Letter from America

May 2008

Letter from America takes an in-depth look at legal issues in the United States that may have an impact on your business here in Europe.

In this issue the focus is on:

Recent Business-Friendly Decisions of the United States Supreme Court

The US Supreme Court's current trend contributes to a climate that is friendly to corporations doing business in the United States. Recent pro-buisness decisions are investigated.

Recent High Court Antitrust Rulings Don't Deserve 'Pro-Business' Label

But can it be said that the current Supreme Court is pro-business when it comes to antitrust decisions?

In Rapid-Fire Opinion Release DOJ Again Signals Importance of Due Diligence

The Foreign Corrupt Practices Act Opinion Procedure enables companies to seek an opinion from the Department of Justice ("DOJ") as to whether a business proposal conforms with anti-bribery provisions. How quickly the DOJ respond, are they responsive to business realities and how far reaching should due diligence practices in mergers and acquisitions be?

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In-sure 

This month's edition looks at the Commission's examination of the use of the Insurance Block Exemption, the FSA's interim report on the Retail Distribution Review. Also in this issue, OFT research reveals that the insurance industry tops consumer detriment in the UK, PMI on the rise....

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April 2008

JOINT NAMES INSURANCE - RELIEF FROM LIABILITY?

Tyco Fire and Integrated Solutions (UK) Ltd (formerly Wormald Ansul (UK) Ltd) v Rolls Royce Motor Cars Ltd (formerly Hireus Ltd) 2008 EWCA Civ 286 ("Tyco v Rolls Royce").

The Court of Appeal judgement in Tyco v Rolls Royce, handed down on 2 April 2008, highlights the importance of precise wording in construction contracts containing a provision for joint names insurance. Further, it calls into question whether the existence of a joint names insurance policy overrides a contractor's liability to an employer for damage caused by the contractor's negligence. 

Spring 2008

Insurance Law Quarterly

• Conditions precedent - when must rights be reserved?
• An Interest in your life?
• Making clear contracts;
• Keeping the premium in cases of fraud;
• Personal injury and general damages;
• Amending the Animals Act 1971 - what is to be done?

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April 2008

THE FIRST HURDLE FOR FINANCIAL SERVICES AUTHORITY ("FSA") PRINCIPLE-BASED REGULATION

The FSA is in the process of changing the way it regulates financial services in the UK. The FSA wants firms to focus on the consequences of their actions rather than on rigid adherence to specific rules.

The FSA started with a very large handbook containing detailed rules and guidance. It has reduced the size of its handbook and the firms it regulates are increasingly expected to determine whether a particular action will be viewed by the FSA as a breach of their rules by reference to a small number of high level principles. This new approach requires the management of the FSA regulated firms to apply their own judgement about whether a particular action would breach the FSA's general principles. 

In-sure 

This month's edition looks at the effect of the credit crunch on the insurance industry, the FSA investigation of transparency in the commercial insurance market and the Court of Appeal's decision in the WASA International Insurance Company Ltd case....

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