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.
Britain’s pensions regulator said on Wednesday that six people have been questioned in a criminal investigation into a suspected £18 million ($23 million) pension fraud involving “suspicious schemes.”
Britain’s pensions regulator said on Tuesday that it has appointed a new chief executive to a four-year term as it braces itself for looming challenges, including an upcoming pensions bill.
A Guernsey-based trust manager on Tuesday denied owing more than £1 million ($1.26 million) after investors lost money in a failed Caribbean resort, telling a London court that it held no duty of care to the savers.
The European Commission on Tuesday said it has approved China Reinsurance Group Corp.'s $950 million acquisition of global specialty insurer Chaucer Insurance Group PLC under Europe's merger rules.
London's High Court has instructed a Panamanian shipping company to estimate the value of a sunken vessel at the center of its $22.5 million lawsuit, after its insurers insisted that the ship was worth less than $6 million.
The U.K.’s antitrust enforcer proposed radical new laws on Tuesday to break auditing services away from consultancy work at the Big Four global accounting companies, in a drive to tackle "deep-seated problems" and concerns about conflicts of interest.
U.K. Prime Minister Theresa May said Monday she will ask Parliament to vote on her Brexit plan early next month, just days after European negotiators said they won't rework the withdrawal agreement amid widespread opposition from British lawmakers.
Interdealer broker giant TP ICAP has sued Nex Group Ltd. in London, claiming the trading company failed to disclose risks of litigation linked to its employee income insurance plan when negotiating the £1.3 billion ($1.6 billion) deal for Nex's voice broker group.
The Financial Conduct Authority ratcheted up preparations for a no-deal Brexit on Monday by releasing proposed rules for European Union financial services firms whose temporary work wraps up after March so they might see out their contracts "in an orderly fashion."
The European Commission said on Monday that the EU’s member states will be allowed to provide insurance to cover exports going to Greece until the end of 2019, as coverage safeguarding these products is currently not available through insurers in the private market.
Two insurance fraudsters have been handed suspended jail sentences at a London court after they caused a car crash in an attempt to claim thousands of pounds in bogus claims, City of London Police have said.
European insurers remain vulnerable to shock but generally hold sufficient capital to withstand severe economic hardship, stress-testing by a top regulator shows, shoring up confidence in the industry as Brexit draws near.
The U.K.’s highest court dismissed on Monday an appeal brought by a former university employee who claimed the way his pension scheme calculated his disability benefits amounted to unlawful discrimination.
A court has ordered the former owner of retail chain BHS, which collapsed with a pension deficit of £570 million ($720 million), to pay more than £124,000 after he lost an appeal against a conviction for failing to hand over information to Britain’s pensions regulator.
The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.
A Jersey-based holding company has hit back at an attempt by two European insurers to avoid paying €21.3 million ($24 million) for losses at a Dutch aluminum factory, saying its insurance claim is not excluded under the terms of its policy.
The European Union’s General Court has refused to grant millions of euros in damages to a state-owned Iranian insurer after its assets were frozen under nuclear sanctions against Tehran, handing victory to the European Council.
The Bank of England said Friday it has tightened its expenses regime after two senior regulatory experts, one of them a former vice chairman of the U.S. Federal Reserve, angered MPs by racking up £390,000 ($490,000) on travel costs over two and a half years.
The European Council has formally told the U.K. that its Brexit withdrawal agreement is not open to renegotiation even though a majority of British lawmakers rejected the package, increasing the odds of a no-deal departure from the bloc or a postponement.
This year brought many major policy developments that affected insurers, with the European Union's stringent data security rules spurring demand for cyber insurance and U.S. regulators ending an era by rescinding Prudential's designation as a systemically important financial institution, leaving no nonbank firms with the controversial tag. Here, Law360 looks back at the biggest regulatory and legislative developments that impacted insurers in 2018.
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.
Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.
Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.
The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.
Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.
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.