The landmark Greenbrier resort has sued a slew of insurers in West Virginia federal court following a “thousand-year” flood that ravaged its hotel and golf courses, claiming the companies failed to honor a $600 million insurance policy and demanding $375 million in damages.
Cooperation between British and American authorities has become the new norm, raising the stakes for companies facing a cross-border investigation to keep both sides happy without fostering complications down the road. Here are a few issues corporate counsel need to know when facing a trans-Atlantic probe.
Britain's pensions regulator said Wednesday that it has authorized the U.K.'s first multiemployer pension scheme under new, tougher standards aimed at protecting almost 14 million retirement savers.
Lloyds Banking Group PLC revealed Wednesday it set aside £750 million ($980 million) in 2018 to deal with customers rushing to claim they were missold controversial payment protection insurance before a deadline in August.
The Financial Conduct Authority offered relief to the U.K.’s wholesale insurance brokers on Wednesday, saying it will not introduce “intrusive” remedies to promote competition in the market, although the watchdog said businesses must do better.
A woman injured in a hit-and-run accident cannot sue the unidentified driver at fault for the crash if that person is known only by a fictitious name or general description, and cannot pursue the insurer instead, Britain's highest court ruled Wednesday.
A group of Bermuda-based shipping container companies have settled a lawsuit they brought in London's High Court against eight insurers after a client entered insolvency with millions of dollars' worth of insurance balances outstanding, according to new court documents.
A group of defunct insurance brokers have filed an amended negligence lawsuit against London-based accountancy and advisory firm Adler Shine LLP after the lead claimant Allanfield Group PLC discontinued its claim and confirmed it would not seek relief in the proceedings.
Europe’s top insurance regulator on Tuesday called on the bloc’s national supervisors to put in place measures that will safeguard EU policyholders if Britain crashes out of the bloc without a deal, including preventing U.K. insurers from selling new cover in member states.
A London judge has given AIG Europe SA until mid-April to explain why its lawsuit accusing an Austrian construction company of failing to repay £229 million ($296 million) it issued to finance the construction of a motorway in northern Italy should be heard in England.
Europe’s top securities regulator said on Tuesday that it will focus on ensuring U.K. clearinghouses can process EU trades after March, as well as helping the bloc’s trade repositories and credit ratings agencies execute their plans for dealing with Brexit during 2019.
Aviva PLC can transfer its €9 billion ($10.15 billion) European business from the U.K. to Ireland to address concerns that a hard Brexit will disrupt operations in the bloc, a judge in London ruled on Tuesday, as the insurer becomes the latest to ink a backup plan ahead of March 29.
An actress who starred in a Playboy film has been sentenced for fraud after failing to disclose a previous conviction for falsely claiming £44,000 ($57,000) in benefits when she applied for multiple new insurance policies, City of London Police said Monday.
A group of 10 insurers are liable for losses suffered by Piraeus Bank AE after an oil tanker it had an interest in was destroyed by an explosion off the coast of Yemen in 2011, the Greek lender’s lawyers argued at a London court on Monday.
A judge in London has stayed an insurance dispute over nearly 2,000 cartons of frozen shrimp that were allegedly damaged while being shipped from Madagascar to France, noting in his order that the postponement comes at the request of the company that filed suit.
The U.K.'s data protection and financial watchdogs revised their promise to work together on Monday, agreeing to share information that either agency uncovers during an investigation as long as it complies with new European data protection rules.
The European Union’s top securities regulator said on Monday that it will allow three British-based securities clearinghouses to continue serving the bloc’s financial businesses for a year in the event of a “no deal” Brexit on March 29, in a move aimed at containing potential market turmoil.
Insurer Zurich American asked a St. Louis federal court Thursday to free it from helping a policyholder pay $300 million in legal settlements over poisonings and pollution in a small Missouri town that was home to the nation’s last lead ore smelter.
The last week has seen the European arm of a Japanese investment bank sue a Saudi billionaire, the former prime minister of Qatar face action involving a pricey mansion and a Swiss bank file claims against executives of a defunct business group being investigated by the U.K.'s fraud watchdog. Here, Law360 looks at those and other new claims in the U.K.
The U.K. government said Friday it will invest £13 million ($16.6 million) into dozens of new artificial intelligence and data analytics projects that include efforts to tackle the billions of pounds' worth of insurance fraud that takes place in the country each year.
The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.
The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.
A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.
The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.
While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.
The U.K. Financial Conduct Authority has acknowledged that Brexit will present challenges, and will set aside some resources in preparation, but its business plan for 2018-2019 sends a strong message that there will be no let-up when it comes to detecting and prosecuting market abuse, says Ben Ticehurst of Rahman Ravelli Solicitors.
The U.K. Supreme Court's recent decision in Rock v. MWB came down on the side of commercial certainty, establishing that "no oral modification" clauses mean exactly what they say. Nonetheless, the decision may lead to some problematic cases, say Kathryn Rowe and Peter McMaster QC of Appleby Global.
The European Commission's proposal to amend key European fund management directives introduces new conditions for premarketing a fund in the EU. Unless this proposal is substantially loosened, managers may risk increased regulatory scrutiny if they continue with current fundraising practices, says John Young of Ropes & Gray LLP.
Section 51 of the U.K.'s new Anti-Money Laundering Act imposes public beneficial company ownership registers in the British overseas territories. A general push for enhanced disclosure can only be welcomed, but this particular initiative may not be the correct means to reach a worthy goal, say Ian Hargreaves and Stephanie Sarzana of Covington & Burling LLP.
Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.