The European arm of U.S. insurer Travelers can take its dispute over the liability of costs incurred by hundreds of women who successfully sued one of its clients over faulty breast implants to the U.K.'s Supreme Court, it was confirmed Monday.
A Romanian court has asked the European Court of Justice to clarify what legal recourse is available for disputes involving allegations of unfair terms in consumer contracts, as it considers separate cases involving subsidiaries of French bank Societe Generale and Austrian lender Raiffeisen Bank.
Corruption allegations surrounding Petrofac threatened to spill into the English civil courts on Monday as a litigation funder said it would back shareholders in a claim against the oil services company, which is already under investigation by the Serious Fraud Office.
Directors who recklessly put their workers’ pensions at risk will face up to seven years in prison or an unlimited fine, the government said on Monday, as it presses ahead with plans to crack down on employers who abuse retirement schemes.
Ex-pro boxer Andre Ward urged a California federal court on Thursday not to dismiss his suit against Lloyd’s of London over a $6.3 million policy Ward says should cover a career-ending injury, saying Lloyd’s is making the absurd argument that he wasn’t insured under the policy.
The last week has seen a London borough sue NatWest Markets, two property investment tycoons renew their legal struggles and a debt management company take on HSBC after nearly two years of weighing a foreign exchange manipulation case against the banking giant. Here, Law360 looks at those and other new claims in the U.K.
A London judge gave permission on Friday for XL Insurance Co. SE to demand information from the accountants of an underwriting firm it is suing for more than €4 million ($4.5 million), after the firm failed to comply with previous orders requiring it to hand over the documents.
German Finance Minister Olaf Scholz said Friday the country was prepared should Britain crash out of the European Union next month without a deal and that the bloc would win financial business from the U.K. as a result of the exit.
European regulators said on Friday that they have abandoned amendments to the bloc's controversial rules on disclosure for packaged investment products because the industry has rejected the changes.
Aviva Insurance will face trial by February 2020 over allegations that it owes around £1.8 million ($2.3 million) following a blaze at a care home, in a case that hinges on whether the business’s owner concealed the bankruptcy of its director, a London judge has indicated.
RSA Insurance PLC told a London appeals court on Thursday it has the right to make a claim against Italian insurer Generali over an asbestos payout, saying the law that a lower court judge relied on when he ruled against the U.K. insurer last year doesn't apply.
Europe’s top insurance watchdog has said that it will put sustainable finance at the heart of its strategy for supervising the bloc’s insurers and pension funds over the next few years.
European Union lawmakers investigating the alleged funneling of €200 billion ($227 billion) in suspicious transactions through Danske Bank's Estonian branch called for more stringent money laundering rules Thursday to be applied across the bloc.
Whistleblowers who report wrongdoing at their law firm should be shielded from reprisals even if their tip doesn't result in disciplinary proceedings, the regulator for England's lawyers said Thursday, addressing concerns that those who speak up are being victimized.
Fears that Britain will crash out of the European Union caused net retail outflows of £4.9 billion ($6.3 billion) from U.K. equity funds in 2018, according to an industry trade group, amid warnings of worse to come unless the government can secure an orderly withdrawal.
A New York state judge expressed frustration Wednesday with both a gold storage company that fell prey to a gang of septuagenarian safecrackers in London and its skeptical insurers at Lloyd's, saying it would be more straightforward if Lloyd's just denied the claim and waited to be sued.
Linklaters secured an injunction in a British court Tuesday temporarily preventing a former marketing director from revealing certain details of the law firm’s “ongoing struggle … with women in the workplace,” including a sexual assault for which a former Munich partner has been jailed.
A Lloyd’s of London syndicate and Marex Financial Ltd. have settled a claim brought by Marex that was intended to cover any costs the broker could be hit with if French investment bank Natixis proves successful in an underlying $32 million suit over allegedly fraudulent nickel storage receipts.
A Guernsey-based trust manager has denied committing fraud and owing £5.9 million to the operators of a pension scheme that invested in a failed Caribbean resort, according to documents filed with a London court.
Europe has agreed on new rules aimed at making it easier, quicker and cheaper for asset managers to sell funds to a wider range of investors in the bloc, the European Commission has said.
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.
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.