Thousands of small businesses across the U.K. could see their financial futures turn on a High Court test case brought by the Financial Conduct Authority later this month, an action that could set new precedents for insurance law and the speed of the legal process.
Lloyd's of London said Tuesday it has recruited 10 insurance technology startups to help develop a market response to the COVID-19 pandemic.
The U.K.'s competition watchdog has ordered insurance consolidator Ardonagh not to integrate a newly acquired motorcycle broker into its wider business until an investigation is completed.
A U.K holiday park operator is suing its Lloyd's of London syndicate to try and recoup some of the £59 million ($77.4 million) it claims to have lost as a result of the COVID-19 pandemic.
Teen jewelry retailer Claire's Stores and its insurer have settled a $615,000 lawsuit with A.P. Moller-Maersk A/S after the shipping giant allegedly lost and damaged thousands of cartons of fashion accessories at sea.
The Financial Conduct Authority has written to auditors instructing them to alert it of any uncertainties they identify when doing their work, in line with efforts to prevent firms being harmed during the COVID-19 crisis.
The Financial Conduct Authority on Tuesday extended for a further three months temporary measures to help consumers who are struggling to pay their insurance premiums during the coronavirus pandemic.
Gibson Dunn & Crutcher LLP said Monday it has hired a finance attorney from Kirkland to join its global finance team as a partner in its London office.
A London property developer has accused AXA of shirking a £3 million ($3.9 million) payout after the insurer claimed that Berkshire Assets' ties to a former Goldman Sachs banker caught up in the 1MDB scandal voided two of their policies.
The vast majority of businesses are choosing to settle international maritime disputes in London, far outpacing the city's strongest competitors Singapore and Hong Kong, law firm HFW said in research released Monday.
A London judge has cleared English insurer Rothesay to transfer £114 million ($149 million) worth of insurance policies to an Irish insurer to ensure the plans are administered after the U.K.'s transition out of the European Union becomes finalized.
A London court has ordered three men and two companies to pay £10.7 million ($14 million) in compensation after ruling they violated financial market rules by giving unauthorized and misleading pensions advice.
Pensions industry bodies raised concerns to the government on Monday over proposed rule changes by the Financial Conduct Authority that could see schemes having to roll back the guidance they offer on transfers.
Insurers globally have hiked premium prices for businesses by an average of 19% as a result of mounting losses from COVID-19, according to a Monday analysis by broker Marsh.
State-backed programs have helped stem pandemic-linked losses for insurers who provide trade credit cover, an insurance policy which is expected to increase in demand, according to Fitch research.
Insurers could be on the hook for at least $250 million in claims purely from damage to ships and port infrastructure caused by the blast in Beirut last week, reinsurance broker Guy Carpenter said.
Insurance and technology provider Watchstone Group PLC sued PwC for £63 million ($82 million) in damages after the accounting giant allegedly set up a secret "back channel" to leak information to law firm Slater and Gordon during negotiations for their ill-fated deal.
The director of a Maltese financial company has argued that it already paid a €10 million ($11.7 million) settlement in cash and bonds to Net Insurance SpA, after the Italian insurer brought a €2 million suit accusing the company of failing to meet the terms of the deal.
Law firm DLA Piper said Friday it has hired an attorney from Mayer Brown LLP to head a new specialist insurance and reinsurance disputes team in London.
The past week in London has seen a U.K. insurance technology company take aim at PwC after an acquisition went south, a major cruise line sue to curb travelers' insurance claims, and the U.K.'s criminal investigator file for civil recovery from a real estate company. Here, Law360 looks at those and other new claims in the U.K.
A Portuguese insurer has told a London court that it should not be on the hook for €36.8 million ($43.5 million) for two undelivered ferries because a cruise operator did not have the right to back out of the contract.
Lloyd's of London has urged businesses to be innovative in the face of a "new risk landscape" triggered by COVID-19, in which companies are faced with potential problems that could damage their reputation or put important information at risk of being compromised.
Britain's intelligence agency has published instructions setting out how businesses should use insurance brokers and products to protect them from the growing threat of virtual crime.
A New York federal judge on Thursday threw out claims by German insurer Great Lakes Insurance SE that the owners of a ship carrying cargo for one of its insured companies conspired to abandon it in Brazil, saying the court doesn't have maritime jurisdiction because the alleged conspiracy did not happen at sea.
A London judge has ordered the Financial Conduct Authority to pay a mortgage broker's legal costs over its "unreasonable" decision to pull the business' trading permissions for not having insurance amid a broad mortgage fraud probe.
Europe's insurers have called on lawmakers to relax the bloc's capital rules in order to free them up to invest money into long-term products under the European Union's ambitious capital markets union.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
UPDATED August 10, 2020, 12:53 PM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
With the Financial Conduct Authority's deadline for consumers to file claims for compensation for missold payment protection insurance fast approaching, the watchdog is set to put a cap on the long-running scandal. Here, Law360 looks back at how the regulatory response unfolded.
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.