A U.K. appeals court's recent broad take on the protections legal privilege offers companies against demands from government prosecutors in a dispute over a Serious Fraud Office probe re-enshrines the confidentiality at the heart of the attorney-client relationship and offers comfort to multinationals facing cross-border investigations.
A U.K. tax management company named in an English lawsuit accusing dozens of financial firms and pension plans of a £1 billion ($1.3 billion) scheme to defraud Danish tax authorities has blasted the “obscure” allegations against it, insisting in court documents it has no case to answer.
The Financial Conduct Authority will closely monitor whether U.K. motor insurers pass on the cost savings from hotly anticipated whiplash reforms to their consumers, a government spokesman warned the industry Tuesday.
The governor of the Bank of England gave his support on Tuesday to Prime Minister Theresa May's European Union withdrawal plans as he warned that a Brexit with no agreement in place would be the “worst outcome."
Europe’s top insurance watchdog said on Tuesday that it will beef up its supervisory powers to help it prevent regulatory lapses by insurers carrying out cross-border business, after the European Court of Auditors criticized its oversight of national regulators.
The U.K. cannot prevent six lawmakers from asking the European Court of Justice whether Britain can unilaterally reverse the process of leaving the European Union, the Supreme Court ruled on Tuesday, frustrating a government bid to keep the dispute in the domestic courts.
The International Organization of Securities Commissions said Monday that European Union regulations introduced in recent years are helping member states prevent market abuses in the commodity derivatives sector, in line with the standard setter’s principles.
The Prudential Regulation Authority will create a system of "cyborg supervision" of financial services in the coming years in which humans work with machines, an executive director of the Bank of England forecast Monday.
London insurers may not be able to shift their cross-border contracts into the European Union in time for Brexit and will need a transition deal to help them avoid breaking the law if they pay out on policies, ratings agency A.M. Best warned Monday.
Japanese insurance giant Tokio Marine Group said Monday that it has won the backing of a London court to finish transferring its cross-border business to Luxembourg, reaching a “milestone” in its Brexit planning.
Trading relations after Brexit between the U.K. and the European Union, including in the key financial services sector, will be the bloc's new focus in talks about Britain's departure from the bloc, the EU's top negotiator said on Monday.
Failures by the U.K. government to tackle cyberthreats have left the country’s financial systems and other critical infrastructure open to "potentially devastating" attacks, a parliamentary committee warned on Monday.
Lloyd's of London underwriters sued a New York lawyer Thursday for allegedly advising them to deny coverage for a malpractice case against a former Dickstein Shapiro LLP lawyer that resulted in a $64 million judgment and later litigation that cost them more than their coverage limits.
A Massachusetts federal judge on Friday confirmed a confidential arbitration award to certain Lloyd's of London underwriters following a reinsurance dispute with Century Indemnity Co. that stemmed from decades-old sexual molestation allegations involving the Boy Scouts of America.
The last week has seen a new suit against Credit Suisse over debt investment, Kuwait's social security agency take on Man Group, and Allianz and several food distributors sue one of the world's biggest container shipping companies. Here, Law360 looks at those and other new claims in the U.K.
DLA Piper and Bryan Cave Leighton Paisner LLP have settled a lawsuit brought over the advice they gave a client on property ownership rights and liabilities, according to new documents filed with a London court.
The Competition and Markets Authority announced on Friday that it is investigating suspected breaches of competition rules in the financial services sector under the U.K.’s anti-cartel laws.
The British government has urged the U.K. Supreme Court to prevent six pro-Remain lawmakers and an attorney from asking Europe’s top court whether Britain can unilaterally reverse the process of exiting the European Union.
Europe’s top insurance regulator has failed to streamline the supervision of cross-border companies and struggles to follow up on the recommendations it makes to national watchdogs, the European Court of Auditors has said in a hard-hitting report.
The boss of the Financial Conduct Authority has promised that it will carry out improvements to a crucial industry register amid concerns over the quantity of incorrect information being provided to consumers, correspondence released Friday reveals.
Europe's top insurance regulator has ordered national watchdogs in countries including Bulgaria, Greece and Spain to improve their enforcement of governance requirements for insurers under Solvency II, amid concerns about patchy oversight in parts of the bloc.
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.
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.