A London judge gave a unit of insurance company AXA XL Ltd. the go-ahead Friday to demand client account information from Coutts & Co. on an underwriting firm the insurer is suing for more than €4 million ($5.27 million) as part of efforts to trace funds it claims are owed to it.
The last week has seen Mozambique sue Credit Suisse amid a $2 billion loan scandal that has sparked criminal charges in the U.S., a claim filed against a tax expert at Berkshire Wealth LLP, and Swiss digital payments provider Inatec sue a rival merchant. Here, Law360 looks at those and other new claims in the U.K.
A roofing company has fired back against a pub owner's demand for at least £3.69 million ($4.81 million) in damages inflicted when a fire tore through the establishment, but its insurer, Tokio Marine, has blamed the company's workers for shoddy work and skipping inspections.
Europe's top securities regulator acted Friday to protect Ireland's stock and bond traders from disruption in the event that Britain crashes out of the European Union on March 29.
The European Banking Authority called on Friday for regulators in member states to safeguard deposits held by European Union-based branches of British lenders if the U.K. crashes out of the bloc without a deal.
The director of two financial services companies that made almost 221 million nuisance calls to consumers offering to help them claim compensation over potentially missold insurance products has been banned from running a business for eight years, two U.K regulators said Friday.
A Rothschild unit has been ordered to turn over information in Slater & Gordon LLP's suit accusing insurance technology provider Watchstone Group of misrepresenting the financial health of a unit whose practices attracted criminal scrutiny just months after the law firm bought it for £637 million ($844 million).
An appellate court in London on Thursday dismissed an attempt by Friends Life Ltd. to avoid compensating a former investment banker for income protection payments that the insurer had withheld after accusing him of faking chronic fatigue syndrome.
The Financial Conduct Authority said on Thursday that it will give banks and insurers 15 months from March to follow regulatory rules that will apply to them if the U.K. leaves the European Union without a deal, in a bid to ensure that British businesses have enough time to transition out of the bloc.
The world's largest institutional investors, including Barclays Bank UK PLC and major insurers such as Standard Chartered PLC, are abandoning coal over climate change concerns that have rendered the fossil fuel a "stranded asset," according to a think tank.
Europe’s top insurance regulator has called on lawmakers to agree on a worldwide strategy to combat global cyberrisk, which it says should include plans to make insurers develop more stringent cover to protect businesses against threats.
The former head of a disability charity accused of defrauding the organization’s retirement fund out of more than £250,000 ($332,000) will appear before magistrates next month, the U.K.'s increasingly robust pensions regulator announced on Thursday.
Asset managers are calculating product costs and charges inconsistently and sometimes inaccurately, the Financial Conduct Authority warned on Thursday as it urged companies to review their procedures to avoid misleading customers.
One of Britain's biggest insurers fought back against a prominent property company's lawsuit demanding coverage for a building fire that caused more than £2 million ($2.6 million) in damages, saying the company may have voided its coverage by concealing information about its director.
A London judge has halted legal action brought by subsidiaries of insurance giants Zurich, Chubb and QBE against a ship owner over costs relating to the transfer of nearly 82 million metric tons of insured oil, after the parties reached an out-of-court agreement.
An accountant was found to be using a pension scheme that he was a trustee and administrator of as his "personal piggy bank," The Pensions Regulator said Wednesday, after he admitted to transferring £280,000 ($373,000) out of the funds to help his own investments.
The Financial Conduct Authority has said it will work with HM Treasury to extend its regulation of investment consultants, who are responsible for managing £1.6 trillion ($2.1 trillion) of pensions, in a move to stimulate competition within the sector.
A group of 14 insurers has hit back at allegations by ABN Amro Bank that they wrongly refused to pay compensation to one of its subsidiaries, saying in new court documents that the policy at the heart of the suit did not cover credit risk or financial default as the Dutch lender claimed.
Two insurance brokers are suing their law firm EC3 Legal for damages over the firm’s handling of a break clause agreement in their property lease, which was wrongly served to their landlord in 2017 and has resulted in them being stuck paying rent for another four years.
Crowell & Moring LLP has hired three partners from Squire Patton Boggs to strengthen its financial services, insolvency and infrastructure offerings in London.
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.
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.