Insurance companies are being warned by their lawyers and loss adjusters to expect a jump in claims under business interruption policies as the impact of the spread of coronavirus from China continues to cut into business activity.
Hundreds of investors accusing banks of plotting to manipulate foreign exchange rates can move ahead with the bulk of their antitrust suit, a New York federal judge has ruled, while also limiting the claims they are allowed to pursue.
The past week in London has seen German financier Lars Windhorst dragged into court by a hospitality company, an Emirati lender sue former executives of a scandal-hit health company, and a bank representing the estate of musical artist Prince file IP claims against a unit of a major record label.
A fully remote trial will be held for a professional indemnity insurer's claims against eight Lloyd's syndicates that seeks pay for work done handling law firm claims after their agreement ended, a London judge decided Friday.
Insurance broker Marsh has handed texts of its policies on business interruption to the Financial Conduct Authority as the City watchdog prepares a High Court test case over pandemic cover for companies that have suffered losses during the pandemic lockdown.
Police in London have arrested a man accused of selling fake car insurance online and targeting National Health Service workers amid the COVID-19 pandemic.
A global standard-setter for the securities markets asked for industry input Friday from financial services companies on a new set of principles that they should use when discharging some of their services to third parties.
Law firm Baker & Partners has hired a forensic accountant and asset-tracing expert from Grant Thornton to join the fraud and asset recovery practice at its new London office.
Aviva PLC said Thursday it has insured £95 million ($116 million) of pension liabilities for the British Bankers' Association's pension scheme in order to move some risk away from the trustee.
London disputes law firm Signature Litigation LLP said Thursday it has snapped up the former head of the commercial disputes group at Freshfields Bruckhaus Deringer LLP as a new partner for its City office.
Insurers face the potential for "multibillion-dollar" losses because ships are lying idle on the U.S. east coast as hurricane season approaches, Allianz warned Thursday, highlighting an unforeseen consequence of the decline in global trade caused by the pandemic.
One of Britain's biggest insurers has said it will offer "premium reduction" deals to some customers who are struggling financially during the COVID-19 pandemic, after the Financial Conduct Authority urged the sector to provide savings for policyholders.
A group of asset managers said Thursday that they have the backing of 30 European investors, who hold more than €6 trillion ($6.6 trillion) in assets, as they urge regulators to create a model to help them measure the impact of their investments on the environment.
European insurers have successfully pulled through the COVID-19 crisis without taking a major hit to their capital reserves, ratings agency Standard & Poor's said Thursday.
Decisions by British courts over pandemic-related business interruption insurance disputes could weigh on the credit quality of insurers, Fitch Ratings has warned.
Britain's financial services watchdog warned Wednesday that increased capital-raising activity and alternative working arrangements prompted by the COVID-19 outbreak could increase the risk of market abuse, telling companies to be vigilant about potential leaks and rumors.
Financial regulators from around the world have gathered online to review an estimated 1,600 policy responses to the financial impact of the COVID-19 pandemic, as well as to gauge potential risks in the future.
European risk managers have called on the bloc's executive body to devise a new framework for insuring businesses against unforeseen disasters such as COVID-19 and climate change after the pandemic exposed serious deficiencies in the sector.
The government should offer a "significant" level of support for offering affordable pandemic cover to small businesses, the Association of British Insurers said, as the industry considers whether to create a state-backed reinsurer to deal with the crisis.
The chief executive of Britain's pensions watchdog has urged all trustees and savers to be extra vigilant about spotting investment scams and rushed transfer decisions as the coronavirus outbreak causes a surge in anxiety about finances.
The European Commission asked the bloc's citizens on Tuesday for suggestions on how it should protect cross-border investment within Europe after a historic court ruling declared that all intra-EU investment treaties violate the law.
A developer said it had remedied the minor problems at a block of flats in London that it was required to fix before a group of homeowners brought a £5.6 million ($6.9 million) suit against it for alleged structural defects in the building.
The European Commission has signed off on plans by the Netherlands to guarantee trade credit insurance to offer protection against a wave of company insolvencies as COVID-19 lockdowns begin to ease.
An Irish insurer said on Tuesday it will wait to learn the result of a test case in October before it decides whether to pay out on 700 claims for business interruption made against it in connection with the pandemic.
Lloyd's of London said Tuesday that the High Court has given the green light to plans setting out how it proposes to tell customers about its move to a new hub in Brussels — a step forward for the market as it seeks to continue operating in Europe after Britain leaves the bloc.
European investment firm Nordic Capital has inked a deal to buy Max Matthiessen, a financial advice firm specializing in pensions, insurance and investment based in Northern Europe, from broker Willis Towers Watson.
UPDATED May 29, 2020, 4:23 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.
The recent explosion in technological innovations designed to streamline the insurance business has raised a host of questions for carriers, including whether they can use artificial intelligence and blockchain in their underwriting and claims handling processes. Here, Law360 looks at three emerging types of insurance technology and the regulatory questions they raise.
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.
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.