Germany to launch new enforcement agency to strengthen fight against white-collar crime August 25, 2022 Germany has set out plans to start a new country-wide financial crime authority with a view to strengthening the country’s responses to sanctions breaches and white-collar crime. The plans will see Germany’s finance ministry combine the country’s more than 300 financial crime agencies into a new federal authority, in line with plans to “curb financial [...]
Italian government told to pay oil and gas firm Rockhopper Exploration £160m August 25, 2022 The Italian government has been ordered to pay €190m (£160m) to British oil and gas company Rockhopper Exploration over its decision to block the firm from drilling in the Adriatic Sea. An arbitration hearing ruled in favour of Rockhopper in stating Italy’s 2015 decision to block the Wiltshire fossil fuel company from drilling off its [...]
Raab vows to break barristers’ ‘near-monopoly’ over Crown Court trials August 24, 2022 Justice secretary Dominic Raab is seeking to undermine the barristers’ strike by breaking their “near-monopoly” over crown court trials, government sources told the Daily Mail. As the UK government faces the prospect of an all-out barristers strike from the start of next month, the Ministry of Justice (MoJ) is weighing up plans to expand the [...]
Solicitors’ watchdog vows to use strike offs instead of fines in sexual misconduct cases August 23, 2022 The UK’s solicitors’ watchdog is set to cease fining lawyers for personal misconduct offences, apart from in exceptional circumstances, with a view to using non-financial sanctions instead. In a statement, the Solicitors Regulation Authority (SRA) said it is pushing forwards with plans to amend its fining regime, after the UK’s Ministry of Justice (MoJ) upped [...]
Stewarts tops UK law firm pay rankings with partner payouts of £2.7m August 23, 2022 London law firm Stewarts today said its partners will receive payouts of more than £2.7m each – more than partners at any other major UK firm. The London firm said its 21 equity partners will receive payouts of £2.74m each for the financial year ending on 30 April 2022 after the value of its profit-per-equity-partner [...]
Ukraine: Insurers provide first policy for grain shipment out of war-torn country August 23, 2022 Lloyd’s of London broker Ascot and insurer Marsh have written their first insurance policy for a ship carrying Ukrainian grain out of the country’s Black Sea ports following the signing of Russia and Ukraine’s safe passage deal last month. The shipping insurance policy is set to reinforce the UN brokered deal to reopen Ukraine’s seaports [...]
WH Smith chair Henry Staunton lined up as new Post Office head August 22, 2022 The UK government is lining up outgoing WH Smith chairman Henry Staunton to head the Post Office, as it seeks to navigate the fallout of the miscarriage of justice that saw hundreds of the state-owned company’s workers wrongfully convicted of serious crimes. Former ITV finance director Staunton has been chosen as the preferred candidate to [...]
PwC sued by employee over pub crawl brain injury August 22, 2022 A 28-year-old auditor, who suffered a serious brain injury on a work night out, is suing PwC over claims the firm bears responsibility for the behaviour of a manager who encouraged excessive drinking. Michael Brockie, 28, suffered a “moderate-severe brain injury” during a “pub golf” night organised by his superior, that left him with “persistent [...]
Sony faces £5bn lawsuit over claims it ‘ripped off’ millions through PlayStation store August 22, 2022 Sony is set to face a £5bn class-action lawsuit, brought forward on behalf of 8.9m people, over claims it breached competition law by overcharging for digital PlayStation games and in-game purchases. The Japanese video game console maker is being sued by consumer rights campaigner Alex Neill, on behalf of millions of gamers, over its practice [...]
Marsh launches world’s first dedicated hydrogen insurance fund August 22, 2022 Insurance broker Marsh today set out plans to launch the world’s first ever dedicated hydrogen insurance offering, to provide coverage for new and existing H2 energy projects. Marsh’s new fund will provide cover worth up to $300m per project in a bid to capitalise on a fast-growing sector that is set to see $150bn invested [...]