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.
Payments received by U.K. businesses from credit cards issued by European Union banks are likely to become costlier if Britain leaves the bloc without a transition deal, the British government warned on Tuesday.
Most European Union financial regulators have launched programs to test new financial technology products offered by banks and insurance companies but are concerned they could be creating a two-tier market for fintech products, according to a report published Monday by the bloc’s top supervisors.
European Union lawmakers on Monday floated new rules overhauling how the bloc regulates and oversees investment firms, proposing to supervise companies based on their size and treating the very largest to the same liquidity and capital rules as banks.
Global insurance broker Arthur J. Gallagher & Co. said Monday that it has agreed to buy Stackhouse Poland Group, a British rival that generates annual revenues of more than £55 million ($70 million), within three months.
Britain’s state-backed terrorism reinsurer said on Monday that it will no longer cover its members against losses at events caused by acts of terrorism because insurers can find sufficient cover within the U.K.’s commercial markets.
A cliff-top nursing home in Jersey has sued Zurich Insurance for more than £6 million ($7.7 million) at a London court after tons of rocks and soil gave way following a storm, leaving the residential building teetering on a cliff edge.
Companies in Britain’s financial services sector have transferred assets worth almost £800 billion ($1 trillion) from the U.K. to rival cities in the European Union since the Brexit referendum, according to a report from the EY accounting firm published Monday.
The Financial Conduct Authority told Europe’s banks and insurance companies on Monday that they can start applying for temporary permission to continue providing financial services in Britain for a limited period after Brexit if the U.K. leaves the European Union without securing a transition agreement.
The last week has seen Natixis sue a Nigerian oil refinery, a Qatar Insurance unit lodge a commercial fraud claim, and Allianz Global Investors take on some of the same major banks the institutional investor has already sued for foreign exchange manipulation in the U.S. Here, Law360 looks at those and other new claims in the U.K.
Underwriters from Lloyd's of London sought to remove to Texas federal court on Friday a $1 million suit initiated by the owner of an apartment complex alleging that a slew of insurers wrongfully denied a property damage claim filed after storms struck the building, arguing that the suit must be arbitrated.
The European Commission stepped up its fight against climate change on Friday, unveiling draft rules that will require financial institutions and insurers to consider sustainability when giving out investment advice.
An insurance intermediary has rejected claims that it arranged faulty cargo insurance for a commodity finance business owned by Dutch lender ABN Amro Bank, claiming in High Court documents that the disputed policy clause was drafted by the company’s law firm, Norton Rose Fulbright LLP.
A Danish dairy giant and its insurer are demanding damages from a major global shipping company after thousands of cartons of cream cheese allegedly perished in sub-zero temperatures while en route to Libya, according to a claim filed at a London court.
A judge in the United Kingdom has blocked a request from a Swiss-based manufacturing company seeking to appeal her decision requiring it to pay £4.3 million ($5.43 million) to the trustees of its employee pension scheme, concluding the company’s petition has no prospect of success.
Midmarket private equity firm Bowmark Capital LLP, with help from legal advisers Stephenson Harwood and Pepper Hamilton LLP, has closed its latest flagship fund after raising £600 million ($757.9 million) from investors, the firm said on Thursday.
The Financial Conduct Authority said it has instructed its staff to declare and surrender gifts worth more than £30 ($37.8) under a sweeping policy designed to tackle conflicts of interest at the regulator.
Two leading insurance companies said Thursday they have finalized Brexit relocation plans by transferring their U.K. cross-border contracts or offices to mainland Europe, adding to the list of insurers and reinsurers moving ahead of Britain's withdrawal from the bloc.
Two industry veterans have been appointed to serve as external members on one of the Bank of England’s top panels, which monitors financial health, HM Treasury said Thursday.
The U.K’s largest companies will be forced to disclose how much their bosses are paid — and the size of the pay gap between the most senior staff and their average employee — under new rules that came into force Tuesday and are designed to boost accountability at the highest level.
Claims management companies are now able to apply for temporary permission to operate lawfully in the U.K., the Financial Conduct Authority said Wednesday, as it prepares for the introduction of a tough authorization regime in April.
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.
In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.
The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.
Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.
The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.
Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.
Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.
Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.
In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.
The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.
The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.