Regulators and lawmakers worldwide can no longer dismiss cryptocurrencies as a passing fad and must act to keep digital money from threatening the financial stability of the entire market, a senior European Central Bank official warned on Thursday.
A bus company and its managing director have been sentenced in Britain’s first criminal prosecution for failure to enroll staff on a pension scheme, The Pensions Regulator said on Thursday.
European nations can bar Lloyd’s of London syndicates from bidding for public sector contracts if “unambiguous evidence” shows they failed to write up their tenders independently, the European Union's highest court said Thursday.
American billionaire John P. Calamos Sr. has hit a Dutch investment shop he reportedly co-founded with an Illinois state court suit seeking “immediate repayment” of $42 million in loans, potentially upending an $889 million deal between the onetime partners to purchase a Greek insurance company.
A major lobbying group pushed back Wednesday against proposals from a group of international insurance supervisors that suggest holding insurance companies to the same regulatory standards as banks and other financial services firms.
Five individuals who ran a claims management firm have been disqualified from acting as directors for a total of 28 years after they breached conduct rules and repeatedly failed to repay fees to clients who were due refunds, the U.K. government said Wednesday.
The U.K.'s pensions regulator said Wednesday that it was holding talks with five of the U.K.'s biggest banks over plans to split their retail arms from their riskier investment operations by January 2019.
A director at Olympus Corp. told the U.K. High Court during a hearing in London on Wednesday that he did not believe the company’s former chief executive-turned-whistleblower acted unlawfully when he set up an executive pension plan that is now at the center of a legal dispute with his former employer.
The U.K. Prudential Regulation Authority issued fresh guidance on Wednesday for insurance companies on implementing tough new rules designed to make senior managers personally accountable for misconduct on their watch.
An English law firm defending a court order it won to recover costs from Haven Insurance argued in the U.K. Supreme Court on Tuesday that the insurer compromised the integrity of a personal injury claims portal in a widespread practice that threatens the public interest.
Regulators may need to respond as life insurers shift their risks onto policyholders in an attempt to offset low interest rates, the head of the European Insurance and Occupational Pensions Authority has indicated.
U.S. insurer AIG failed on Tuesday in a court bid to broaden its defense against allegations that it wrongfully denied insurance to a former Olympus chief executive turned whistleblower, who claims he and a former colleague are entitled to indemnity payouts for costs incurred fighting a separate lawsuit filed by his former employer.
Just one in three companies has bought standalone cyber insurance to protect them when Europe’s tough data protection regime takes effect in less than four months, a leading insurance group said on Tuesday.
Three former top executives at Carillion PLC defended themselves when they appeared before a parliamentary committee on Tuesday after criticism of their roles at the U.K. contracting giant, which collapsed in January with an £800 million ($1.1 billion) pension deficit.
Axis Specialty Europe SE has sued a former partner of London law firm Wiggin Osborne Fullerlove over around £600,000 ($840,000) in damages Axis says it wrongly paid out on an insurance claim after the attorney allegedly advanced client payments without authorization.
The European Union’s proposed trade agreement with the U.S. may have stalled, but a draft provision that would have included the financial services sector in the deal could be “a good starting point” for Brexit negotiations, the chief of the U.K.’s industry watchdog said Monday.
Global auditing giant KPMG on Monday said that it is rejecting any further work involving the construction giant Carillion PLC, which collapsed last month with an £800 million ($1.1 billion) pension deficit.
Haven Insurance “did not cheat” Gavin Edmondson Solicitors out of costs when it reached direct settlements with six of the law firm’s clients over road traffic accidents, because the firm was not entitled to costs in the first place, the insurer argued Monday at the U.K.’s highest appeals court.
A London police unit specializing in insurance fraud warned on Monday that the hundreds of reported incidents of “ghost broking” over the last three years are harming the insurance industry by inflating the cost of insurance premiums for motorists.
U.S. insurer AIG suffered a setback in its legal battle with a former Olympus boss turned whistleblower on Monday, when a judge in London tossed the firm's request to inspect documents central to its attempt to avoid paying out for the former chief’s costs as he fights a lawsuit filed by his former employer.
Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.
Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.
U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.
The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.
Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.
Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.
For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.
The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.
Counsel fees, issue fees, risk of loss and the “additional” cost of a barrister mark significant differences between the U.K. and U.S. legal processes. The good news is that the bond between the U.K. and the U.S. arising out of our common history and law renders retaining and working with U.K. counsel seamless and rewarding, says Richard Reice of Hoguet Newman Regal & Kenney LLP.
Since the vote to leave the EU, ending the jurisdiction of the Court of Justice of the European Union has been the U.K. government's redline position. On the other hand, the EU has pressed hard to maintain the role of the CJEU as the guarantor of EU citizens' rights, say Cyrus Benson and Ceyda Knoebel of Gibson Dunn & Crutcher LLP.