Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.
The European Court of Justice ruled on Monday that Britain can unilaterally reverse the process of leaving the European Union, boosting a campaign to stop Brexit with a second referendum if Parliament remains deadlocked over the withdrawal agreement now on offer.
A Florida workers compensation insurer and a group of British reinsurers have agreed to settle a dispute over reinsurance payments for construction site injuries, six months after the Second Circuit asked a court to take a second look at whether a $1.5 million award against the reinsurers was tainted by an arbitrator's bias.
Three international law firms have been hiring in the U.K. market as they install veteran lawyers as partners at their London offices, boosting finance and investments practices at two firms and recruiting a former Financial Conduct Authority attorney at a third.
The U.K. is leading the battle against dirty money, according to a report by a global anti-money laundering watchdog released Friday that examined the fight against criminal and terrorist financing in 60 countries.
Europe’s top insurance watchdog said Friday that it is putting together a group of experts that will focus on mitigating risks for the insurance sector from natural catastrophes and climate change, as insurers report hits to profits from worldwide disasters.
The last week has seen an African import-export bank sue Nigerian airline Airik, Jaguar and several major insurers sue an auto shipping specialist and a Brazilian energy executive lodge a claim against a unit of Swiss bank Rothschild. Here, Law360 looks at those and other new claims in the U.K.
The Financial Conduct Authority set out plans on Friday to introduce a permanent ban on the sale of speculative derivatives products that would save consumers from annual losses of almost £470 million ($600 million) — and deal a blow to online trading companies already hit by European Union restrictions.
Defined benefit “superfund” pensions will be required to satisfy the U.K.’s pensions watchdog that they are well run and financially viable before the government can enact legislation for them, the watchdog said Friday.
European Union lawmakers on Thursday approved rules that will allow groups of individuals to seek compensation through bringing collective actions against Europe's businesses, brushing off industry concerns that this will result in false litigation cases.
An international logistics company is demanding $1.4 million from 18 insurance companies after storage tanks aboard its new ship allegedly began rusting just months after it bought the vessel.
A senior lawmaker urged Britain's pensions watchdog on Thursday to look into the circumstances of a rescue deal for a major newspaper publisher that allows the new owner to shift its pension liabilities into an industry "lifeboat" fund.
A leading specialist commercial insurer said that it has received approval from a London court to transfer its European business to its new Luxembourg subsidiary, adding to the list of insurers reorganizing their business ahead of Brexit.
British insurers and their customers will be left vulnerable after March 2019 because gaps in the prime minister’s draft Brexit deal mean that Europe’s capital rulebook and consumer protection measures will not extend to them, an insurance trade body has warned.
A key European Parliament committee has voted to give mutual funds a two-year exemption from controversial rules over information disclosures to investors under European Union rules governing packaged retail investment products.
The Financial Services Compensation Scheme has filed a fresh suit against a Guernsey-based trustee in London’s High Court as part of efforts to reclaim cash the fund paid out to investors who lost their savings in a failed holiday resort project on the Caribbean island of St. Lucia.
Pension fund trustees should not be compelled to provide new disclosure templates to help investment managers looking to compare the cost of funds, a pensions expert told a parliamentary committee Wednesday.
More than a dozen trade bodies, including those representing Europe's insurers and bankers, raised concerns on Wednesday that European Commission proposals introducing a harmonized framework for class actions across the bloc may lead to a surge in "unnecessary and wasteful" litigation cases for businesses.
A home appliance insurer being sued by Domestic & General Insurance PLC for allegedly trying to poach its customers has been hit with an injunction barring it from approaching potential clients with offers to renew their warranties.
The Bank of England has agreed to delay work on its first test of how banks respond to cyberattacks and IT failures to allow them to focus on preparing for Brexit, records published Wednesday reveal.
RSA Insurance Group PLC said it has gained approval at a court in London to transfer European policies written in its U.K. subsidiary to its newly established hub in Luxembourg as it prepares to avoid Brexit disruption.
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.
The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.
With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.
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.