Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Concerns over a lack of safeguards in the EC’s proposed pan-EU collective redress mechanism focus on the fact that the loser-pays principle and need for consent to be part of an action are missing, as well as fears that rules governing who can bring a class action will not preclude third-party litigation funders from delivering mass US-style litigation in Europe.…

Hackitt report calls for change in UK fire safety culture

Hackitt report calls for change in UK fire safety culture

Hackitt report calls for change in UK fire safety culture

An independent review of fire safety following the 2017 Grenfell Tower disaster has called for radical changes in building regulation and fire safety risk management in the UK. The much-anticipated final report on The Independent Review of Building Regulations and Fire Safety calls for the creation of a new regulator and increased responsibilities for occupiers of buildings. The report focuses…

New guide published on state of bank recovery and resolution laws in Africa

New guide published on state of bank recovery and resolution laws in Africa

New guide published on state of bank recovery and resolution laws in Africa

Law firm Norton Rose Fulbright has launched a comparative guide on the state of recovery and resolution laws for banks in Africa. The firm explained: “Banks require specific resolution arrangements as a result of their interconnectedness with each other, the rest of the financial system and the real economy. A credible recovery and resolution regime not only impacts depositors; it…

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

Fines under the EU’s General Data Protection Regulation (GDPR) will only be insurable in two European countries, according to analysis by Aon and law firm DLA Piper. In 20 of the 30 countries analysed, fines – which could be as high as €20m or 4% of a group’s global turnover – will not be insurable. Only companies in Finland and…

Insurers call for end of desktop fire safety studies

Insurers call for end of desktop fire safety studies

Insurers call for end of desktop fire safety studies

UK government proposals to strengthen fire testing for cladding systems on residential buildings have met with criticism from insurers and parts of the construction industry. Last month, the UK Ministry of Housing published a consultation paper to implement certain recommendations made by Dame Judith Hackitt’s interim report on building regulations and fire safety, which follows the Grenfell Tower fire in…

Kroll launches GDPR data protection officer consultancy service

Kroll launches GDPR data protection officer consultancy service

Kroll launches GDPR data protection officer consultancy service

Kroll has launched a new consultancy service ahead of the General Data Protection Regulation’s (GDPR) introduction across the EU later this month, to help firms deal with challenging data protection officer (DPO) requirements under the new rules. Kroll said Data Protection Officer Consultancy Services expands its global cybersecurity and investigation services, to specifically address issues faced by privacy and security…

EC’s collective redress proposals open door for US-style litigation, warns source

EC’s collective redress proposals open door for US-style litigation, warns source

EC’s collective redress proposals open door for US-style litigation, warns source

An insurance industry insider has added to the list of those concerned about the EC’s proposed collective redress system, claiming it fails to protect against third-party litigation funders bringing US-style class actions to this side of the Atlantic and lacks other key safeguards. The source was keen to stress that although collective redress can be useful in some instances, it…

Germany approves draft class action legislation in time for ‘dieselgate’ claims

Germany approves draft class action legislation in time for ‘dieselgate’ claims

Germany approves draft class action legislation in time for ‘dieselgate’ claims

Germany has approved draft legislation to allow US-style class action lawsuits in the country that should give consumers the power to seek compensation following Volkswagen’s diesel emission scandal. The new law still needs to be approved by parliament, but German justice minister Katarina Barley expects it to come into force on 1 November. This would be just ahead of the…

$400m silicosis class action agreed for South African gold miners

$400m silicosis class action agreed for South African gold miners

$400m silicosis class action agreed for South African gold miners

Six South African gold mining houses have agreed a ZAR5bn ($400m) class action settlement with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis. In the first class action settlement of its kind ever reached in South Africa, the agreement follows a six-year legal battle by miners to win compensation for illnesses they claim…

1 2 3 52