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 U.K.’s Financial Services Compensation Scheme promised on Friday to give bigger payouts to former steel workers who have lost their investments through pensions misselling, after it handed more than £1 million ($1.3 million) to the clients of a single financial advisory company.
A group of U.S. pension plans and their representatives can’t escape a $2.8 billion tax refund case brought by Denmark’s tax authority, a New York federal court has decided.
Veteran lawyers from Allen & Overy LLP, White & Case LLP and 2 Hare Court are among the 108 new appointees named Thursday to receive the rank of Queen's Counsel, including several barristers specializing in corporate crime, banking, insurance and international arbitration.
European lawmakers on Thursday backed plans to strengthen the bloc’s top three financial regulators, with a senior politician saying the move would help prevent the United Kingdom from conducting “dodgy business” in the European Union after Brexit.
Insurers, investment managers and wholesale financial services could have the most to lose if Britain crashes out of the European Union without a trade deal on March 29, the Financial Conduct Authority said Thursday.
The European Commission told banks and insurers on Thursday they must disclose information to investors about the risks that climate change presents to the performance of their business, as Europe presses ahead with plans to improve sustainability.
Europe's top insurance regulator has confirmed that it plans to tighten supervision of companies that determine their own capital reserve requirements, sweeping aside industry concerns that the move will make it harder to do business.
An accounts manager has admitted lying to investigators to conceal that restaurants where he was employed as payroll adviser had failed to give workplace pensions to more than 100 members of staff, Britain’s pensions regulator said on Thursday.
Financial Conduct Authority executives warned senior managers on Wednesday they will be reprimanded if their companies are found to be issuing misleading material about financial promotions.
A group of 14 insurers has been granted an additional month by a London court to defend allegations that they wrongly refused to pay compensation to a commodity finance business owned by Dutch lender ABN Amro Bank after its clients defaulted on approximately $63.6 million of transactions.
Prime Minister Theresa May must devise a new Brexit plan within three days if her proposals are defeated in the House of Commons on Jan. 15 after lawmakers from across the political parties voted through a legislative amendment on Wednesday.
Europe’s reinsurers defended their right to determine the size of their capital buffers on Wednesday, dismissing criticism from regulators who fear that companies will be tempted to hold less cash to protect themselves from financial crisis.
British companies face fines of up to £500,000 ($636,000) from Wednesday if they make unsolicited phone calls seeking pensions business, HM Treasury said, as a long-awaited ban to tackle "devastating" savings fraud entered into force.
The U.K. government has failed to hand MPs sufficient information to allow them to make an informed decision on the prime minister’s Brexit deal, Parliament’s Treasury Committee warned on Wednesday, further weakening Theresa May’s shaky position ahead of a critical vote next week.
A U.K. finance bill amendment passed Tuesday would limit the government’s ability to tweak tax legislation after Brexit, in a bid to discourage the government from leaving the European Union without a transitional trade agreement.
London legal giant DAC Beachcroft has opened its first office in France and nabbed two veteran lawyers specializing in industrial risk issues to lead the effort, as insurers forge ahead with plans to shift business to the EU ahead of Brexit.
British probation authorities must disclose information to Zurich Insurance PLC about an alleged “shadow director” of a waste management company that has sued the Swiss insurance giant for £4.8 million ($6.1 million), a London court has ordered.
Insured losses due to natural catastrophes such as floods and wildfires in 2018 remained high at $80 billion worldwide but below the record $140 billion of the year before, according to a report issued Tuesday by Munich Re.
The Financial Conduct Authority on Tuesday began consulting on Brexit preparations that it said will ensure that the bloc's financial firms can fulfill existing cross-border contracts if the U.K. exits the European Union without a transition period.
Sixteen members of a U.K. gang linked to dozens of deliberate car crashes and almost £1.2 million ($1.5 million) in fraudulent insurance claims have been sentenced for their roles in the so-called crash-for-cash scam, with eight getting prison sentences, an insurance industry body has said.
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.
Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.
Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.
Earlier this year, many businesses were so focused on ensuring that their privacy notices and customer lists were compliant by May 25 that they forgot that General Data Protection Regulation D-Day was just the first day of a new regime, rather than a one-day event, say Ben Pilbrow and Joanna Boag-Thomson of Shepherd and Wedderburn LLP.
Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.
Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.
Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.
In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.