News & Analysis as of

Clawbacks United Kingdom

Foley Hoag LLP - White Collar Law &...

Anticorruption Enforcement and the Foreign Corrupt Practices Act: Trends to Track in 2024

This is the seventh in our 2024 Year in Preview series examining important trends in white collar law and investigations in the coming year. We will be posting further installments in the series throughout the next several...more

Littler

Is a Bonus Clawback Provision a Restraint of Trade in the UK?

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In a reassuring decision for employers, the UK High Court has confirmed that an employer’s use of a contractual provision to claw back an employee’s bonus was lawful. The ruling in Steel v Spencer Road LLP provides helpful...more

BCLP

UK HR Two Minute Monthly: November 2023

BCLP on

Our November update includes a Supreme Court decision on employment status and the right to join a trade union, whether a bonus clawback clause can be an unlawful restraint of trade, and how to deal with a “heat of the...more

Katten Muchin Rosenman LLP

Want to Leave Your Employment? That Will Cost You!

It's the run-up to bonus season in the UK and there is a lot to talk about. While the markets may have cooled down, the caps are off! In a controversial move, regulators removed the regulatory cap on banker's bonuses on 31...more

Dechert LLP

Clawback Provisions and Restraint of Trade

Dechert LLP on

In a welcome decision for employers, in Steel v Spencer Road LLP the High Court has upheld as enforceable a clause requiring an employee to repay a significant bonus following his resignation. A clause in Mr Steel’s...more

Skadden, Arps, Slate, Meagher & Flom LLP

Employment Flash - April 2023

In our latest edition of Employment Flash, we examine developments over the past three months, including the NLRB’s ruling regarding employees’ labor law rights in severance agreements, a Supreme Court decision that upheld...more

Skadden, Arps, Slate, Meagher & Flom LLP

Variable Remuneration and Ethical Behavior: A Toolkit for Companies

Governmental authorities in the U.K. and the U.S. want companies to align employment incentives with ethical conduct. In 2022, the U.K. government undertook a consultation on this topic and in May 2022 published a paper —...more

White & Case LLP

"Cheque, please" – Is the cost of fraudulent furlough scheme applications starting to emerge?

White & Case LLP on

The UK furlough scheme, rolled out in haste earlier this year, has been a lifesaver for many businesses and households that have used the scheme to stay afloat. The furlough scheme has so far cost the UK in excess of £35...more

Morgan Lewis

New HMRC Clawback Powers and Penalty Measures for COVID-19 Support Payments

Morgan Lewis on

A new act in the United Kingdom provides power to HMRC to claw back coronavirus (COVID-19) support payments and issue penalties for deliberate and inadvertent misuse of such schemes....more

Dechert LLP

COVID-19 Coronavirus Business Impact – proposed Coronavirus Job Retention Scheme taxation and clawback regime announced

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In this OnPoint we report on the UK Government’s recently announced consultation on the taxation and clawback regime which will apply in relation to grants made to employers under the Coronavirus Job Retention Scheme (“the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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PM Theresa May’s call for a snap election looked a lot better a few weeks ago than it does on the morning after. But regardless of the outcome (hung parliament, anyone?), the pound sterling sure took it on the chin....more

Dechert LLP

HMRC Publishes Guidance on the Tax Treatment of Clawback of Remuneration in the UK

Dechert LLP on

Since the financial crisis of 2008 / 2009, swathes of new regulations have been introduced governing various aspects of remuneration in the financial services sector. A key feature of these rules is the compulsory clawback of...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Guide to the UK Disguised Investment Management Fee Rules

New rules effective from today in the U.K. are likely to have material impact on the tax treatment of payments by a fund to its U.K.-based management executives and service providers. The rules cover many areas of fund...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume X, Issue 4

In this issue: - SEC Division of Corporation Finance Issues New C&DI Related to Resales Under Regulation S - SEC Announces Proxy Voting Roundtable - CFTC Staff Issues No-Action Relief From Certain...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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Supreme Court Justices Scalia and Thomas indicated that the High Court may at some point consider a question regarding the application of insider trading law in criminal cases and the deference due, if any, to the...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Clawback of Bonuses: UK PRA’s Banking Proposals Cast Six-Year Shadow for Bad Actors and Their Supervisors and Line Managers"

On 13 March 2014, the Prudential Regulation Authority (PRA), the U.K. regulator responsible for prudential supervision of banks, insurers and large broker-dealers, issued a consultation paper on bonus clawback (CP6/14). ...more

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