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Banks, Insurers Eye The Door As UK Reaches Brexit Deadlock

By William Shaw

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.
January 16, 2019
Markets Expect Brexit Will Be Delayed, BoE's Carney Says

The governor of the Bank of England told a panel of lawmakers on Wednesday that sterling has risen following the landslide defeat for the government’s draft withdrawal agreement because financial markets believe the prospect of a no-deal Brexit “may have been diminished.”
January 16, 2019
UK's May Survives No-Confidence Vote After Brexit Defeat

British Prime Minister Theresa May narrowly survived a vote of no confidence brought by the opposition Labour Party on Wednesday, a day after lawmakers overwhelmingly rejected her proposed deal to leave the European Union.
January 15, 2019
British Airways Pension Trustees Off Hook For Appeal Fees

A London judge told trustees of British Airways' pension scheme Tuesday that they won't have to foot the legal bill for asking the U.K. Supreme Court to make the airline pump £12 million ($15.7 million) more into the fund, though he expressed alarm it would cost £1.24 million for just a day-and-a-half-long hearing.
January 15, 2019
AIG Must Pay Investors £3M In Italy Vacation Home Scam

A London judge has ordered AIG to pay up to £3 million ($3.83 million) to investors who deposited millions for holiday homes in southern Italy that were never built, saying the insurer's decision to pay for the defense of the firm overseeing the mafia-linked development led to higher legal fees.
January 15, 2019
Brazil Says Aviation Insurers Have Been Swapping Info

Brazil’s antitrust authority has launched an investigation into whether American International Group Inc. and 10 other companies in the aviation and aerospace insurance industry affected competition in the country by sharing sensitive pricing information.
January 15, 2019
UK Lawmakers Reject Gov't Brexit Deal In A Landslide

The U.K. Parliament overwhelmingly rejected the government’s draft agreement for leaving the European Union on Tuesday, pitching the Brexit process deeper into disarray and raising questions about whether the March 29 departure date can still be met.
January 15, 2019
Crowell & Moring Poaches Finance Expert From Squire Patton

Crowell & Moring LLP said Tuesday that it has snagged an experienced financial litigator from Squire Patton Boggs LLP to oversee the expansion of its London office.
January 15, 2019
London Lawyer 1st Fined Over Panama Papers Revelations

A partner at London law firm Child & Child on Tuesday became the first English lawyer to be punished as a result of revelations from the Panama Papers scandal after he was fined £85,000 ($109,000) by a U.K. disciplinary tribunal for failing to carry out money laundering checks.
January 15, 2019
Insurance Premiums Rise Ahead of Brexit, Survey Shows

Motor insurance customers were hit with a two percent rise in premiums during the final quarter of 2018, a survey revealed on Tuesday, as an insurance broker predicted further hikes because of tariffs and import costs caused by Brexit.
January 14, 2019
Lloyd's Underwriters Say Reinsurance Pact Null In $3.7M Row

Underwriters at Lloyd's of London have urged a Maryland federal court not to send to arbitration a $3.7 million coverage dispute with two insurers over a Baltimore warehouse that was destroyed in a fire, arguing the parties' agreement is void because the insurers misrepresented certain material facts.
January 14, 2019
Quilt Co. Pushes Ahead With £2.3M Insurance Claim Suit

A U.K.-based textile company has asserted in new court documents that it is entitled to a further £2.3 million ($2.9 million) insurance payout after a fire destroyed one of its properties, disputing the insurer's claim that it had agreed to amend the policy.
January 14, 2019
CBI, PwC Warn Demand Is Falling For UK Financial Services

Demand for Britain's financial services has fallen for the first time in five years, the Confederation of British Industry and PricewaterhouseCoopers said Monday, blaming regulatory demands and uncertainty surrounding the U.K.'s impending exit from the European Union.
January 14, 2019
Pension Trustees Win Appeal To Cap Annual Increases

A London judge ruled on Monday that three members of a pension plan owned by Coats Group, an industrial thread and zip maker, are not entitled to an annual five percent increase to their investment pots, overturning two decisions by the deputy pensions ombudsman.
January 14, 2019
UK's May Predicts No Brexit If Lawmakers Reject Her Deal

Prime Minister Theresa May predicted on Monday that Brexit could be abandoned if MPs reject her draft Withdrawal Agreement as anticipated on Tuesday, as she warned that Parliament risks being thrown into “paralysis.”
January 14, 2019
EU Privacy Reform Could Hamper Innovation, Insurers Warn

European Commission proposals to reform the bloc’s electronic privacy laws are “unclear” and will create “legal uncertainty,” Europe’s insurers said on Monday, as they warned that the regulation could limit the ability of insurance companies to offer innovative policies to their customers.
January 11, 2019
UK Litigation Roundup: Here's What You Missed In London

The last week has seen Axa sue a private health-care provider, AIG take on shipper MSC and an appeal by a printer cartridge maker that has been fighting a multimillion-pound award to its pension trustees.
January 11, 2019
EU Cross-Border Pension Reforms Set To Kick In Sunday

After two years of planning, sweeping new rules geared towards improving the clarity and management of workplace pension funds will come into effect across the European Union on Sunday as member states write reforms on retirement funds into their national rule books.
January 11, 2019
Insurance Fraudster Sentenced For Bogus Car Crash Scheme

An insurance fraudster has been handed a suspended jail sentence at an English court after an investigation by the insurance industry and police linked him to more than 20 claims for car crashes that never took place.
January 11, 2019
Banking Giants Hit With UK Suit Over Forex Rigging

Hundreds of institutional investors have accused Barclays, HSBC and four other banking giants in London's High Court of conspiring to rig the foreign exchange market, seeking billions of dollars in damages for antitrust violations.
January 11, 2019
Learn From National Regulators, EU Insurers Tell Watchdog

Insurers urged Europe's top industry regulator on Friday to get national watchdogs with “real day-to-day experience" involved in its proposed new executive board, ahead of a proposed sweeping shake-up of the agency's structure.

Editor's Picks

Q&A With 3 Hare Court's Jeffrey Golden And Randy Holland

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.
Global Law Firms Bulk Up In Europe As Brexit Approaches

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.

Expert Analysis

Is Equifax Data Breach Penalty A Sign Of Fines To Come?

Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.
Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
5 Cyber Insurance Pitfalls To Avoid In The UK

Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
UK Unexplained Wealth Orders: More Bark Than Bite So Far

This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
GDPR Compliance Questions For Blockchain Firms

The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
Knowledge Management: An Unsung Hero Of Legal Innovation

As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
Uncertainty Concerning The UK's Proper Purpose Rule?

The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
How Europe's AML Regime Is Tackling Virtual Currencies

The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.
UK Ruling Signifies Greater Cross-Border Sharing Of Data

In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
Why Law Firms Should Monitor The Dark Web

Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

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