New European regulations that will take anonymity out of cryptocurrencies could be the nascent market’s entry into mainstream finance, with legal experts predicting that new laws will convince more businesses and investors that payment innovations like bitcoin are legitimate.
Royal & Sun Alliance Insurance PLC is fighting a lawsuit filed in the English courts by an ED&F unit seeking up to $19.1 million after the insurer allegedly refused to pay for the full losses on two shipments of sugar, saying the trader is due only $8.3 million.
A Florida federal judge ruled Wednesday that the owner of a beach hotel must arbitrate its claims that underwriters at Lloyd's of London wrongly refused to cover more than $2.7 million in damage sustained during Hurricane Irma, finding the arbitration clause in their contract prevails.
A U.K. appeals tribunal ruled on Wednesday that the Financial Conduct Authority must lower its fine against a former director of TailorMade Independent over unsuitable advice to pension clients, although it upheld a regulatory order banning him from the financial sector.
The U.K.'s Court of Appeal has sided with construction company Cape Intermediate Holdings Ltd. in its challenge to an order granting an asbestos victims support group access to documents from a trial where insurers pursued claims over payouts to individuals who had mesothelioma from contact with Cape products made with asbestos.
The European Commission must provide legal certainty about the transfer of personal data between the U.K. and the European Union ahead of Brexit, the European insurance industry has said.
Supervisors must monitor and scrutinize the challenges and risks that insurers face as a result of increased climate risks and extreme weather events that have cost them $138 billion already, two groups of international insurance regulators have said.
A judge has warned U.K. insurers against joining parents to litigation as she ruled against a firm that attempted to shift part of the liability for a traffic accident to the mother of a child who was hit by a policyholder.
Lloyds Banking Group PLC revealed on Wednesday it will take another £550 million ($722 million) hit as it deals with a rush of compensation claims from customers allegedly missold loan insurance, as the lender posted a big jump in profits for the first half of the year.
Sidley Austin LLP demonstrated its breadth of international work in the past year by advising private equity firm Mid Europa Partners in a significant health care deal in central Europe and representing North America’s football association in corruption investigations against FIFA, once again securing a spot on Law360’s Global 20 list.
Courts in the United Kingdom cannot grant the release of a ship that was arrested after its owner allegedly failed to meet the terms of a $15.7 million loan from NatWest Markets PLC, as such an order would be inconsistent with long-standing legal principles, a judge in London decided Tuesday.
Savers in the U.K. withdrew a record £2.3 billion ($3 billion) from their nest eggs in the three months to June, the largest sum since controversial pension freedoms introduced in 2015, data published on Tuesday revealed.
Firms that generate and transfer securitizations will be forced to retain an interest of at least 5 percent in each asset being handed over to investors, the European Union’s banking watchdog said as it published draft rules on Tuesday to help it spread any risk.
The global standard setter for derivatives trading has urged the U.K. and European Union to give financial firms and insurers the “highest level of legal certainty” by including provisions in Britain's withdrawal agreement that will safeguard existing derivatives contracts.
The U.K. tax authority issued a stern reminder to firms and individuals on Tuesday that they must notify the government in the next two months if they have earned income overseas or made profits on offshore assets or be hit with higher tax penalties.
The London headquarters of an international law firm announced Monday it had been cleared of involvement in a public corruption scandal involving South Africa’s top revenue official, but its local branch may not be out of the woods yet.
The rest of 2018 could bring action on a slew of lingering privacy and cybersecurity disputes, including the legal fallout from Equifax's massive data breach, tests to the scope of Illinois' unique biometric privacy law, and challenges to the way tech giants have sought user consent under the European Union's General Data Protection Regulation. Here, Law360 takes a look at five cases cybersecurity and privacy attorneys should keep an eye on in the coming months.
Dubai will be home to the world’s first court of the blockchain, with the Dubai International Financial Centre Courts and the government-funded Smart Dubai initiative working together to explore the use of blockchain technology to verify court judgments for the purpose of cross-border enforcement, according to a statement Monday.
Mayer Brown has watered its global roots by breaking ground on new offices in Tokyo and San Francisco this year, while continuing to help clients work on innovative deals such as the first green bond sale by a pension fund on a global scale, solidifying its place on Law360's Global 20 list.
Six financial regulators across the European Union need to revise the way they supervise compliance with the bloc’s rules on the management and sale of mutual funds, the bloc’s top securities watchdog said Monday as it published the findings of a peer review.
The European Insurance and Occupational Pensions Authority on Monday asked for feedback from insurers on its latest plan to fix the “significantly fragmented” landscape for resolution funding and national insurance guarantee schemes across the bloc.
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 March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.
To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.
The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.
With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.
While a great deal of uncertainty remains around Brexit, there will be challenges for all contractual parties in the U.K. and the EU as they approach existing and future contractual obligations, say Dipti Hunter and Kirsty O'Connor of PricewaterhouseCoopers LLP.
As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.
Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.