Insurers Say FCA Victory In Test Case Would Be 'Injustice'

Law360, London (July 16, 2020, 3:57 PM BST) -- The Financial Conduct Authority's claim against insurers on behalf of businesses hit by losses caused by the pandemic could have "far-reaching and unpredictable results" for cases in the future if it succeeds, the companies said in joint arguments filed at the High Court.

The eight insurers acting as defendants in the test case said the regulator had attempted to circumvent established principles of law by making its claim. The joint skeleton arguments filed by the insurance companies, published by the FCA on Wednesday, mark the final step before the trial starts on Monday.

The regulator is inviting the High Court, under...

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