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Thursday, 3 September 2026

Compiled with AI from public news sources. Folio is editorial commentary for commercial-awareness practice, not legal advice. Verify any detail against the linked sources before relying on it professionally.

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Top Story/Disputes

SFO and Dechert settle long-running ENRC civil claim on confidential terms after court found SFO breached its duties

A confidential out-of-court settlement has been reached between Eurasian Natural Resources Corporation (ENRC), the Serious Fraud Office (SFO), Dechert LLP, and David Neil Gerrard, drawing a close to one of the most significant and damaging civil actions ever brought against both a major law firm and a UK prosecutorial body. The SFO investigated ENRC between 2013 and 2023 over suspected bribery and corruption connected to mining assets in the Democratic Republic of Congo and elsewhere. That investigation concluded without charges due to insufficient admissible evidence. ENRC had brought a civil claim against its former lawyers in 2017 and against the SFO in 2019. A court found the SFO was in breach of its duties, including engaging in and taking unauthorised information between 2011 and 2013, and further found that but for this conduct, the investigation would not have opened. All proceedings between the four parties were concluded on 2 September 2026 on terms described as confidential. The SFO's Director of Legal Services, Matthew Wagstaff, stated the office is "confident that the SFO's wrongdoing between 2011 and 2013 could never happen again," citing stronger governance, independent oversight, and clearer safeguards. The case exposed fundamental failures in how the SFO managed its relationships with external lawyers during a live investigation, and raised serious questions about Dechert's conduct as ENRC's former adviser. The settlement ends years of litigation without a publicly disclosed financial outcome, meaning the full accountability picture remains behind closed doors.

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Dutch Central Bank Moves 86 Tonnes of Gold Reserves from US and Canada to London, Citing Geopolitical Unrest

The Dutch central bank has moved 86 tonnes of gold reserves out of the United States and Canada to London, citing "increasing geopolitical unrest." According to The Guardian, th…

“Sovereign gold flows to London signal active geopolitical risk management by central banks.”

AI & Law

Sidley Adds Dedicated AI Seat as Training Contract Rotations Rise from Four to Six

Sidley Austin has restructured its training contract, increasing rotations from four to six and adding a dedicated seat in a newly launched 'AI Knowledge Lab'. The change marks…

Sidley Austin

“Sidley's AI seat turns a buzzword into a billable competency.”

Bigger Picture

Sector Watch

Gold Repatriation and Geopolitical Safe Havens

The Dutch central bank's decision to move 86 tonnes of gold from the US and Canada to London is one of the clearest signals yet that European sovereign institutions are reassessing the geopolitical reliability of North American custody arrangements. Combined with the US-Venezuela oil deal's opaque structure and the ongoing US-Canada tariff standoff, the week has seen multiple data points suggesting that cross-border asset security is now a live institutional concern rather than a theoretical one. For London's financial infrastructure and the law firms that service central bank and sovereign wealth mandates, this is a moment of genuine competitive opportunity as European institutions look to consolidate their most liquid assets in a jurisdiction they regard as stable and accessible. Banking and finance, public international law, and sanctions compliance practices should expect growing sovereign-client enquiries.

One to Follow

The CMA's Phase 1 inquiry into E.ON's anticipated acquisition of OVO Energy, with a decision expected in the coming weeks

A Phase 2 referral would put one of the UK's largest domestic energy supplier mergers under full CMA scrutiny at a moment of acute political sensitivity around energy bills, potentially requiring structural remedies including customer account divestment. Competition, energy regulatory, and public law practices at firms advising either party or potential intervenors should be tracking the inquiry closely.

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