By Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

Sophie Tuson charts the key legal developments in the UK and EU across the product lifecycle and flags practical considerations for businesses.

New legislation proposed to bring FCA regulation to cryptoasset promotions

Published on 07 Jul 2023. By Oliver Bray, Senior Partner

What will the Government’s new legislation mean for the promotion of cryptoassets?

D'Aloia – High Noon for Crypto-Tracing

Published on 17 Oct 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The High Court judgment in D'Aloia v. Persons Unknown and others [2024] EWHC 2342 (Ch) is arguably the most significant crypto judgment of 2024. Critical deficiencies in the claimant's blockchain tracing analysis, evidence presented at trial and pleadings were ultimately fatal to his claims seeking to recover assets misappropriated by fraudsters.

Crypto damages quantification: valuation at the date of breach or date of judgment?

Published on 10 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Southgate v. Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency's fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date.

Summary judgment against persons unknown – a tale of two crypto judgments

Published on 09 May 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Two recent crypto judgements in the High Court, Mooij v Persons Unknown (February 2024) and Boonyaem v Persons Unknown (December 2023) reached different conclusions regarding whether a summary judgment could be granted against unidentified (and unidentifiable) fraudsters, with Mooji deciding 'yes' and Boonyaem deciding 'no'.

Binance successfully challenges interim proprietary injunction over deposited cryptoassets

Published on 24 May 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch), the cryptocurrency exchange Binance successfully applied to discharge an interim proprietary injunction obtained by a claimant whose misappropriated cryptoassets had been deposited at the exchange. This is the first recorded case of an exchange successfully having discharged such an injunction.

The FTX fallout so far and what may come next

Published on 16 Dec 2022. By Dan Wyatt, Partner

The collapse of FTX Trading Ltd. has been as dramatic as it has been fast. Until then, FTX had been the second-largest exchange in the world.

Three Crypto firsts for the English courts

Published on 22 Nov 2022. By Dan Wyatt, Partner and George Fahey , Associate

The recent judgment handed down in Jones v Persons Unknown [2022] EWHC 2543 (Comm) contained three firsts in the English Court: the imposition of a constructive trust between a crypto exchange and a victim of crypto fraud, an order for delivery up of Bitcoin, and summary judgment served by NFT airdrop. It shows the English courts' continued willingness to push the boundaries of English law in relation to the recovery of misappropriated cryptoassets. The innovative application of English law procedures and remedies to the growing problem of crypto theft and fraud is of considerable assistance to the victims of this pernicious and widespread fraudulent activity.

You've been airdropped: English court approves service by NFT and finds it arguable that cryptocurrency-exchanges hold misappropriated assets as constructive trustees

Published on 03 Aug 2022. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate and Becky Baker , Associate

In D’Aloia v (1) Persons Unknown (2) Binance Holdings Limited & Others [2022] EWHC 1723 (Ch), the English court approved service of proceedings by NFT and found that it was arguable that cryptocurrency exchanges owed constructive trustee duties to cyber-fraud victims.

First judgment obtained in proceedings brought by a cryptocurrency exchange in the English Courts

Published on 13 Jul 2022. By Christopher Whitehouse, Senior Associate and Jonathan Cary, Partner

In HDR v Shulev and Nexo [2022] EWHC 1685 (Comm), HDR (represented by RPC), which operates the cryptocurrency exchange BitMEX, initiated stakeholder proceedings under CPR Part 86 to resolve a dispute between two rival parties claiming control, and ownership of the contents, of a trading account.

Injunction granted over stolen NFTs held on constructive trust

Published on 10 Jun 2022. By Christopher Whitehouse, Senior Associate and Dan Wyatt, Partner and George Fahey , Associate

In a highly anticipated judgment, the Commercial Court in Lavinia Deborah Osbourne v (1) Persons Unknown (2) Ozone Networks Inc held that "there is at least a realistically arguable case" that non-fungible tokens ('NFTs') are to be treated as property in English Law.

Is the crypto market at the end of its Tether?

Published on 18 May 2022. By Christopher Whitehouse, Senior Associate

The crashing out of Terra has unleashed fears of unsettled investors, rising disputes and fraud exposure.

High Court finds that a cryptocurrency exchange arrangement was not a trust

Published on 16 Feb 2022. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The High Court decided that no trust could arise where two parties had agreed to an exchange of cryptocurrencies (in essence a sale and repurchase agreement), as the essential economic reciprocity precluded the existence of any trust.

Crypto-assets again confirmed as property by the English Commercial Court

Published on 26 Aug 2021. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate and Becky Baker , Associate

In the Commercial Court's latest crypto-related judgment, Fetch.AI(1), a proprietary injunction and worldwide freezing order were granted against various categories of persons unknown who had misappropriated various crypto-assets from one of the claimant's Binance trading accounts. In doing so, the Court agreed with the key finding in the seminal case AA v Persons Unknown, Re Bitcoin [2019] EWHC 3556 (Comm) – that bitcoin is 'property' – albeit it did so on a different basis.

No interim injunction over bitcoin account where damages would be adequate

Published on 03 Sep 2020. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The court has declined to continue interim injunctions granted in respect of a 'coin depot account' holding bitcoin over which the claimants asserted a proprietary right.

Bitcoin is 'property' and can therefore be subject of proprietary injunction

Published on 03 Feb 2020. By Christopher Whitehouse, Senior Associate

Following recent case law on the matter, the High Court has found that bitcoin can be 'property' and can therefore be the subject of a proprietary injunction.(1) In reaching its conclusion, the court adopted the detailed analysis of the issue set out in the UK Jurisdictional Task Force's November 2019 Legal Statement on Crypto-Assets and Smart Contracts, thereby providing a far more detailed judicial basis for the finding than found in previous cases. The bitcoins at the heart of this case were part of a ransom payment paid to a hacker who installed malware on a company's IT systems.

Regulation of cryptocurrency pre-ICO funding under English Law

Published on 15 May 2018.

Launching a cryptocurrency typically involves an initial fundraising process followed by a public sale process, by way of initial coin offering or token sale ("ICO").

Hong Kong regulator warns of cryptocurrency risks

Published on 09 Feb 2018. By Jonathan Cary, Partner

Construction and Engineering Law 2024

Published on 15 Aug 2024. By Tom Green, Partner and Arash Rajai, Partner and Alan Stone, Partner and Jonathan Carrington, Senior Associate

We are delighted to have contributed once again to ICLG's Construction and Engineering Law guide for 2024. The comprehensive guide delves into the multifaceted world of construction and engineering law, providing an essential reference for understanding and comparing the handling of common legal challenges across various jurisdictions.

The November 2023 AI safety summit and the UK's direction of travel

Published on 29 Aug 2023. By Helen Armstrong, Partner and Charles Buckworth, Partner and Joshy Thomas, Knowledge Lawyer

The government has confirmed that the UK AI safety summit will be held at Bletchley Park on 1 and 2 November 2023.

New developments in AI may put law firms at greater risk of phishing fraud

Published on 28 Apr 2023. By Will Sefton, Partner and Head of the Lawyers Liability and Regulatory Group

As the computing power of Artificial Intelligence continues to grow exponentially, we consider how generative technology may expand the reach of traditional phishing frauds aimed at law firms.

Ethics in the age of AI: new Institute of Directors checklist

Published on 07 Jul 2023. By Oliver Bray, Senior Partner

What are the key considerations for boards regarding the ethical use of AI within their companies based on the Institute of Directors’ (IoD) Checklist for Boards (Checklist)?

Government White Paper sets out UK approach to AI regulation

Published on 07 Jul 2023. By Oliver Bray, Senior Partner

How is the UK Government looking to regulate AI?

UK Government sets out proposals for regulation of AI

Published on 10 Oct 2022. By Oliver Bray, Senior Partner

What are the UK Government’s plans for the future regulation of artificial intelligence (AI)?

ICO launches AI and Data Protection Toolkit

Published on 28 Jul 2022.

How can those engaged in the development of artificial intelligence (AI) systems utilise the Information Commissioner’s Office’s AI and data protection risk toolkit (the Toolkit) to better ensure compliance with data protection legislation?

UK government announces the launch of an AI standards hub

Published on 12 Apr 2022. By Oliver Bray, Senior Partner

What does the new artificial intelligence (AI) standards hub mean for businesses seeking to develop AI technologies?

UK authorities consider position of AI in preparation for a new Golden Age of Tech

Published on 09 Jun 2021. By Oliver Bray, Senior Partner

The question: What direction is the UK taking regarding policies on artificial intelligence (AI)?

Snapshots Winter 2024

Published on 10 Dec 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Autumn 2024

Published on 17 Oct 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Summer 2024

Published on 01 Aug 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Spring 2024

Published on 17 Apr 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Winter 2023

Published on 12 Dec 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Autumn 2023

Published on 25 Oct 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Summer 2023

Published on 07 Jul 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Spring 2023

Published on 31 Mar 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Winter 2022

Published on 23 Dec 2022. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Coming to a bank near you? How "investment AI" could transform financial mis-selling claims

Published on 09 Nov 2023. By Daniel Hemming, Partner and Olivia Dhein, Knowledge Lawyer

Living under a rock is probably the only way anyone might have escaped the media attention given to ChatGPT and generative AI in recent months. Beyond the (considerable) hype, this technology could have a profound impact on financial mis-selling claims where financial institutions and fund managers turn to the new technology to help them select investments and products.

The Times recognises RPC among Best Law Firms 2024

Published on 30 Oct 2023.

International law firm, RPC, has been recognised by The Times in its Best Law Firms 2024 report, an annual ranking of the top 250 law firms in England and Wales.

High Court permits enforcement of foreign judgment in crypto recovery case

Published on 22 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Tai Mo Shan Ltd v. Persons Unknown [2024] EWHC 1514 (Comm)

RPC earns top ranking for Crypto-Asset Disputes in the UK

Published on 05 Dec 2023. By Dan Wyatt, Partner and Sarah Mountain, Partner

International law firm RPC has been ranked for the first time in Chambers and Partners 2024 FinTech Guide, achieving Band 1 for Crypto-Asset Disputes in the UK.

Cracking Down on High-Risk Investments: FCA considers industry performance

Published on 11 Oct 2023. By Dorian Nunzek, Trainee Solicitor

After introducing stricter rules for the promotion of Restricted Mass Market Investments (RMMIs) in February 2023, the FCA continues to monitor the performance of firms, is conducting a multi-firm review and has outlined good and poor practices in the industry.

FCA rules could trigger 'marked drop' in finfluencers marketing crypto

Published on 09 Oct 2023. By Oliver Bray, Senior Partner and Hettie Homewood , Senior Associate

Regulator clamping down over concerns consumers are being 'influenced into high risk investments without understanding consequences'

The FCA sets expectations ahead of incoming cryptoasset marketing rules

Published on 28 Sep 2023. By Kerone Thomas, Associate and Faheem Pervez, Associate

The FCA has issued a "final warning" to firms promoting cryptoassets to UK consumers to prepare for the cryptoassets financial promotion regime. Effective from 8 October 2023, this regime aims to protect consumers from promotions that make exaggerated claims about the benefits in investing in cryptoassets.

Value of NFT fraud plummets 82% in UK

Published on 18 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The value of Non-Fungible Token (NFT) fraud in the UK has dropped 82% over the last year as the collapse in prices and lower trading volumes make these digital assets less attractive to fraudsters, reveals new data from international law firm RPC.