Britain’s antitrust watchdog urged lawmakers on Thursday to pen legislation that will force the country’s accounting giants to split their audit and consulting services and work with smaller auditors as it seeks to open up competition in the sector.
A unit of Allianz SE has said in new court documents that a suit brought against it by the owner of a shared workspace and apartment development in London over alleged losses caused by water damage is unparticularized and lacks crucial detail to back up the claims being made.
More than 100 companies, including several insurers, are suing Danish shipping giant Maersk in London for damages after a ship transporting their goods caught fire en route from Saudi Arabia to several European ports.
An insurer cannot allocate a full claim for asbestos-related losses in a reinsurance policy to the year of its choice, London’s appellate court ruled Wednesday, as it allowed an appeal by Equitas Insurance Ltd. against an arbitral ruling that went in favor of Municipal Mutual Insurance.
Britain’s withdrawal from the European Union will place “considerable demands” on the Financial Conduct Authority in the next year, the regulator said Wednesday, as Britain's finance sector remains exposed to the threat of a cliff-edge Brexit.
The European Union’s banking, markets and insurance regulators will be handed tougher enforcement powers to help them protect consumers against businesses that breach money laundering controls under new rules nodded through this week by the European Parliament.
Three insurers urged the Court of Appeal on Tuesday to overturn a lower court judgment that found a separate claim they filed against Airbus in Italy can only be heard in London, arguing that the suit is not in breach of any underlying agreement between the parties as alleged by the manufacturing company.
Regulators in half of the European Union need to beef up oversight of how employees' pensions are being invested to ensure managers are avoiding risks, Europe's top pensions regulator has warned.
Lawmakers have called on Britain's pensions watchdog to explain the “staggering, parlous state" of the Railways Pension Scheme, after it emerged that the industry-wide plan is underfunded by as much as £6 billion ($7.8 billion).
Hogan Lovells has appointed a managing director from Swiss lender UBS, whose executive remit covered whistleblowing and internal investigations, as a financial services litigation partner joining the law firm’s London office next month.
Private landlords could soon fall within European laws designed to prevent money laundering and terrorist financing, the U.K. Treasury has indicated as it seeks to expand the legislation and flush dirty money out of the property sector.
An Ohio-based insurer wants Lloyd's of London to cover the cost of a lawsuit brought by a New York builder claiming he was injured on the job, according to a suit filed Friday in New York state court.
Dutch bank ABN Amro has argued in new court filings that its broker was never told an insurance policy would cover only physical damages — and not a subsidiary's losses from client defaults on commodities transactions.
Britain's auditing watchdog will "transition" into a new regulator rather than being scrapped and replaced following a series of corporate scandals under its supervision, a government minister indicated in correspondence released Monday.
A Guernsey-based trust manager has denied owing certain investors the millions they fronted for an incomplete Caribbean resort development and instead argued that they signed away their right to sue, according to documents filed with a London court.
Britain’s banks and insurers should consider whether to disclose more information about climate change risk than they are required to by domestic and European legislation, the Prudential Regulation Authority said on Monday.
U.K. car insurance premiums dipped during the first quarter of 2019, data released Monday showed, following new laws designed to prevent fraudulent whiplash claims that have traditionally helped drive up prices.
The past week has seen a Nigerian oil company retool its suit against a lender in the country, trustees lodge an appeal in their bankruptcy battle with a once-banned asset manager, and a Chilean fruit exporter lead cargo claims against shipper MSC Mediterranean. Here, Law360 looks at those and other new claims in the U.K.
A property company shot back at one of Britain's biggest insurers in its lawsuit demanding coverage for a building fire that caused more than £2 million ($2.6 million) in damages, telling a London court that false information about its director that was later corrected shouldn't void its coverage.
The European Central Bank has proposed changes to the way that it levies supervisory fees to ensure that financial institutions pay the actual amount that the authority has spent on regulation at the end of the year, rather than funding estimates of costs during the 12 months.
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.