The last week has seen an Irish real estate developer sue Ireland's "bad bank," a contract dispute between two African banks and a French fishing operator, and several major insurers take Danish shipping giant Maersk to court. Here, Law360 looks at those and other new claims in the U.K.
Criminals are exploiting the confusion around Europe’s new data protection regime by masquerading as financial firms and persuading consumers to disclose their banking details, a major trade organization warned on Friday.
The U.K. pensions watchdog said Friday that it has pressed an international company to pump £3 million ($4 million) into its defined benefit retirement fund, warning other employers of similar regulatory action.
The insurance fraud division of the London police questioned 15 people across England and Wales this week in a targeted investigation that police are calling "days of action,” after a number of insurers, including Allianz and Zurich, made allegations of fraudulent claims.
Confusion reigns over how the European Union's new data regime coming on the books Friday will address blockchains, the decentralized data trails that facilitated the rise of the cryptocurrency bitcoin. Elements of the emerging technology appear to clash directly with the law's rules for deleting and minimizing data. But industry lawyers say a delicate coexistence between blockchain and the General Data Protection Regulation is on the horizon — though getting there won't be easy.
Companies rushing to register with the U.K.’s data regulator have overwhelmed the agency’s website on the day before Europe’s General Data Protection Regulation goes live, the watchdog said on Thursday.
Banks and insurers are scurrying to prepare for Europe's sweeping data regime that comes into force on Friday, but legal advisers predict that regulators will likely offer a grace period as they adjust to their own formidable new duties.
A group of insurers who deny they owe Brightside Group Ltd. £2 million stemming from its legal dispute with Southern Rock Insurance should have known the broker had an agreement to place e-insurance with the firm, Brightside has said, rejecting the insurers’ arguments otherwise.
Europe’s sweeping data protection regime could expose companies to a whole new level of threat, an AIG executive told Law360 Thursday, saying solicitors and accountants are especially at risk of being exploited by hackers after the regime goes live Friday.
The European Union's insurance regulator has urged policymakers to breathe life into their plans for a pan-European pension to help address the bloc's annual retirement savings gap of €2 trillion ($2.34 trillion).
The European Commission unveiled a package of financial and insurance reforms on Thursday to advance plans for a capital markets union, including a new class of sovereign bond-backed securities that it hopes will encourage banks and investors to diversify their government bond exposure and help shield the market from financial crises.
Most U.K. insurers believe the industry is still confused about one of the most important requirements under Solvency II some 28 months after the regime entered into force, a leading broker warned on Wednesday.
The Association of British Insurers on Wednesday named the new head of its prudential regulation committee, as it prepares a lobbying offensive to ease the toughest requirements under Europe's Solvency II regime.
The U.K. government on Wednesday wrote Europe's General Data Protection Regulation onto the domestic statute books, carving out generous exemptions for the insurance industry just two days before the regime kicks in.
Top lawyers warned a parliamentary committee Wednesday that unless U.K. and European Union Brexit negotiators can strike a data-sharing agreement before Britain leaves the bloc, there is a “real risk” of a data cliff edge that could jeopardize the country’s financial services sector.
The U.K.'s Insurance Fraud Bureau named Aviva U.K. General Insurance Managing Director Rob Townend to chair its board on Wednesday, in a shakeup at the industry body tasked with fighting crime.
Lloyd’s of London announced Wednesday that Belgium’s central bank has approved its license for a new Brussels subsidiary, adding that it has tapped its chief commercial officer to lead the European headquarters that will ensure its access to the single market after Brexit.
An influential group of members of Parliament wrote to the head of the Competition and Markets Authority on Tuesday urging him to break up the competition-limiting "oligopoly" of the U.K. Big Four accounting firms.
Direct Line’s bid for a quick win in its legal dispute with the owner of a house that was allegedly used as a cannabis farm has gone up in smoke after a London judge denied the U.K. insurer’s request for summary judgment.
The U.K. Supreme Court ruled on Tuesday that a group of insurers can escape a £20 million ($27 million) claim over the loss of a ship used in an unsuccessful attempt to smuggle cocaine from Venezuela, finding that the smugglers did not act maliciously under the terms of the ship owner’s insurance policy.
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.