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In Omega Proteins Limited v Aspen Insurance UK Ltd [2010] EWHC 220 (Comm) the High Court was asked to consider whether a judgment that an insured was liable for breach of contract prevented a court from finding tortious liability within the same cover. …
Read More UK: A Finding of Contractual Liability does not Prevent a Finding of Tortious Liability

The Ministry of Justice has launched  a consultation on guidance about procedures that commercial organisations should put in place to prevent bribery.  The Bribery Act  includes the offence of “a failure by a commercial organisation to prevent bribery“.  An organisation will be liable for a bribe paid on its behalf unless it can demonstrate that it had implemented adequate procedures designed to prevent bribery. …
Read More UK: Ministry of Justice Launches Consultation on Anti-Bribery Procedures

It is reported in the press that the PWC administrators of Lehman Brothers International (Europe) Limited (LBIE), the London-based arm of the Lehman bank, are to appeal the recent Court of Appeal ruling relating to the distribution of segregated client funds. The first instance judge held that those clients of LBIE whose funds should have been segregated, but were not, were not entitled to share in the pot of client money. …
Read More UK: Lehman English Administrators to Appeal Court of Appeal Ruling

In Deo Antoine Homawoo v GMF Assurance SA and others [2010] EWHC 1941 (QB) the High Court had to determine, as a preliminary issue, whether Rome II (a regime for determining the law applicable to non-contractual obligations) applied to Homawoo’s claim against GMF Assurance, a French insurance company, for damages for personal injury caused to Homawoo during a road traffic accident in France. …
Read More UK: Uncertainty as to the Temporal Scope of Rome II

The Financial Services Authority (FSA) has reported that it has fined Zurich UK £2,275,000 for “failing to have adequate systems and controls in place to prevent the loss of customers’ confidential information“. According to the FSA’s Final Notice, “the breaches related to the management of risks associated with the security of customer information in the context of certain outsourcing arrangements.” …
Read More UK: FSA Fines Zurich UK

The International Accounting Standards Board (IASB) has published its draft proposals to improve accounting for insurance contracts. The draft proposes a single International Financial Reporting Standard (IFRS) that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis. …
Read More Improvements Proposed to Insurance Accounting

In Robert Bacon v Nacional Suiza Cia Seguros Y Reseguros SA [2010] EWHC 2017 (QB), Mr Justice Tomlinson, in a preliminary issue hearing, was asked to determine (i) the grounds why Spanish law was applicable to the Defendant’s liability; and (ii) the issue of liability itself. …
Read More UK/Europe: English High Court Considers the Application of Rome II