GKN PLC became the latest major British company to warn of a threat to its pension scheme on Monday, saying a hostile takeover could widen the plan’s £700 million ($983.9 million) deficit.
With only four months to go, legal experts worry that many insurers remain unprepared for the arrival of the European Union’s formidable data protection regime, risking a new array of fines for noncompliance. Here, Law360 looks at six key concerns insurance lawyers should keep in mind while advising clients.
New international accounting standards set to come into force in 2021 could increase the cost of capital for European insurers as they adapt to the new rules, a major credit ratings agency has warned.
A senior U.K. lawmaker accused The Pensions Regulator on Monday of allowing Carillion PLC to negotiate away its pension scheme contributions months before the contracting giant collapsed.
The U.K.’s accounting regulator said Monday it will investigate KPMG’s audit of the financial statements of construction giant Carillion PLC, which collapsed this month with an £800 million ($1.1 billion) pension deficit.
The governing body of London’s Square Mile on Monday urged the U.K. government to create a “pragmatic” immigration policy after Brexit as it revealed that 13 percent of the workforce in the City’s financial and insurance markets are from the European Economic Area.
The European Commission expressed dissatisfaction on Friday at the progress that member states have made during the past several years in implementing consistent collective redress mechanisms that would allow consumers to band together to sue over privacy, environmental, antitrust and a range of other violations, and promised to propose a new framework by the spring.
U.K. lawmakers called on the government on Saturday to begin reinforcing Britain’s financial regulation to prevent any gaps in oversight when responsibility is transferred from the European Union to British regulators during Brexit.
The last week has seen Slaughter and May bring a contract suit against an officer at a now-defunct hedge fund, an investment management firm sue a London gold mine operator, and three insurers lodging claims against an Emirates-based ship buyer. Here, Law360 looks at those and other new claims in the U.K.
The European Commission has sent a warning to 12 EU member states that have yet to fully transpose MiFID II into national law, giving them two months to improve their efforts or have their cases referred to the EU’s highest court.
The U.K.’s Financial Conduct Authority on Friday urged firms to acknowledge that cyberattacks are becoming increasingly common and to put measures in place to contain disruption and protect vital data.
HSBC and Banco Santander's U.K. subsidiary both unveiled plans on Friday for shielding their British pensions schemes from risk under new "ring-fencing" laws taking effect in 2019.
Low interest rates and the threat that insurers might misjudge credit risk remained “major concerns” for the European insurance sector in the third quarter of 2017, a leading industry regulator has said.
The Financial Conduct Authority has fined an insurer and its chief executive £1.15 million ($1.64 million) for failing to protect clients' money and using the funds to cover its own financing needs.
U.K. lawmakers demanded answers on Friday from the “big four” global accounting firms about any dealings they had with Carillion PLC before the contractor collapsed with a £587 million ($837 million) pension deficit.
Engineering firm FloaTEC LLC, which was involved in the design of a Chevron oil rig that broke, asked a Texas federal judge Thursday not to allow an immediate appeal by Lloyd's underwriters and other insurers who lost claims against FloaTEC, saying such an appeal would essentially be a waste of everyone’s time because another similar appeal is likely to exist in the foreseeable future.
The Law Society of England and Wales has launched legal proceedings against the U.K. government over its decision to cut legal aid for "paper-heavy" crown court cases, claiming the move jeopardizes the ability of defense lawyers to fight complex fraud and terror cases.
Insurers will pay out an estimated £31 million ($44 million) to businesses in Carillion’s supply chain that have been hit by its collapse, the U.K.'s top insurance lobby group said on Thursday.
A European Parliament finance committee on Wednesday approved a landmark insurance agreement between the U.S. and the European Union to open up bilateral market access for trans-Atlantic reinsurers, a step long awaited by the industry.
The U.K. data regulator has lost vital employees to the private sector as the clock ticks down to the introduction of the European Union’s information protection regime in four months, a senior official warned Thursday.
Just as the U.K.'s Serious Fraud Office is beginning to find its feet, its fate is now in doubt — a prospect that would hobble U.K. domestic enforcement and lead to further expansion of the U.S. Department of Justice’s already-robust role in policing London markets and U.K. corporates, say Roger Burlingame and Rachel Goldstein of Kobre & Kim LLP.
When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.
Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.
Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.
Political and nonpayment risks have the potential to wreak havoc on international trade and investment, but if carefully navigated, they can lead to major investment opportunities. Political risk and export policies remove some of the guesswork, enabling companies to focus on their businesses with increased confidence, say attorneys with Covington & Burling LLP.
It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.
The debate over the possible merger between the United Kingdom's National Crime Agency and Serious Fraud Office has underlined the chronic underfunding of law enforcement. Increasing the budgets of the police and Crown Prosecution Service would be more helpful than an unnecessary merger, says Collingwood Thompson QC of 7 Bedford Row.
With the recent charges brought against Barclays PLC, the U.K. Serious Fraud Office and Financial Conduct Authority have made clear their intention to expand the law on corporate criminal liability beyond the current identification doctrine and punish those who fail to keep up new legal standards, say Robert Amaee and James McSweeney of Quinn Emanuel Urquhart & Sullivan LLP.
The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.
In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.