Scammers are shifting away from lucrative "crash-for-cash" insurance fraud following a series of successful convictions, closer ties between police and insurers and the emerging threat of jail sentences for contempt of court, police and attorneys say.
The government on Monday rubber-stamped the U.K.’s first flexible pension scheme, which offers broad “ambitions” rather than guaranteed annual payouts, in a move designed to encourage millions of workers to save more for their retirement pots.
Hamilton Insurance has agreed to buy a Lloyd’s of London underwriter and an Irish insurer from Liberty Mutual Group, in a move that the Bermuda-based company said will double its total premium base.
Genworth Financial Inc., which is being sued for nearly £265 million ($351 million) by rival French insurer AXA SA over a missold insurance product, can seek to shift the blame onto two British units of Santander, London’s High Court has said.
The last week has seen a commercial fraud claim filed against the founders of now-defunct sports marketing giant MP & Silva, Kuwait's social security agency sue several Swiss banks and its former head, and AXA lodge an action against the company behind Admiral Insurance. Here, Law360 looks at those and other new claims in the U.K.
Britain’s plan to transform its audit regime has set the stage for a radical shakeup of the accounting sector by a new regulator empowered to crack down on the industry in the wake of a series of scandals and corporate collapses.
Europe’s top markets regulator on Friday called on credit ratings agencies based in the U.K. to register their services within the bloc to prevent their outstanding European assessments from being binned in a no-deal Brexit.
The European Union’s financial chief told leaders of member states on Friday to make it a priority to pass rules to ensure the bloc’s flagship project to boost private sector investment in business is realized by the end of the year.
The European Parliament has suggested that member states caved in to diplomatic pressure when they refused to blacklist Saudi Arabia and four U.S. territories earlier this month for their allegedly weak safeguards against money laundering and terrorist financing.
The effectiveness of Europe’s sweeping new data protection law is being cast into doubt as legal experts warn that companies are over-reporting to national regulators amid widespread confusion about what the rules really require.
The Solicitors Regulation Authority slapped its biggest-ever fine on a U.K. law firm Thursday after finding the business sent millions of misleading marketing messages about missold payment protection insurance.
The U.K. Parliament voted overwhelmingly on Thursday to seek a delay of three months to the country’s departure from the European Union, provided that Prime Minister Theresa May can unite her divided Conservative Party behind her negotiated withdrawal agreement with the EU.
The European Union should avoid using capital requirements to impose investment caps on insurers based on "simplistic" assessments of whether an asset is environmentally friendly, the EU's insurance industry warned Thursday.
European Council President Donald Tusk said Thursday he will lobby EU government leaders to allow for a lengthy extension to the Brexit process if the U.K. needs more time to build a consensus for the terms of its departure from the bloc.
The U.K. Parliament's vote against a disruptive no-deal Brexit on Wednesday is unlikely to reverse corporate contingency plans that have already sent operations and jobs across the border to protect companies from regulatory upheaval.
A pension administrator that lodged a £5.9 million ($7.8 million) suit against a trust manager for investing in a failed Caribbean resort has shot back in a London court against the management company’s claims it was contractually entitled to fund the development, maintaining the company was “at the very least” negligent.
Insurance broker the Ardonagh Group told a London court Wednesday that Arthur J. Gallagher and a subsidiary can't prove they suffered losses after several senior employees left the group for rival Ardonagh companies, saying the employees would have left regardless of those offers.
The British Parliament voted on Wednesday to rule out the possibility of leaving the European Union without a withdrawal agreement, setting up another vote on Thursday on whether to push back the March 29 departure date to buy more time for a deal.
British insurance giant Prudential PLC has transferred £36 billion ($47.4 billion) of assets to Luxembourg after spending £27 million on setting up a new operation in the country, a company executive said Wednesday, in a move that highlights the dislocation Brexit is causing to the financial sector.
The Financial Conduct Authority said Wednesday it has fined British mobile retailer Carphone Warehouse £29.1 million ($38.3 million) for misselling insurance and technical support products, following reports from whistleblowers.
Two former employees of U.S. insurance group Arthur J. Gallagher hid their intention to leave the firm for Ardonagh Group Ltd. and persuaded others to jump ship with them as part of an orchestrated move to damage the business, lawyers for the insurer told a London court Tuesday.
Two of Britain's most long-awaited financial services cases are set to go to trial in January, giving court watchers plenty to look forward to in 2019 — from complex fraud suits to a showdown over insurance in the Deepwater Horizon Disaster. Here Law360 looks at the key cases coming in the year ahead.
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.
Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.
In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.
These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.
Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.
Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.
The Lawyer's Daily
Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.