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Snap July 4 Election Leaves Pension Reform In Disarray

The government's decision to call a snap general election for July 4 has left the U.K.'s pension sector in limbo, experts say, with uncertainty over whether the next administration will continue with an ambitious reform program.
August 24, 2024
Italian Prosecutors Open Criminal Probe Into Yacht Sinking

Italian prosecutors said Saturday that they have opened a criminal investigation into the sinking of a superyacht that claimed the lives of seven people including a partner at Clifford Chance LLP and his client, British technology mogul Mike Lynch.
August 23, 2024
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen Google sue several Russian media outlets in response to challenges to the tech giant's response to international sanctions, easyGroup bring an intellectual property claim against delivery company Easycargo, and e-money business Nyavo challenge action by the Financial Conduct Authority.
August 23, 2024
Oligarch Denied Bid To ID Client Linked To $20M Transfer

A judge refused Friday to let an imprisoned Russian oligarch force a group of companies to disclose the identity of a client who requested a $20 million transfer, saying that revealing the person's identity runs the risk of violating criminal law in Liechtenstein.
August 23, 2024
Insurer Calls For Gov't Action On Auto-Enrollment Reform

The new government should "hit the ground running" with changes to automatic enrollment regulation, an insurer has said, as it set out four potential areas of reform that could dramatically boost pension savings.
August 23, 2024
Direct Line Reveals Capital Ratio Accounting Error

Direct Line Insurance Group PLC said Friday it has corrected a miscalculation in its accounting that distorted its capital buffer in its financial results for the year ending December 2023.
August 23, 2024
UK Terrorism Reinsurer Appoints Howden, Aon As Advisers

Britain's terrorism reinsurer has said it has appointed Aon Securities Ltd. and Howden Capital Markets as advisers for insurance-linked securities transactions.
August 23, 2024
Swiss Watchdog Recognizes Insurance Self-Regulation Plan

The financial watchdog of Switzerland said Friday that it has officially recognized the insurance industry's self-regulation concerning the training and education of insurance intermediaries, but warned that it will intervene if necessary to protect consumers.
August 22, 2024
Fidelis Denies Liability For $238M Over Stranded Planes

Fidelis has argued it should not be liable for paying out claims totaling more than $238 million over planes stranded in Russia, arguing the lessors had not been irretrievably deprived of the aircraft under the terms of the policies.
August 22, 2024
EU Decision Keeps Tax Relief For UK Investment Schemes

The European Commission will allow U.K. government-backed programs that encourage private investment in small companies to continue offering favorable tax terms for investors, according to a decision published Thursday.
August 22, 2024
'Beloved By Everyone': Attys Recall Clifford Chance's Morvillo

Clifford Chance LLP partner Christopher Morvillo, who died this week after a luxury yacht he was on sank off the coast of Sicily, is being remembered not only as a lion of the legal community but also as an "extraordinary human being" and a "Renaissance man" who was devoted to his family.
August 22, 2024
Over 3M UK Pensioners To Be Dragged Into Higher Tax Rates

Government data shows 3.1 million U.K. pensioners will be dragged into paying higher taxes in the next four years due to the freeze on income thresholds, financial firm Quilter PLC said Thursday.
August 22, 2024
UK Pension Deal Market Likely To Hit £40B In 2024

The value of pension insurance transactions in 2024 is likely to drop to £40 billion ($52.4 billion), an insurer has said, bucking expectations of another record-breaking year for the market.
August 22, 2024
Mike Lynch's Body Recovered From Yacht Wreck

Mike Lynch, founder of technology company Autonomy, died when a yacht he was aboard sank off the Sicilian coast, his family confirmed Friday, after a trip the entrepreneur had reportedly chartered with his legal team to celebrate their victory in a U.S. fraud case.
August 22, 2024
Insurance Conman Gets 20-Month Sentence For Bogus Claims

A fraudster has been hit with a 20-month prison sentence after he pocketed almost £12,000 ($15,700) after he used multiple identities to file fake home insurance claims under multiple identities, a London police force said Thursday.
August 22, 2024
Nearly 2,000 Failing To Claim UK State Pension 'Goldmine'

Almost 2,000 people could be sitting on a pensions "goldmine" because they have failed to respond to letters from the Department for Work and Pensions about the potential underpayment of state pensions to their dead relatives, according to a former pensions minister.
August 21, 2024
NJ Man Fighting Lloyd's Arbitration Bid After False Arrest

A New Jersey man who received a $5 million settlement from the city of Trenton after being falsely arrested and imprisoned for 212 days has urged a federal court not to force him to arbitrate a subsequent dispute with Lloyd's of London underwriters over payment of the judgment.
August 21, 2024
Top Commercial Disputes To Watch In 2nd Half Of 2024

A claim against BHP from victims of Brazil's deadliest environmental disaster, a $10 billion insurance megatrial over planes stranded in Russia and a legal challenge to the response by the U.K. financial regulator to the mis-selling scandal are just some of the trials to look out for in the second half of 2024.
August 21, 2024
Pension Bodies Call For Investment Consultants Regulation

The government should urgently move forward with delayed plans to bring investment consultants under the supervision of the Financial Conduct Authority, pension bodies and climate groups warned.
August 21, 2024
PE Firm's £432M Deal Wins UK Security Clearance

Wealth management firm Mattioli Woods said Wednesday that the U.K. government has granted national security clearance to its acquisition for approximately £432 million ($564 million) by private equity firm Pollen Street, clearing the way after some delay for the completion of the deal.
August 21, 2024
UK Fraud Fund Pays Out £9.8M To Norton Pension Members

The pensions fraud compensation body said it has paid out £9.8 million ($12.8 million) to retirement savings plans sponsored by manufacturer Norton Motorcycles Holdings Ltd., after the company director was convicted of misappropriating funds.
August 21, 2024
Broker SRG Eyes UK Rival Amid 2024 Shopping Spree

Specialist Risk Group has said it hopes to make its fifth acquisition for 2024 after it offered to buy Anthony James Insurance Brokers Ltd., which it expects will boost its retail division across the U.K.
August 21, 2024
Insurers Failing To Give Customers Good Value, FCA Warns

The Financial Conduct Authority called on insurers and brokers on Wednesday to remedy failures to demonstrate that they offer fair value to customers with good outcomes.
August 20, 2024
Insurers Deny Liability Over $790M Stranded Aircraft Claims

Two insurers have argued they are not liable for paying out claims totaling more than $790 million over planes stranded in Russia, arguing the aircraft had not been "lost" to their lessors under the terms of the policies.
August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner

Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
August 20, 2024
Marsh Launches $50M Insurance After Baltimore Bridge Crash

Insurance broker Marsh said on Tuesday that it has launched a $50 million insurance product to guard against losses caused by blockages in shipping ports following the disruption caused by the collapse of the Francis Scott Key Bridge in Baltimore.

Editor's Picks

Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums

Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
FCA Begins Crackdown On Poor-Value Insurance Products

The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
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

Insuring Lender's Baseball Bet Leads To Major League Dispute

In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.
What Steps Businesses Can Take After CrowdStrike Failure

Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.
What To Expect From Labour's Pension Schemes Bill

The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
What EU Opinion May Mean For ESG Product Classification

The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
Insurance Rulings Show Court Hesitancy To Fix Policy Errors

Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.
EU Investment Fund Standards Offer Welcome Clarity

The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
10 Ways To Manage AI Risks In Service Contracts

With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.
Unpacking The New Concept Of 'Trading Misfeasance'

In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
Key Takeaways From Proposed EU Anticorruption Directive

The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
Tips For Implementing EU Sustainability Reporting Guidance

Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
Why Ukraine Aircraft Insurance Case Failed To Take Off In UK

In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.
What New UK Labour Gov't Is Planning For Financial Services

Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
Why Reperforming Loan Securitization In UK And EU May Rise

The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
Exploring The EU's Draft Standards On Crypto Authorization

The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
How FCA Guidance Aligns With Global Cyberattack Measures

The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.