Norton Rose Fulbright has said it cannot be held liable for any loss suffered by an insurance broker being sued alongside 14 insurers by ABN Amro, denying claims that it negligently drafted a cargo insurance policy at the center of a High Court lawsuit between the bank and insurers.
An insurance broker jailed last year for making fraudulent claims, including falsely stating that her daughter had suffered serious injuries in the Manchester Arena terror attack, has been ordered by a court to pay back £139,000 ($182,000), City of London Police said Tuesday.
The government unveiled plans on Tuesday to help reshape Britain’s financial adviser services, used by pension schemes to help them make long-term investment strategies, in an attempt to boost the nation’s £1.6 trillion ($2.1 trillion) pot of retirement assets.
Britain’s attorney general warned Tuesday that the country remains at risk of becoming locked in a European Union customs mechanism after leaving the bloc on March 29, throwing doubt on last-ditch concessions secured by Prime Minister Theresa May just hours ahead of a vote on her Brexit deal in Parliament.
Proposals by an intergovernmental organization aimed at solving tax challenges for digital companies would lead to legal uncertainty as they are “too vague,” Europe’s insurers said Monday as they called for the insurance sector to be excluded from the rules.
More than 275 financial firms in the City are relocating, have moved staff or have set up entities outside of the U.K. in preparation for possible disruption following Britain's exit from the European Union, a report published Monday said.
The British Medical Association on Monday threatened to sue the U.K. government for age discrimination after it allegedly forced many younger doctors into joining a pension scheme that will result in "huge financial losses" after they retire.
Britain's accounting watchdog will be shut down and replaced with a new audit regulator following criticism of the embattled organization after a string of high-profile scandals at large-listed companies, the U.K. government said Monday.
Several law firms are touting recent attorney hires in London: Howard Kennedy LLP nabbed a new financial services regulation specialist from Reynolds Porter Chamberlain LLP, Fox Williams LLP landed a securities litigation ace from Stewarts Law LLP, and Cooley LLP scored a capital markets lawyer pro from Latham & Watkins LLP.
European Union regulators have approved proposals to give investment managers a two-year reprieve from rules that will force them to duplicate information that they provide to investors, following pleas from the fund industry that the obligation will consume too much time.
British insurers urged regulators on Monday to overhaul European Union rules governing how much capital they must hold to protect themselves from risk, as they seek to unlock billions of pounds in green investments.
The last week has seen UBS AG trader Arif Hussein sue his old employer for breach of contract, Punjab National Bank tee up a bid to revive its $45 million oil refinery loan dispute and the estate of a deceased Royal Air Force serviceman sue a Cypriot insurer over a car crash. Here, Law360 looks at those and other new claims in the U.K.
Insurers predict that British companies will make more insurance claims if the U.K. crashes out of the European Union without a deal because of the risks it will cause to their business and directors, according to research published Friday.
The U.K.'s City regulator finalized plans on Friday for a public directory to help consumers spot financial professionals banned from the industry and protect banks and insurers from hiring questionable staff beginning from March 2020.
Goods being stockpiled by British businesses preparing for disruption after Brexit could be at increased risk of damage, the insurance industry warned on Friday, as it urged companies to check whether extra supplies of car parts, frozen foods and other commodities are fully covered.
The Austrian subsidiary of Allianz SE will not have to pay out for the costs of salvaging a container ship that was grounded off the Chinese coast in 2011 after an admiralty judge said the owners were at fault, ruling on Friday that the vessel was unseaworthy.
Insurers will be allowed to hold smaller reserves of capital before they invest in equity and private debt under new rules designed to encourage institutional investors to fuel the economy and reduce the bloc's reliance on banks, the European Commission said on Friday.
The Financial Ombudsman Service will be able to force banks and insurers to pay out up to £200,000 ($260,000) extra in compensation to every consumer or business they have cheated, the Financial Conduct Authority said on Friday.
French insurer AXA SA has dramatically raised the value of its claim involving missold payment protection insurance against U.S. rival Genworth Financial Inc. from £28.5 million ($37.3 million) to nearly £265 million, according to documents filed at London’s High Court.
The European Commission on Thursday threatened to take Latvia, Cyprus and Spain to the European Court of Justice unless they swiftly implement sweeping new rules governing insurance brokers that went live in October.
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.
The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.
With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.
Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.