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.
Britain’s data regulator has refused to be drawn on whether businesses can insure themselves against the huge fines that can be levied under Europe’s new information protection regime, as it urges companies to invest in compliance rather than worrying about penalties.
The Financial Conduct Authority said Wednesday that it has ended its investigation into whether Prudential PLC and three other life insurers treated loyal customers unfairly, despite finding "some issues" at all four, and has decided not to take enforcement action.
London’s High Court has ordered Australian law firm Slater & Gordon LLP to pay further security to Watchstone Group in its £637 million ($838 million) claim accusing the insurance and technology provider of fraudulent misrepresentation over the law firm’s disastrous deal to acquire a division of the company.
Marsh & McLennan Cos. on Tuesday said it has agreed to buy London-based insurer Jardine Lloyd Thompson in a deal with a $6.4 billion enterprise value steered by Slaughter and May, Wachtell Lipton Rosen & Katz and Clifford Chance LLP.
The insurance industry raised "deep concern" on Tuesday about European Commission plans to standardize the claims histories of motor insurance policyholders, saying the reforms risk breaching national data protection rules.
A leading international insurance broker on Tuesday cast doubt over whether the industry stands to reap new business from offering insurance against fines that firms must pay under Europe’s sweeping data protection regime.
A pension scheme for photography firm Kodak is likely to enter into the U.K.’s industry-backed compensation fund because of a predicted shortfall in funding, its 11,000 members were told on Tuesday.
Anadarko Petroleum Corp. told the Texas Supreme Court Monday that an excess insurer at Lloyd’s of London has effectively rewritten policy terms to avoid paying more than $100 million in Deepwater Horizon litigation defense costs, while the insurer says Anadarko is seeking a drastic expansion of coverage.
The Financial Reporting Council urged U.K. businesses on Monday to treat diversity as part of their business strategy, as it unveiled research that found only one in three FTSE 100 companies have policies on ethnic diversity in boardrooms.
A growing number of Britain's workplace retirement funds will face tougher scrutiny starting next month as part of a “radical shake-up” by The Pensions Regulator, the watchdog said Monday.
The Financial Conduct Authority will resist calls by British lawmakers for it to cap the charges that savers face when they dip into their pensions early, the regulator’s chief executive indicated on Monday.
City of London Police launched the second phase of its campaign against “ghost” brokers who peddle fake motor insurance on Monday, as the force warned that drivers aged 17 to 24 are most likely to fall victim to the scam.
The last week has seen Denmark's tax authority file another fraud suit against more investment firms, insurance giants like Amlin and Axa sue a seafood distributor, and a bid to appeal a decision from former shareholders of a business in RBS' controversial restructuring unit. Here, Law360 looks at those and other new claims in the U.K.
The U.K. pensions regulator on Friday turned up the heat on smaller defined contribution schemes, saying trustees were falling short in nine out of 10 plans and accusing them of “disappointing” progress on improving standards.
Oil and gas companies will be watching intently as Anadarko Petroleum Corp. heads to the Texas Supreme Court on Monday to challenge a ruling that insurance doesn't cover its $100 million defense bill in Deepwater Horizon litigation, in a case that energy industry groups have decried as an egregious example of insurers using courts to rewrite their policies.
U.K. pension schemes could shift more than £20 billion ($26 billion) of liabilities to the insurance industry this year, a senior pensions expert has predicted, as funds explore escape routes from Europe’s Solvency II capital directive.
The European Central Bank published guidance on Friday to ensure that financial technology firms have a “smooth and effective” process when applying for licenses that allow them to perform banking services in the eurozone, given the rise of interest from alternative lenders.
British Airways Pension Scheme trustees plan to urge the U.K. Supreme Court next year to make the national carrier pump a further £12 million ($15.7 million) into the fund following their defeat in July at the Court of Appeal, the trustees have said.
The European Union’s highest court said Thursday that financial regulators can be forced to disclose confidential information linked to a criminal case, but it is up to national courts to strike a balance between a person’s human rights and professional secrecy requirements before ordering them to do so.
The Association of Investment Companies has called for the suspension of "actively misleading" European rules that require fund managers to provide investors with details on how they expect their products to perform, urging U.K. politicians to launch an inquiry into the issue.
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.
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.
Recent disclosures by U.K. insurance regulators have highlighted the possibility of an imminent flood of applications by U.K. insurers to English courts to transfer their policies to their EU-based affiliates. Policyholders affected by these transfers will need to scrutinize them closely, says Richard Mattick of Covington & Burling LLP.
In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.
Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.
The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.
In a recent report, the Organisation for Economic Co-operation and Development considered whether cyber insurance can operate as a driving force in improving cyber risk management generally. Making detailed information on cyber incidents available would help cyber insurance function as a critical risk resilience tool, say Neil Warlow and Sarah Stephens of JLT Specialty Limited.
The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.