LexisNexis® Legal Newsroom
    EU Wants Feedback On Contentious Motor Insurance Ruling

    The European Union has given the region’s insurance industry four weeks to respond to its latest plan for updating a motor insurance directive that has troubled the sector ever since the EU’s highest court delivered a controversial interpretation of the legislation three years ago.

    EBA Sets Out Incident Reporting Rules For Payment Services

    Payment service providers will have to report major security incidents to market watchdogs within four hours of them taking place under reporting rules published by the European Banking Authority on Thursday, which come ahead of sweeping European Union payment systems regulations that kick in next year.

    BOE Appoints New Chief And Deputy Governor To Replace Hogg

    The Bank of England announced on Thursday that it has appointed a new chief operating officer to replace Charlotte Hogg, who resigned in March after being grilled by MPs over her failure to formally declare a potential conflict of interest.

    Having A Chief Privacy Officer Reassures Your Firm's Clients

    The benefits of appointing a chief privacy officer at your law firm are twofold — not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but you are also demonstrating to clients how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.

    Lloyds Agrees To Mortgage Redress For Mischarged Customers

    Lloyds Banking Group PLC has agreed to set up a redress scheme for customers who were inappropriately charged when they fell behind with their mortgage payments between 2009 and 2016, the U.K.’s Financial Conduct Authority announced on Thursday.

    Lloyds Bank Sets Aside £700M To Cover Misselling Charges

    Lloyds Banking Group PLC has been forced to commit a further £700 million ($920 million) in the second quarter to cover the cost of missold loan insurance because of a rise in compensation claims, the British lender said on Thursday as it posted a slight increase in first-half profits.

    Libor Benchmark Will Be Dropped In 2021, FCA Says

    The Libor benchmark rate, which is used to price $350 trillion in financial products around the world, will be abandoned in 2021 as British regulators look for a more suitable substitute, the head of the U.K.’s Financial Conduct Authority said on Thursday.

    Fla. Hospitals' Old Suits Doom Coverage Bid, 11th Circ. Told

    A group of insurers on Wednesday urged the Eleventh Circuit to affirm a lower court decision that they don't owe coverage to a Florida health care system for suits alleging anti-competitive practices, saying the court followed precedent in holding the suits are not covered because they relate to prior litigation.

    NJ Justices Underscore Limits To Blocking Discovery Bids

    A New Jersey Supreme Court decision overturning an appellate panel and allowing hospitals to secure documents from Horizon Healthcare Services Inc. in litigation over the insurer's tiered coverage plan should serve as a warning to largely avoid tackling whether a claim will succeed when weighing bids to compel discovery, experts say.

    Siemens Beats Suit Over $7M Bill For Busted Turbine

    A federal judge in Texas on Wednesday confirmed an arbitration award in favor of Siemens Energy Inc. stemming from a dispute between it and insurers Associated Electric & Gas Insurance Services Ltd. and ACE American Insurance Co. over who is liable for a $7.1 million payment made after a gas turbine broke down.

    Pharmacist Cops To $192M Tricare, Insurance Fraud

    A Mississippi pharmacist has pled guilty to taking part in a $192 million Tricare and insurance fraud by providing customers with compounded medications that weren’t needed, federal prosecutors said Tuesday.

    Aetna Faces Investor Suit Over ACA Marketplace Withdrawal

    Aetna Inc. was slapped with a putative class action in Pennsylvania state court on Tuesday alleging that it cost investors $1.7 billion by withdrawing from Affordable Care Act insurance exchanges to make good on threats aimed at coercing government approval of its now-defunct merger with Humana Inc.

    Small Firms Slow To Pick Up Cyberinsurance, Lawmakers Hear

    Small businesses are increasingly being targeted by hackers, but they have been slow to obtain specialized cyberinsurance for those risks due to doubts about their level of vulnerability, insurance and cybersecurity experts told a House of Representatives panel on Wednesday.

    Sunken Cargo Ship Owners Settle Claims Of FedEx, Others

    The owners of the S.S. El Faro, a cargo ship that sank near the Bahamas during Hurricane Joaquin in 2015, have settled claims brought by FedEx and others, according to documents filed Tuesday in Florida federal court.

    Ind. County's Frugal Firings Weren't Age Bias, 7th Circ. Says

    The Seventh Circuit on Wednesday affirmed the dismissal of a suit accusing Indiana’s Lake County of violating the Age Discrimination in Employment Act when it fired 28 retirement-age workers whose insurance threatened to torpedo its budget, saying the workers’ ages were incidental to their firing.

    Senate Rejects ACA Repeal-Only Bill

    The U.S. Senate on Wednesday rejected legislation that would have repealed the Affordable Care Act’s funding and individual mandate without substituting alternative health care policies.

    Skadden, Sidley Guide $919M State National Sale To Markel

    U.S. insurer Markel Corp. said Wednesday it will purchase specialty insurer State National Insurance Co. in a deal worth $919 million, with Sidley Austin LLP and Skadden Arps Slate Meagher & Flom LLP representing the buyer and seller, respectively.

    UPMC Loses Appeal Bid In $300M Overbilling Arbitration Row

    The Pennsylvania Supreme Court said Tuesday it would not hear an appeal of a decision finding that the University of Pittsburgh Medical Center could not force Highmark Inc. into arbitration in a $300 million lawsuit accusing the health care giant of overbilling for chemotherapy drugs and services.

    No Escaping Accountability As Conduct Regime Widens Net

    The weight of individual accountability will soon cover the entire British financial landscape after authorities revealed plans Wednesday to expand the management conduct regime to all 56,000 firms under their watch, prompting attorneys to warn of a new era of enhanced compliance.

    How To Manage Health Care Costs And Keep Lawyers Happy

    2nd EDITING -------- SEP SUM BOX -------- Law firms could save a significant amount of money by reducing health benefit-related costs, but that can be difficult in an industry that expects premium workplace perks. Here, we look at three ways firms can trim their health care bills, while avoiding an uproar over cuts to benefits.

    Innovating For Wise Juries: Discussions Before Deliberations

    To be sure, allowing jurors to discuss evidence before final deliberations proved to be among the least popular of our recommended innovations. But empirical evidence belies these fears, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

    ECB Floats Plan For Greater Pension Fund Transparency

    The European Central Bank published a draft regulation on Wednesday on statistical reporting requirements for pension funds in a bid to increase transparency and improve data comparability.

    NY Cybersecurity Rules: Preparing For The August Deadline

    On Aug. 28, many entities and individuals regulated by the New York Department of Financial Services, and even those subject to certain of the exemptions, will be required to be in compliance with several of the new cybersecurity regulation’s requirements, says Theodore Augustinos of Locke Lord LLP.

    A Look At Protection Options For Board Members In The UK

    Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.

    EIOPA Looks To Boost Efficiency In Pensions Data Reporting

    The European Union’s top insurance and pensions regulator said on Wednesday that it wants to simplify the way in which national authorities report data from their occupational pensions sectors, in an effort to strengthen oversight of the industry across the region.