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Insurance UK
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February 16, 2024
Insurers Reject WRBC Corp.'s $90M COVID-19 Losses Claim
A group of underwriters and insurance companies have denied they owe at least $90 million claimed by a Lloyd's of London syndicate to cover COVID-19 losses, arguing they have met their obligations, having already paid out around $26.6 million.
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February 16, 2024
Law Firm Loses Over Solicitor's Pension On Maternity Leave
A London-based commercial law firm discriminated against an associate solicitor because she was on maternity leave and forced her to resign by making baseless criticisms about her performance, a tribunal has ruled.
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February 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a legal battle erupt between JPMorgan and the founder of a Greek payments company following a dispute over the valuation of their jointly owned fintech business, the children of late Russian oligarch Vladimir Scherbakov face a claim by Fieldfisher LLP, the Director of Education and Training at the Solicitors Regulation Authority tackle a claim by two solicitors, and train operator First MTR South Western Trains file a claim against a security company. Here, Law360 looks at these and other new claims in the U.K.
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February 16, 2024
Stephenson Harwood Hires Regulatory Pro In Corporate Boost
Stephenson Harwood LLP has appointed regulatory lawyer Christophe Boucherie as a partner in its London office, a move it believes will strengthen its corporate practice.
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February 16, 2024
UK Pension Annuity Sales Hit £5.2B In 2023, ABI Says
The total value of pension annuities for consumers jumped by almost 50% to £5.2 billion ($6.6 billion) in 2023, a trade body said Friday, a rise fueled in part by rising interest rates.
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February 16, 2024
Claims Managers Are Clouding Regulatory Status, FCA Warns
Claims management companies are failing to distinguish between regulated and unregulated activity, which can mislead consumers into thinking that it all enjoys the same protection, according to a review by the Financial Conduct Authority.
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February 15, 2024
Gallagher Denies Liability In $7.3M Cargo Reinsurance Claims
Insurance broker Gallagher has denied owing insurers $7.3 million for allegedly failing to pay money owed under a reinsurance contract covering decades-old cargo losses, saying it has already paid out the sums required.
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February 15, 2024
City Lobby Calls For Tax Cuts, Investment Reform In Budget
The U.K. government should cut taxes on banking, make it easier for firms to list as public companies and create a new investment office to boost competitiveness, according to a leading financial lobby.
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February 15, 2024
Claimant Body Denies Injury 'Epidemic' Before Court Appeal
Insurers have widely exaggerated the rise in the number of so-called mixed tariff injuries, a trade body for the claimant sector said on Thursday, as the U.K.'s highest court prepares for hearings next week on how to compensate people who have been affected.
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February 15, 2024
FCA Quizzes Top Firms On Advice Services Fees
The Financial Conduct Authority said Thursday it has written to 20 of the largest financial adviser firms to gauge how those businesses charge clients after giving advice amid its broader focus on ensuring customers are treated fairly.
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February 15, 2024
Osborne Clarke Steers £114M Standard Life Pension Deal
Standard Life said Thursday that it has completed a £114 million ($143 million) buy-in transaction guided by Osborne Clarke LLP to acquire the pensions of around 1,800 members of the Vector Pension Scheme.
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February 15, 2024
UK Gov't Asks Financial Regulators To Review AI Policing
The government said on Thursday that it has told financial markets regulators to publish an update by April 30 on how they will police artificial intelligence.
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February 15, 2024
Fintech Expert Appointed To FCA Board For 3-Year Term
HM Treasury said Thursday it had appointed Bryan Zhang, an expert in financial technology and open banking, to the Financial Conduct Authority's non-executive board for an initial term of three years.
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February 15, 2024
Addleshaw Goddard Adds BoE Deputy GC To Finance Team
Addleshaw Goddard said on Thursday that it has hired the Bank of England's deputy general counsel as a partner to bolster its financial services regulation team in London.
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February 14, 2024
BDO Sues Insurance Broker Over Unpaid M&A Advisory Fee
Accounting firm BDO LLP has sued KGJ Insurance Services and three of its directors over claims they failed to pay out for the advisory services BDO provided the insurance broker as it looked for a new buyer.
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February 14, 2024
UK Access Rules Too Burdensome, Say European Funds
An association for Europe's investment managers has asked the Financial Conduct Authority to make its planned regime giving European funds "equivalent" access to U.K. markets less burdensome, given similar requirements do not exist for U.K. funds.
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February 14, 2024
Insurers On Hook After Top Court Rules On Credit Hire Claims
The cost of motor claims for insurers could rise after Britain's highest court ruled on Wednesday that they have to pay additional damages to replacement car hire companies after a road traffic accident, although experts say there could still be a silver lining.
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February 14, 2024
FCA Flagged 10,000 Misleading Financial Ads In 2023
Britain's finance watchdog has ramped up its fight against misleading financial advertisements, reporting on Wednesday that it intervened to have more than 10,000 promotions posted online without proper authorization pulled or amended in 2023.
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February 14, 2024
Broker WTW Works With Maths Lab On Catastrophe Modeling
Insurance broker WTW unveiled a new collaboration on Wednesday between its research network and the London Mathematical Laboratory to improve how it predicts natural disasters such as earthquakes or hurricanes and deals with the consequences.
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February 14, 2024
Insurers Must Pay Out On Third-Party Hire Car Losses
Insurers must cover rental income lost by car hire firms when their vehicles are involved in accidents, the U.K.'s highest court ruled on Wednesday in a case that is likely to add major costs for the insurance industry.
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February 13, 2024
Insurance Broker Escapes £2.6M Claim From Foundry Client
A London judge has dismissed an investment advisory firm's bid to collect £2.6 million ($3.2 million) from its insurance broker for problems that allegedly nullified the foundry's coverage for an industrial site.
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February 13, 2024
EU Eases Rule Enforcement On Best Price For Clients
The European Union financial markets regulator said on Tuesday that it expects all national watchdogs "not to prioritize" taking supervisory action against investment companies that fail to comply with certain rules to report how they achieved the best terms for clients.
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February 13, 2024
UK Pension Surplus Dips Slightly To £425B
The total surplus of U.K. pension schemes dipped by £2.8 billion ($3.5 billion) over the past month, the sector's lifeboat scheme revealed Tuesday, but experts say the changes are unlikely to dim appetite for insurance de-risking transactions.
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February 13, 2024
New Panel Set Up To Promote UK Fund Investments
A panel of pensions, venture capital and private equity experts has been established to boost returns for savers and support economic growth by encouraging funds to invest in fast-growing businesses, the British Private Equity and Venture Capital Association said on Tuesday.
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February 13, 2024
Post-Election UK Pension Changes Could Be In The Fine Print
Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.
Expert Analysis
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Q&A
A Chat With Faegre Client Development Chief Melanie Green
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
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UK's Proposed Investment Scrutiny Powers Are Far-Reaching
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
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Relief For Cos. Conducting UK Internal Investigations
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.
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Breaking Down The UK's Revised Corporate Governance Code
Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.
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Q&A
Back To School: Widener's Rod Smolla Talks Free Speech
In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.
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When To Use Options Analysis In Damages Assessments
In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.
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Opinion
UK 'Unexplained Wealth Orders' Will Discourage Investors
The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.
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Brexit: Bracing For A No-Deal Scenario
Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.
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Considering Contract Termination Under English Common Law
The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.
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UK Corporations Face Growing Risk Of Class Actions
Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.
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Goldman Sachs Decision Raises Bank Failure Questions In UK
Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.
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Opinion
A Revolution For 3rd-Party Funding In The UK
Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.
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UK Seeks To Balance Asset Protection And Protectionism
In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.
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Is It Time To Prosecute UK Cos. For Human Rights Violations?
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.
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6 Trends Will Shape Future International Commercial Disputes
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.