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.
Insurers and underwriters facing a lawsuit over their limitation of payment on an $8.4 million Hurricane Harvey-related insurance claim want the suit in arbitration, they told a Texas federal court Monday.
BT Telecommunications PLC lost its appeal on Tuesday seeking to change the way it will increase future annual payouts to more than 80,000 members of its pension plan, after three appellate judges sided with a lower court's assessment that the scheme's rules do not allow for the switch.
The number of inquiries about pensions fraud leaped fivefold after two U.K. regulators launched a joint campaign to raise awareness of the problem, the Financial Conduct Authority said Tuesday.
The European Council said on Tuesday that the bloc’s finance ministers have approved a package of rules aimed at protecting the banking sector, including measures to strengthen the Eurozone’s bailout fund and setting up an insurance fund for winding down failing banks.
Britain can unilaterally revoke its decision to withdraw from the European Union before the end of the exit agreement with no conditions, a senior legal adviser at the EU's highest court concluded on Tuesday.
The U.K. Supreme Court has agreed to hear an appeal challenging a determination that insurer Chubb can retain its arbitrator pick in a multimillion dollar dispute with U.S. oil services company Halliburton relating to the Deepwater Horizon disaster, a court spokesperson confirmed Monday.
Andrew Bailey, the chief executive of the Financial Conduct Authority, on Monday denied claims that the watchdog had come under government pressure to warn banks to slow down the pace of their Brexit relocation plans.
A firm that represents Royal Bank of Scotland shareholders who struck a £200 million settlement with the bank over its rights issue has said a group of institutional investors cannot use the alleged negligence of the company that originally managed the claim to avoid financing the litigation.
The U.K. government said Monday it is prepared to legislate to force pension scheme providers to participate in its pensions dashboard project, designed to help savers keep track of their retirement investments.
Southern Water will pay an additional £50 million into its pension scheme in a shorter time than the utility company had planned for to help it plug a deficit of more than £250 million ($318 million), the U.K.’s pensions regulator said.
The European Central Bank told companies that process and settle payments on Monday that they must meet its regulatory expectations on cybersecurity or explain why they are not doing so, as businesses in the sector complain that the measures are too demanding.
The last week has seen HSBC's private bank unit hit with an action from nearly 250 claimants, Dutch bank ABN Amro sue more than a dozen insurers and Aviva's health unit take on the Saudi Arabian embassy and government. Here, Law360 looks at those and other new claims in the U.K.
A New Orleans church that sustained $1.4 million in damage during a devastating 2017 tornado must arbitrate claims that a German insurer and a group of Lloyd's of London underwriters wrongly denied the church's insurance claim, the insurer and underwriters told a Louisiana federal court Thursday.
British and Irish authorities have vowed to keep a close eye on the fate of Qudos Insurance A/S as it goes through voluntary liquidation amid claims that its previous ownership over lied about the Danish insurer's solvency ratio.
Major U.K. banks on Friday threw their support behind a range of new initiatives aimed at making sure complaints from small businesses about their lenders are fairly reviewed, including by pledging to fund a new alternative dispute resolution scheme for larger SMEs.
Two mining firms have cut the amount they are demanding from their insurers over damage to a power plant at an enormous African gold mine to around $20 million after a London judge last month struck out two of the case's central claims.
The Financial Conduct Authority will set up a board committee to oversee the independent reviews that are being carried out into its handling of the mis-selling of interest rate hedging products by the U.K.'s biggest banks, new documents published Friday reveal.
London will lose up to to €800 billion ($909 billion) in assets to rival financial hub Frankfurt by March 2019 as banks start to transfer business to the city to avoid Brexit disruption, a German lobby group said Thursday.
Insurers urged the European Commission on Thursday to help lower their capital buffers and free up money to invest in the wider economy, saying sweeping proposals from Brussels are a "wasted opportunity."
A London court has refused British Telecommunications PLC's last-gasp bid to overturn a ruling that will prevent the company from changing the way it will increase future annual payouts to members of its pension plan, potentially costing the firm around £120 million ($153 million).
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.
The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.
The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.
In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed. But the question of how the judiciary might conform to Burt’s expectations raises practical problems, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit.
As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.
Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.
Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.
One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.
While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.