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London Loses Anti-Suit Powers |
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This February saw the European Court of Justice ("ECJ") hand down its nervously anticipated decision in the case of Allianz S.p.A. v West Tankers Inc, which largely follows the Advocate General's opinion on this case delivered last September.
Background
In August 2000, the Front Comor caused damage to a jetty in Syracuse (Italy) when it collided with it. The owners of the jetty, Erg Petroli S.p.A. ("Erg") claimed compensation from its insurers, Allianz and Generali, and commenced arbitration proceedings in London against West Tankers Inc. ("West Tankers") (the vessel owners) for the excess, in accordance with an arbitration clause in the charterparty.
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Read more... [London Loses Anti-Suit Powers]
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March 2009
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, DLA Piper focuses on:
- The financial crisis may trigger increased FCPA scrutiny
- Ensuring Collection Rule B - maritime attachment.
Download (pdf)
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March 2009
Madoff: Potential impact on the London Insurance and Reinsurance Markets?
This article considers the types of claims that may arise from the Madoff scandal and the issues that London market insurers and reinsurers may have to deal with when considering such claims.
Download (pdf)
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Quarterly outsourcing journal
The latest edition of Berwin Leighton Paisner LLP's quarterly outsourcing journal, *work it out.
In this issue BLP cover:
Download (pdf)
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InSure March 2009
This month's roundup of developments affecting the insurance industry sees the ABI outlining the future of Europe's financial services, the FSA publishing its business plan and consulting on fees, the European Council increasing protection for deposit holders and IOSCO consulting on principles on outsourcing, ....
Download (doc)
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This publication has been created to keep you up to date with recent changes and developments (and frequently forgotten core principles), which may cause you to change your corporate behaviour, and to bring to your attention any legal issues to which your business may be vulnerable. Contents:
- Electronic disclosure - courts decide what are reasonable searches;
- The race for assets - an unusual route;
- The race for assets - trying to get round the "claims moratorium";
- Jurisdiction clauses - what happens to them when the whole agreement may be void?
- Restitutionary damages in cartel cases: is a new approach for group actions?
- Recent developments in brief.
Download (pdf)
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Approved Persons - Do you understand your obligations? |
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As part of its aim to achieve 'credible deterrence' the FSA has recognised that action against individuals has a much greater impact in terms of deterrence than action against firms and has therefore made a strategic decision to investigate more individuals.
The evidence speaks for itself, already in 2009 there have been 6 enforcement actions in which individuals have been found culpable.
The aim of this briefing is to highlight the key obligations for individuals who become approved persons and highlight the risk of enforcement where such individuals do not fulfil their regulatory responsibilities.
Download (pdf)
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InSure February 2009
This month's roundup of developments affecting the insurance industry sees the FSA starting to regulate connected travel insurance, publishing a clarification of ICOBS requirements and proposing changes to GABRIEL, the insurance industry urging to delay the disclosure of complaints, CEA setting out key issues arising from QIS4 ....
Download (doc)
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Reinsurance Notes 18 February 2009 |
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Allianz SpA & General Assicurazioni Generali SpA v West Tankers Inc.
Court of Justice of the European Communities (Grand Chamber) - 10 February 2009
The European Court of Justice (ECJ) has ruled that anti-suit injunctions granted by the Court of one Member State to prevent proceedings commenced before the court of another Member State, on the grounds that the parties are subject to an existing arbitration agreement, is contrary to existing EC Law.
Download (pdf)
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The European Court of Justice strikes a blow for the London insurance and reinsurance market
London's standing as a centre for international arbitration may be threatened by a recent ruling of the European Court of Justice.
It means that parties who commonly contract to settle any disputes through arbitration in London may instead be dragged into expensive litigation in other, unfamiliar EU jurisdictions.
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Read more... [E-alert 17 February 2009]
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ECJ limits English court support for arbitration agreements |
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London's standing as a centre for international arbitration may be threatened by a recent ruling of the European Court of Justice.
On 10 February 2009, the ECJ ruled that the English courts may not prevent a party starting or continuing court proceedings in another EU Member State, even if such proceedings are in breach of an arbitration agreement. It is for the courts of the Member State in which the proceedings have been issued to decide if they have jurisdiction, the ECJ said.
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Read more... [ECJ limits English court support for arbitration agreements]
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Reinsurance negotiations: parties bound as soon as slip policy is approved by email
Allianz Insurance Company Egypt v Aigaion Insurance Company SA [2008] EWCA Civ 1455
In this recent case, the Court of Appeal (the "CA") had to consider whether a contract of reinsurance negotiated by email (the "Reinsurance") had been concluded. At first instance the court had found in favour of the claimant reinsured ("Allianz") on the basis that a payment warranty (the "Payment Warranty"), which was central to the dispute, had not been incorporated into the Reinsurance (see E-alert 16 September 2008).
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Read more... [E-alert 10 February 2009]
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