Russian cyberattacks could cost insurers billions, industry experts warn April 3, 2022 Insurers could be forced to pay out billions to those impacted by cyberattacks following Russia’s invasion of Ukraine. Ambiguous wording in cyber insurance policies could see insurance companies made liable to pay out billions to victims of hacking Insurers may be forced to cover the costs imposed on businesses of paying for ransoms and repairing [...]
Deloitte paid former diversity chief £8m after she was cleared of bullying allegations April 3, 2022 Accountancy giant Deloitte has paid its former head of “diversity of inclusion” as much as £8m, after she stepped down from her role last year following allegations of bullying. City sources told The Telegraph that Deloitte’s former deputy chief executive, Dimple Agarwal, received severance pay of between £7m and £8m, after an internal investigation cleared [...]
Axa vows not to appeal ruling over Corbin & King’s £4.4m claim for Covid linked losses April 3, 2022 Axa has said it will not appeal a High Court ruling ordering it to pay out £4.36m to high end restaurateur Corbin & King, after the firm was forced to close its restaurants during the pandemic. The French insurer said it would not appeal the February decision after it initially refused to pay the restaurant [...]
Investors suing Russia say Kremlin will use law firm’s exit to delay $57bn Yukos Oil proceedings April 3, 2022 Investors suing the Russian state have raised concerns their case will be delayed after the New York City law firm acting on behalf of Russia exited the country and cut its ties with the Kremlin. A consortium of investors said they fear Russia will use delays to avoid paying a $57bn (£43bn) claim, by arguing [...]
French authorities face difficulties in seizing oligarchs’ villas April 1, 2022 Sanctions enforcers in France are struggling to seize oligarchs’ assets due to being held back by French laws. The country’s sanctions enforcers have now frozen €850m worth of assets, including 20 villas on the Côte d’Azur. However, French officials are currently struggling to actually seize the frozen assets, despite the EU’s “freeze and seize” [...]
Freshfields outbids Magic Circle rivals by offering newly qualified lawyers £125,000 a year April 1, 2022 London’s oldest law firm Freshfields Bruckhaus Deringer is set to pay its newly qualified lawyers more than any other Magic Circle law firm, after upping pay for its new associates to £125,000 a year. Freshfields salary hike will see it pay NQs considerably more than its Magic Circle rivals – including Clifford Chance, Linklaters, Allen [...]
Londoners more worried about housing and work situation than those in any other region of the UK April 1, 2022 Those living in London are more worried about what their work and housing situation will look like when they’re older, than those living in any other region of the UK. Although Londoners are confident in their health and believe they have enough savings to last them into old age, those living in London have significant [...]
Growth in UK manufacturing sector plummets to 13-month lows April 1, 2022 Growth in the UK’s manufacturing sector has plunged to its lowest levels in more than a year, due to the impacts of soaring inflation, supply shortages, and the war in Ukraine. The rate of expansion in the UK’s manufacturing sector has dropped to its lowest levels in 13 months, according to S&P Global’s Purchasing Managers [...]
UK plans to sanction all Russian nationals would breach equality laws, banks say April 1, 2022 The UK government’s plans to ban Russians from holding more than £50,000 in UK bank accounts are unfeasible, banks have said. Banks have told the government that the sanctions measures put in place in response to Russia’s invasion of Ukraine would breach equality laws, which prevent discrimination on the basis of nationality. The sanctions set [...]
Mining giant BHP to face £5bn lawsuit over Brazilian dam collapse disaster April 1, 2022 Mining giant BHP is set to face a £5bn lawsuit in London’s Court of Appeal next week, over the collapse of a Brazilian dam in 2015 which led to one of the country’s worst ever environmental disasters. The claim, brought forward by more than 200,000 Brazilians, follows the catastrophic collapse of the Fundão tailings dam [...]