Jurisdiction: European Union

Validus Launches a Challenge to the IRS’ Cascading Federal Excise Tax Ruling

On 25 January 2013, Validus Reinsurance Ltd (Validus), a reinsurer domiciled in Bermuda, filed a suit in the District Court of the District of Columbia against the United States of America for the repayment of taxes which they allege were wrongly demanded by the IRS. The tax was assessed under the Federal Excise Tax (FET) regime, which (among other things) imposes a 1% tax on premiums under contracts of reinsurance with foreign reinsurers covering risks in the US (s4371 of the Internal Revenue Code). 

Read More

Australian Court Rules Agencies Should be Held Accountable for Inaccurate Credit Ratings

In the Australian case of Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200, the Australian Federal Court held Standard & Poor’s (S&P) to be jointly liable with ABN Amro Bank NV and Local Government Financial Services for losses suffered by 13 local councils, who had invested in complex credit derivatives that had been rated ‘AAA’ (the highest possible rating) by S&P. 

Read More

Europe: The Opinion of the Advocate General on applicability of choice of law clauses in the context of subrogated claims

In Refcomp SpA v Axa Corporate Solutions Assurance SA [Case C-543/10], the Advocate General of the Court of Justice of the European Union (CJEU, previously known as the European Court of Justice) interpreted Article 23 of Council Regulation (EC) No. 44/2001 on jurisdiction (the Article) to mean that where the general terms of a sale of goods contract incorporated a clause conferring jurisdiction, that clause could only be relied upon against the original parties to the contract. 

Read More

Second Annual C5 Cyber Risk & Data Protection Insurance Conference held in London on 9 October and 10 October

The second annual C5 conference was co-chaired by Ben Beeson of Lockton and Laurie Kamaiko of Edwards Wildman. The initial focus addressed the controversial questions of whether the cyber insurance market was failing to offer a meaningful solution to current day cyber risk, the struggle to remain relevant in the current business market, and whether the UK market would evolve the same as the US market, in light of the impending focus on data breaches with the upcoming European Commission’s Draft Regulation on Data Protection that is likely to impose notice requirements. 

Read More




Email the Editor

Click here to Email the Editor

Locke Lord LLP

For the latest information about our Firm visit lockelord.com