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.
A U.K. appeals tribunal on Tuesday upheld the FCA’s decision to fine two former directors of collapsed Keydata Investment Services Ltd. a total of £79.2 million ($103.6 million), saying that the pair acted without integrity when they sold flawed products to retail investors.
A Nigerian energy company must pay more than $56 million to a major Chinese credit insurer by the end of the month after it chose not to fight claims that it defaulted on debts from a troubled oil exploration project, a London court has ruled.
The U.K. government set out proposals on Tuesday for planned flexible pensions schemes as it responds to parliamentary concerns that current fixed-pension plans are unsustainable for employers and risky for pensioners.
Britain’s data watchdog said Tuesday it has fined an insurance company owned by self-described "bad boy" Brexit campaigner Arron Banks £60,000 ($78,000) for serious breaches of electronic marketing regulations.
The owner of a passenger vessel that caught fire has settled its U.K. lawsuit against the European subsidiary of American International Group Inc. and the repair company insured by the U.S. insurer over damage caused during a cruise along the river Thames in London.
Law firm King & Spalding LLP said Monday it has expanded its London-based special matters and government investigations team with the addition of a former chief counsel from the Bank of England’s regulatory arm as a partner.
Europe’s top insurance regulator called on Monday for “immediate action” to protect millions of cross-border contracts at risk from Brexit, angering British companies that believe the European Union should help to solve the problem.
A parliamentary committee said Monday it will scrutinize whether the U.K.’s recently updated sanctions regime will be effective at tackling economic crime after the country leaves the European Union, as concerns intensify that London has become a center for dirty money.
A Brexit deal with the European Union for the U.K. financial services sector can be secured imminently, Britain’s City minister asserted on Monday, as he said there is “common ground" with the bloc's negotiators.
London police cannot protect the identity of a witness to an explosion on an oil tanker off the coast of Yemen, the High Court ruled on Monday, helping an insurer prove its allegations that the blast was an inside job.
The last week has seen a private equity firm sue a major U.K. pub operator, an Iranian shipper take on dozens of insurers and a breach of contract claim against Merrill Lynch. Here, Law360 looks at those and other new claims in the U.K.
Ropes & Gray LLP has hired a former Financial Services Authority attorney away from Akin Gump Strauss Hauer & Feld LLP to expand its international risk team in London.
A rival to Domestic & General Insurance PLC has admitted to trying to poach the company’s customers but denied allegations of wrongdoing, adding that its own representatives do not mislead potential clients as a “general rule.”
Airbus can press ahead with its lawsuit seeking to avoid liability to a group of Italian insurers over a damaged airplane, a London judge ruled Friday, rejecting the companies' bid to delay proceedings while they contest the jurisdiction of their claim against the aircraft manufacturer in the Italian courts.
Compare the Market, a high-profile price comparison website, appears to be breaking competition law by preventing home insurers from offering lower quotes on rival sites, the U.K.’s antitrust enforcer said on Friday.
An accountant for a London cafe was fined nearly £6,900 ($8,970) on Thursday for lying about whether the company had complied with enrollment rules for its pension scheme, the first time an outside service provider has been prosecuted for such a violation.
Two linked companies that claimed to be able to claw back cash for people who lost money in alternative investments have been closed down by an English court after an investigation revealed they routinely misled clients, a government agency said Thursday.
A judge in London refused on Thursday to allow Genworth Financial Inc. to shift the blame for missold payment protection insurance onto two British units of Santander, after AXA SA sued the U.S. insurer for £28.5 million ($37 million).
The Financial Conduct Authority has said it will be more transparent about how it expects financial services businesses to comply with new rules as it seeks to ease concerns within the sector about its supervisory response to Brexit and the growth in cyberrisks.
Regulators in the U.S. and the European Union could join forces to test the vulnerability of insurers on both sides of the Atlantic to international cyberattacks as the threat from online crime escalates, Europe’s top insurance supervisor has indicated.
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.
As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.
Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.
Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.
One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.
While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.
Despite early indications that the U.K.'s Financial Conduct Authority and the European Securities and Markets Authority would require investment firms' clients to obtain legal entity identifiers by Jan. 3, regulators have now extended the deadline by six months. There is no extra credit for timely compliance, but in the long term, noncompliant entities cannot sit back and do nothing, say Keily Blair and Andrea Holder of PricewaterhouseCoopers LLP.
France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.