Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.
An actress who starred in a Playboy film has been sentenced for fraud after failing to disclose a previous conviction for falsely claiming £44,000 ($57,000) in benefits when she applied for multiple new insurance policies, City of London Police said Monday.
A group of 10 insurers are liable for losses suffered by Piraeus Bank AE after an oil tanker it had an interest in was destroyed by an explosion off the coast of Yemen in 2011, the Greek lender’s lawyers argued at a London court on Monday.
A judge in London has stayed an insurance dispute over nearly 2,000 cartons of frozen shrimp that were allegedly damaged while being shipped from Madagascar to France, noting in his order that the postponement comes at the request of the company that filed suit.
The U.K.'s data protection and financial watchdogs revised their promise to work together on Monday, agreeing to share information that either agency uncovers during an investigation as long as it complies with new European data protection rules.
The European Union’s top securities regulator said on Monday that it will allow three British-based securities clearinghouses to continue serving the bloc’s financial businesses for a year in the event of a “no deal” Brexit on March 29, in a move aimed at containing potential market turmoil.
Insurer Zurich American asked a St. Louis federal court Thursday to free it from helping a policyholder pay $300 million in legal settlements over poisonings and pollution in a small Missouri town that was home to the nation’s last lead ore smelter.
The last week has seen the European arm of a Japanese investment bank sue a Saudi billionaire, the former prime minister of Qatar face action involving a pricey mansion and a Swiss bank file claims against executives of a defunct business group being investigated by the U.K.'s fraud watchdog. Here, Law360 looks at those and other new claims in the U.K.
The U.K. government said Friday it will invest £13 million ($16.6 million) into dozens of new artificial intelligence and data analytics projects that include efforts to tackle the billions of pounds' worth of insurance fraud that takes place in the country each year.
Consumers may no longer have access to a range of insurance funds if European Union authorities do not extend into 2020 a rule that allows investment managers to avoid time-consuming duplication of information that they are obliged to provide to investors, Europe’s insurers and asset managers warned on Friday.
An investment company accusing Lloyds Bank subsidiaries and other institutional investors of failing to pay their share of the costs of securing a £200 million ($254 million) settlement for RBS shareholders will have their case heard at trial in a year.
A Louisiana federal magistrate judge has recommended that a trustee’s suit against a German insurance company that issued a policy to a now-bankrupt heating pellet company be sent back to state court, holding that removal wasn’t appropriate because an officer of the debtor hadn’t agreed to it.
Europe’s proposals to introduce a blocwide pension product are “not the answer” to the EU’s pensions crisis and may hurt consumers if providers are not regulated and charge high fees that cut into savings, consumer groups said Thursday.
U.S. Vice President Mike Pence criticized key European allies on Thursday for helping businesses to continue making payments into Iran, claiming that the regulatory carve-out could help undo Washington’s sanctions against the “murderous revolutionary regime” in Tehran.
A fraudster who set up fake companies to buy fleet insurance policies covering more than 70 vehicles, some of which were used in burglaries and drug deals, has been sentenced to two years in jail, police in London have said.
European lawmakers gave their final backing on Thursday to reforms that will help 150 million Europeans who live outside the eurozone avoid excessive bank charges when they make cross-border payments using the euro.
The European Union edged closer to creating a blocwide pension regime on Wednesday after member state governments endorsed reforms aimed at narrowing the bloc's annual savings gap of €2 trillion ($2.3 trillion).
The investment industry still has work to do to improve its oversight of nonequity markets so that financial companies can prevent and catch criminals who are manipulating trades, the Financial Conduct Authority said Wednesday.
Motorists behind the wheel of some driverless cars should keep their eyes on the road and pay attention to their ride in case of an emergency, a trade organization for insurers in the U.K. warned on Wednesday.
Reports of financial fraud are rising and have already topped 10,000 this fiscal year, the U.K.’s financial ombudsman revealed on Wednesday, as the complaints service said it is battling a surge of complaints about economic crime.
Parliament has approved changes to anti-terrorism laws that will allow British businesses to buy insurance cover that will pay out if they lose custom because they cannot trade in the aftermath of a terrorist attack, the government has said.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.
The Lawyer's Daily
Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.