The last week has seen Merrill Lynch file new actions against Venice, Swiss Re lodge a claim against Maersk, and Raiffeisen Bank sue an Argyle Street unit the Austrian bank already claims owes $70 million linked to a 2015 takeover battle. Here, Law360 looks at those and other new claims in the U.K.
Two businessmen have launched professional negligence proceedings in London’s High Court against their former independent financial adviser, claiming that the firm’s failure to come clean on missing a tax deadline has led to over £3 million in losses on their pension pot.
The European Union’s top financial supervisors announced that they have formalized the way they will work with a surveillance authority so that their regulatory powers will be extended to hold countries outside of the bloc that are subject to EU rules accountable.
The European arm of U.S insurer American International Group Inc. is being sued for approximately 414,000 Jordanian dinars ($584,000) in a London court over reinsurance that a firm based in Amman says it is owed over losses resulting when money was stolen from a bank in Syria.
The head of the U.K. Financial Conduct Authority has said he has concerns that a controversial piece of European legislation about disclosure obligations that has troubled the funds industry since its introduction in January could damage the industry.
British banks, insurers and other financial firms would remain within European Union laws until the end of 2020 if the withdrawal agreement between the U.K. and EU now under negotiation is agreed and ratified, EU and British authorities said Friday.
A property investment company is suing Aviva Insurance Ltd. at the High Court in London for approximately £1.8 million ($2.5 million), saying the U.K. insurer must pay out after one of the firm's properties was severely damaged in a fire it believes was caused by vandals who were trespassing.
U.K. government plans to stamp out fraudulent claims for whiplash injury met resistance on Friday from the Law Society of England and Wales, which warned that the legislative changes would leave genuine crash victims struggling to get justice.
A European Court of Justice advocate general has advised the court to rule in favor of a man who lost 67 percent of his expected pension when the company he’d worked for went under, telling the court that a cap on payouts to high earners set by Britain’s state-backed compensation fund is unlawful.
Europe's top insurance regulator has said it will be able to better assess the stability of the European occupation pensions sector since it has streamlined the information that national supervisors must report to it starting from the third quarter of 2019.
Four brothers have sued a unit of insurance giant Munich Re for more than £6 million, saying the insurer refused to pay out after their 19th century mansion was gutted by fire less than a year after they bought it.
The International Swaps and Derivatives Association has joined forces with law firm Linklaters LLP to help derivatives players comply with complex initial margin regulations, the global standards setter said Thursday.
An agricultural loan company has demanded nearly £14 million ($19.6 million) from Markel in a U.K. lawsuit after the insurer's client carried out allegedly negligent property valuations for the lender.
The market for bulk annuity transactions in the U.K. may be on the rise, but participating insurers need to fully understand the risks they are taking and price accordingly, the Prudential Regulation Authority warned on Thursday.
The U.K.’s state-backed terrorism reinsurer is exploring the possibility of issuing insurance-linked securities, a multibillion-dollar industry that could help shift the risk of attacks onto global capital markets.
The British government said that U.K. regulators will take the lead on “domesticating” European technical rules governing the financial services and insurance sectors to ensure that laws are in place ready for Brexit.
Specialty insurance market Lloyd's of London has kicked off a search for staff to fill its new European headquarters in Brussels as it prepares to protect itself against fallout from the U.K's exit from the European Union in 2019.
The High Court has dismissed a global commodities merchant’s insurance claim against a Lloyd’s of London insurer over a fictitious shipment of copper ingots, saying the company’s marine cargo insurance policy did not cover losses because fraudulent documents were used to trade in a non-existent cargo.
Britain’s chief negotiator told a parliamentary committee on Wednesday that while an agreement on the future relationship between the U.K. and the European Union will not be legally binding when lawmakers vote on the terms of Brexit later this year, he expects the European Council will abide by its terms as if it were.
The Association of British Insurers has outlined steps for creating a comparison tool to help savers who want to dip into their retirement funds and called for support from the pensions industry and the financial watchdog.
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.
Blockchain has grown well beyond its cryptocurrency roots, leading proponents to suggest that it can aid in everything from voter registration to supply chain tracking. Companies can prepare for insurability and regulatory issues by recognizing potential risks in advance, say Brian Scarbrough and Justin Steffen of Jenner & Block LLP.
Last month, the U.K. government announced its plan to implement a data protection bill that will avoid disadvantageous divergence with the EU's data protection regime. Companies in the U.K. should take this opportunity to clean up their data protection practices, and may need to look at other protective measures depending on the U.K.'s data protection adequacy, say Sarah Delon-Bouquet and Roman Madej of Bryan Cave LLP.
The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.
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.