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Plan To Recast £2.5T Pensions Sector Raises New Risks

The government unveiled a set of reforms Tuesday designed to tap the U.K.'s £2.5 trillion ($3.2 trillion) pension sector for investment in new technology startups — but experts say the shakeup could lead to an uncertain future for millions of workers saving for retirement.
May 31, 2024
4th Circ. Won't Revive NC Homeowners' Storm Coverage Suit

The Fourth Circuit refused on Friday to revive a suit brought by the owners of a North Carolina beach house accusing certain underwriters at Lloyd's London of stalling a $1 million payout over hurricane damage.
May 31, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.
May 31, 2024
UK Insurers Sign Cooperation Deal With Gibraltar

The Association of British Insurers has said it has penned an agreement with the Gibraltar Insurance Association it hopes will promote better cooperation between the two trade bodies on areas of common interest.
May 31, 2024
Ireland Fast-Tracks Failed Insurers Reform After EU Warning

The government of Ireland unveiled new legislation Friday for the creation of a fund to pay out on claims to insolvent insurance companies, a week after Brussels threatened infringement proceedings.
May 31, 2024
EU Watchdog Warns Retail Investment Firms Of AI Pitfalls

The European Union's markets regulator has issued guidance for firms using artificial intelligence to give investment services to retail clients, warning of risks like biased decision-making.
May 31, 2024
BBVA To Tap Shareholders To Fund €12B Hostile Takeover

Spanish banking giant BBVA said Friday that it has called a shareholders' meeting to approve the sale of new shares in a package to finance the €12 billion ($13 billion) hostile takeover of its smaller rival, Banco de Sabadell SA.
May 31, 2024
Nationwide's Planned £2.9B Virgin Money Deal Gets UK Probe

The Competition and Markets Authority said Friday it has opened a formal probe into Nationwide Building Society's plans to buy Virgin Money for £2.9 billion ($3.7 billion), which they say would create a combined group with assets of approximately £366 billion.
May 30, 2024
Bulgarian Fraudsters Get 25 Years For Major Benefits Scam

Five Bulgarian individuals were sentenced to more than 25 years in prison Thursday after admitting to making £54 million ($68.7 million) in fraudulent benefits claims, the largest-ever scam of its kind.
May 30, 2024
Pension Consultancy Starts Platform To Offload Illiquid Assets

A pensions consultancy said Thursday it has launched a platform to better enable retirement schemes to offload illiquid assets as it gears up for a bulk annuity transaction.
May 30, 2024
Big Tech Must Help Reimburse Fraud Victims, City Group Says

The next U.K. government should implement legislation that forces big tech and social media giants to shoulder some of the financial burden for victims of online fraud, a financial services trade group said Thursday.
May 30, 2024
Royal Mail Bidder Backs 'Third Way' Pension Overhaul

The conglomerate controlled by Czech billionaire Daniel Křetínský that bid £3.57 billion ($4.54 billion) for Britain's national postal service has promised to push ahead with a pioneering new retirement savings plan for workers.
May 30, 2024
EU Adopts New AML Measures, Sets Up Supervisory Agency

The Council of the European Union adopted anti-money laundering measures on Thursday in a move to close loopholes exploited by organized crime, which include setting up a dedicated agency to fight illicit financial activities across the bloc.
May 29, 2024
Turkish Cos. Say Ship Owner Failed To Keep Vessel Seaworthy

Two Turkish companies have hit back at a freighter owner's claim for compensation over an engine room fire that caused the ship to drift toward the Yemeni coast, arguing in London court filings that it was caused by negligence.
May 29, 2024
EU Unveils Office To Police New Artificial Intelligence Law

The European Union's executive arm on Wednesday unveiled details of its new AI Office to police compliance with the newly launched Artificial Intelligence Act across member states, including financial services.
May 29, 2024
HSF Guides £204M Pension Deal For Telcoms Biz Arqiva

Pension Insurance Corporation PLC said Wednesday it has completed a £204 million ($259.8 million) full buy-in of a retirement savings plan sponsored by telecommunications company Arqiva Ltd., in a deal guided by Herbert Smith Freehills LLP.
May 29, 2024
Clifford Chance Guides L&G's £20M Nortel Pension Buyout

The U.K. pension liabilities of defunct Canadian telecom company Nortel Networks Corp., worth £2.5 billion ($3.2 billion), have now been offloaded fully to Legal & General Assurance Society Ltd., the insurer said Tuesday, after a final transaction steered by Travers Smith LLP, Pinsent Masons LLP, Hogan Lovells and Clifford Chance LLP.
May 29, 2024
FCA Warns Firms To Prepare Better For Disrupted Operations

The Financial Conduct Authority has warned businesses that some are taking the wrong approach to maintaining operation of important services during a crisis, such as after a cyberattack.
May 29, 2024
Three EU Countries Urge Tax Reform To Boost Investment

Three smaller European Union countries, Austria, Croatia and Slovenia, are backing tax reforms in the 27-country bloc to support investment in capital markets, including exemptions from capital gains tax for long-term retail investment products, according to a joint declaration.
May 29, 2024
Pensions Provider Sells Biz Before Entering Administration

A provider of self-invested personal pensions has sold its retirement savings business before it entered administration when its directors expressed concerns over its financial liabilities caused by some of the investments it had allowed.
May 28, 2024
Insurers, Charter School Assoc. Dismiss Ida Damage Row

A New Orleans-area charter school system and its insurers have agreed to dismiss their dispute over coverage for the system's Hurricane Ida damage claims, the parties told a Louisiana federal court Tuesday, saying "all claims and causes of action brought forth in the above captioned matter have been compromised."
May 28, 2024
Major Insurers Face £472M Claim For Russia-Stranded Planes

An aircraft lessor has brought a £472 million ($604 million) claim against dozens of major insurers over planes stranded since the invasion of Ukraine, following a landmark London court ruling that blocked attempts to move similar cases to Russia.
May 28, 2024
Labour Party Rules Out Any Additional Tax Rises

The Labour Party on Tuesday ruled out introducing any more tax rises in addition to measures it has already announced in the event it wins the July 4 general election.
May 28, 2024
Labour Derides 'Gimmick' Tory £2.4B State Pension Extension

The U.K.'s Labour Party said Tuesday it would maintain the state pension "triple lock" if it won the forthcoming general election, but stopped short of lifting income tax thresholds for the elderly.
May 28, 2024
Aviva Completes £130M Pension Deal With Telereal

A property investment company has offloaded £130 million ($166 million) of its pension liabilities to Aviva PLC, the insurer said Tuesday.
May 28, 2024
EU Investment Firms Told To Upgrade Marketing Reports

The European Union's financial markets regulator has said that investment firms should improve their marketing disclosures to investors, calling on national watchdogs to act against rule-breakers.

Editor's Picks

Litigation Funding Demand Rises As Pandemic Suits Percolate

More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Reforms Abroad For Litigation Funders Raise Questions In UK

Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
Coronavirus: The Latest EU Court Closures And Restrictions

UPDATED March 22, 2021, 10:35 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.

Expert Analysis

Insurance Ruling Stresses High Hurdle To Fix Policy Wording

In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
Examining Senior Managers' Accountability For AI Use

With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
What Cos. Should Know About The EU Greenwashing Rules

The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
The Art Of Corporate Apologies: Crafting An Effective Strategy

Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
Dissecting Recent Developments Against The Misuse Of NDAs

The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
What To Know About The Russia-Stranded Plane Ruling

The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
3 Notable Pensions Reforms In Spring Budget

The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
Bias Ruling Offers Guidance On Disqualifying Arbitrators

An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
Insurance Policy Takeaways From UK Lockdown Loss Ruling

An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
What COVID Payout Ruling Means For Lockdown Loss Claims

While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
Spartan Arbitration Tactics Against Well-Funded Opponents

Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
Unpacking The Building Safety Act's Industry Overhaul

Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
A Rare Look At Judicial Interpretation Of LEG Exclusions

A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.