LexisNexis® Legal Newsroom
    Authorities Must Wake Up To Crypto Risks, ECB Exec Warns

    Regulators and lawmakers worldwide can no longer dismiss cryptocurrencies as a passing fad and must act to keep digital money from threatening the financial stability of the entire market, a senior European Central Bank official warned on Thursday.

    On The Eve Of A Blockchain Revolution

    Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.

    UK Bus Firm Sentenced In Landmark Pension Prosecution

    A bus company and its managing director have been sentenced in Britain’s first criminal prosecution for failure to enroll staff on a pension scheme, The Pensions Regulator said on Thursday.

    Top EU Court Rules Against Lloyd's In Antitrust Case

    European member states can bar Lloyd’s of London syndicates from bidding for public sector contracts if “unambiguous evidence” shows they failed to write up their tenders independently, the European Union's highest court said Thursday.

    1st Circ. Weighs Insuring Cosby Statements Against Accusers

    First Circuit judges in Boston on Wednesday considered whether an AIG insurer should have to help Bill Cosby fight lawsuits from women who say he defamed them after they accused him of sexual abuse.

    Judge Caps Escobar FCA Claims, Tells Attys 'Get On With It'

    A federal judge in Boston on Wednesday trimmed a False Claims Act lawsuit against Universal Health Services Inc. and ordered "full steam ahead" on the case that was bogged down in appellate disputes for years.

    Lawsuit Over $42M In Loans Could Kill $889M Greek Deal

    American billionaire John P. Calamos Sr. has hit a Dutch investment shop he reportedly co-founded with an Illinois state court suit seeking “immediate repayment” of $42 million in loans, potentially upending an $889 million deal between the onetime partners to purchase a Greek insurance company.

    Uber Deal Over Workers' Comp Class Action Hits Speed Bump

    A California judge on Wednesday refused to preliminarily approve Uber's settlement that would provide drivers with occupational accident insurance in exchange for ending putative class claims that the ride-hailing company improperly denied them workers’ compensation, saying the contract terms between the drivers and the insurance company are unclear.

    Deals Rumor Mill: Wyndham, Goldman Sachs, Ping An

    Wyndham is mulling a deal with Platinum Equity Partners, Goldman Sachs is close to a deal to buy personal finance startup Clarity Money, and Ping An’s venture capital arm wants to raise up to $1.3 billion with two funds.

    Aetna Sues, Settlement Admin Counters In HIV Privacy Case

    Aetna and its settlement administrator hit each other with separate lawsuits in Pennsylvania and California federal courts respectively this week, demanding that the other take responsibility for mishandling policyholder’s sensitive data in underlying litigation stemming from a settlement involving HIV medications.

    Language Key In Builder's Coverage Fight At NY High Court

    A Bellevue Hospital building’s construction manager urged New York’s high court on Wednesday to ax a ruling that it’s not covered under a contractor’s policy with a Liberty Mutual unit for an underlying lawsuit over issues with the project, blaming the coverage denial on what it deemed poor grammar in a key policy provision.

    Ex-State Street Exec Faces New Charge Of Bilking Insurer

    Prosecutors on Wednesday added to a charge in a case against a former executive at State Street Corp. saying he duped a U.S. insurer into paying a hidden commission on fixed income trades just as he had overseas clients.

    School Snags Win Against Insurer Over $10M Policy Trigger

    The Anchorage School District has scored a quick win against Starr Indemnity and Liability Co. that will unlock $10 million in excess coverage, after an Alaska federal court ruled Wednesday that another insurer’s direct payout to an injured student was enough to activate the Starr policy.

    Insurer Must Cover Fraud Claims Against NJ Atty, Judge Says

    Evanston Insurance Co. must defend a New Jersey attorney against a state court lawsuit brought by Allstate accusing his firm and others of participating in a fraudulent personal injury protection claims scheme, because the allegations relate directly to his legal services, a federal judge ruled Wednesday.

    7th Circ. Revives Class Action Over MetLife Insurance Plan

    The Seventh Circuit revived a proposed $5 million class action lawsuit against MetLife on Tuesday, ruling that a lower court was too quick to dismiss claims of deceptive practices and consumer fraud brought by a senior citizen whose insurance premiums went up at age 67 despite having purchased the company’s “Reduced Pay at 65” plan.

    Yahoo Slams Insurer's Bid To Duck Email Suit Coverage

    Yahoo batted back at insurer National Union on Tuesday in a California federal court fight over coverage for multiple class actions that accuse Yahoo of scanning customers' emails, saying it deserves coverage for the defense costs and ancillary sums it paid out in a settlement.

    Smart Contracts Need Smart Corporate Lawyers

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.

    Insurer Group Warns Against Tighter, Banking-Style Regs

    A major lobbying group pushed back Wednesday against proposals from a group of international insurance supervisors that suggest holding insurance companies to the same regulatory standards as banks and other financial services firms.

    PPI Claims Firm Execs Banned For Conduct, Refund Failures

    Five individuals who ran a claims management firm have been disqualified from acting as directors for a total of 28 years after they breached conduct rules and repeatedly failed to repay fees to clients who were due refunds, the U.K. government said Wednesday.

    UK Regulator In Talks With 5 Banks Over Pension Plan Risk

    The U.K.'s pensions regulator said Wednesday that it was holding talks with five of the U.K.'s biggest banks over plans to split their retail arms from their riskier investment operations by January 2019.

    Encouraging Broader Use Of Equal Pay Act At 4th Circ.

    Given Title VII’s easier burden of proof, it has largely supplanted the Equal Pay Act as the law of choice for litigating gender-based pay discrimination lawsuits. However, the Fourth Circuit’s recent decision in U.S. Equal Employment Opportunity Commission v. Maryland Insurance Administration could change this and usher in a new age of pay discrimination lawsuits, says Michael Abcarian of Fisher Phillips.

    Olympus Exec Says He Thought Ex-CEO's Pension Was Lawful

    A director at Olympus told a High Court hearing in London on Wednesday that he did not believe the company’s former chief executive turned whistleblower, Michael Woodford, acted unlawfully when he set up an executive pension plan that is now at the center of a legal dispute with his former employer.

    PRA Tells Insurers How To Meet New Accountability Rules

    The U.K. Prudential Regulation Authority issued fresh guidance on Wednesday for insurance companies on implementing tough new rules designed to make senior managers personally accountable for misconduct on their watch.

    After Tragedy, Mom Says Pharmacists Must Press For Docs' OK

    The Massachusetts Supreme Judicial Court on Tuesday considered giving pharmacists new legal obligations in the wake of a young woman's death from seizure complications while her epilepsy medication was caught in administrative limbo.

    Apple, Cisco Partner With Insurers For Novel Cyber Coverage

    Apple and Cisco are teaming up with a pair of insurers to offer discounted cyber insurance policies for companies that submit to a risk assessment and use certain of the tech giants' products to help guard against threats such as ransomware and malware attacks, the companies said Monday.