A senior U.K. Justice Ministry official on Tuesday defended the government’s decision to let the insurance industry fund an online traffic accident claims portal that would cut lawyers out of the equation.
Brexit negotiators must agree soon on the details of a transitional deal before insurers begin renewing annual policies that will continue beyond Britain's divorce from Europe, the chairman of the Association of British insurers told Law360 on Tuesday.
The High Court in Ireland has appointed an administrator for CBL Insurance Europe DAC after the Central Bank of Ireland raised fears that the insurer was unable to meet regulatory requirements and was at risk of suffering a “disorderly failure.”
Carillion PLC’s board of directors was made aware of an executive’s concerns about the contracting giant’s finances in May 2017, eight months before it collapsed in January with a pension deficit of at least £800 million ($1.1 billion), according to minutes of the meeting released on Tuesday.
An insurance brokerage facing legal action over outstanding reinsurance premiums has filed a claim against Barclays Bank PLC in the High Court in London, seeking to get hold of account information connected to the transfer of the missing funds.
Personal injury lawyers said on Monday they have resisted "at every opportunity" the U.K. government's decision to allow the insurance industry to fund an online traffic accident claims portal that would cut them out of the equation.
The U.K.’s Financial Conduct Authority said on Monday that it has received “substantial” feedback from financial services firms urging it to continue to maintain a public register of all certified employees, rather than just senior managers, at businesses regulated by the watchdog.
U.K. banks have set aside £44.2 billion ($62 billion) to cover claims for missold payment protection insurance, approximately five times the cost of staging the London Olympics in 2012, new data shows.
The last week has seen hundreds of new claimants bring competition suits against Visa and MasterCard, Italian bank Dexia lodge a claim against a Sicilian city still staring down a pre-crisis-era derivatives contract, and the liquidator for an FCA-targeted carbon credit investment scheme file a negligence claim against Nabas International Lawyers LLP.
The former owner of British Home Stores was ordered by a court to pay £87,170 ($121,800) on Friday for failing to turn over information to a U.K. watchdog as it investigated a multimillion-pound deficit at the now-defunct retailer.
Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.
The U.K. Prudential Regulation Authority is to examine whether insurers are securing themselves against risk in cyber underwriting, a senior PRA official told Law360 on Friday, amid concerns that companies may have to make huge payouts after a catastrophic attack.
The U.K.’s largest insurer, Aviva PLC, announced on Friday that it has sold its entire shareholdings in two of its joint ventures in Spain, allowing it to boost its capital surplus by approximately £150 million ($209.5 million) and meet Solvency II requirements.
The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.
The U.K. Court of Appeal on Thursday rejected an attempt by Acasta European Insurance Co. Ltd. to overturn a ruling that found the insurer must cough up £1.1 million ($1.5 million) to Nesbit Law Group LLP under a financial guarantee indemnity that underpinned loans provided to the personal injury law firm.
When Barclays on Monday becomes the first British bank to reveal in court how it will comply with new ring-fencing regulations, pension lawyers will look to how the bench reacts to the lender's controversial plan to house its pension scheme in its newly separated investment banking arm.
A parliamentary committee called for regulatory reform while grilling executives of the British pensions regulator on Thursday for failing to see early signs of financial stress that led to the collapse of construction giant Carillion PLC under a £800 million ($1.1 billion) pension deficit.
Private companies could be compelled to hand over information to help the insurance industry in the aftermath of a cyberattack, the head of Lloyd’s of London told Law360 on Thursday.
Governments must help insurers gain access to information on cyberattacks to help them price risk for customers and determine their own exposure to a potential rush of claims, the deputy secretary-general of the Organisation for Economic Co-operation and Development indicated on Thursday.
The U.K.'s antitrust watchdog said Wednesday it planned to release its initial conclusions on the state of competition among investment consultants in July after deciding to continue to focus mainly on services aimed at pension schemes.
In Chesterton v. Nurmohamed, a U.K. appeals court recently found that disclosing a breach of a worker's contract may satisfy the public interest requirement for whistleblower protection if a sufficiently large number of other workers are affected. This decision may cause some concern for well-known employers, say Emma Vennesson and Katherine Newman of Faegre Baker Daniels LLP.
As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.
In an age where technology is poised to disrupt the existing landscape, insurers who embrace the changes and turn them into opportunities will thrive in an increasingly competitive marketplace, say Huhnsik Chung and Christina Cerutti of Baker McKenzie.
It’s safe to say that while demand ebbs and flows for legal services, there will never be a shortage of opinions about lateral partner hiring, which is positive for the industry, as anything with such vital importance to careers should attract significant attention. However, there is a unique mythology that travels with the discussions, says Dan Hatch of Major Lindsey & Africa.
With more than a third of lawyers showing signs of problem drinking, and untold others abusing prescription drugs and other substances, it is time for law firms to be more proactive in addressing this issue, says Link Christin, executive director of the Legal Professionals Program at Caron Treatment Centers.
The current trend of rolling back privilege in an investigatory context is a troublesome development for companies, and may lead to a reduction in self-reporting and investigation. Even more concerning are the implications on litigation privilege, meaning that defendants will need to incriminate themselves in order to satisfy the evidential test as to when a prosecution was reasonably anticipated, says Georgina Jones of Taylor Wessing LLP.
David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.
Given the overwhelming complexity of today’s data environments, investigators must take advantage of a variety of technology tools to apply both tried-and-true and new analytical techniques to internal investigations. Investigators must also develop the mindset of a relentless and detailed forensic detective, says Caroline Sweeney of Dorsey & Whitney LLP.
As business litigation becomes more international in scope, the ability to enforce a judgment across national boundaries is increasingly a key consideration in any litigation strategy. In the U.S., however, the multiple judicial systems among the states and federal system of courts add complexity to issues of enforcement for non-U.S. judgment creditors, say Rodney Page and Joseph Smallhoover of Bryan Cave LLP.
For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.