07 August 2019
Policyholder successfully appeals refusal to apply one deductible to multiple claims in Class Action
In good news for policyholders defending class actions, the NSW Court of Appeal has ruled that multiple claims in a class action against Bank of Queensland over a “Ponzi scheme” should be treated as a single claim under the Civil Liability Policy’s aggregation clause, meaning that only one...
11 July 2019
ICO’s proposed largest ever fine of £183 million against BA prompts the question: can you insure penalties imposed for breach of GDPR?
The UK’s data protection authority, the ICO, has announced twice in two days this week that it proposes to levy significant fines on organisations for breaches of the General Data Protection Regulation ( GDPR ), which took effect in May 2018. First it announced that it intends to fine British...
26 March 2019
Accessing a deregistered policyholder’s cover, and the need to consider exclusions carefully in context
A recent case 1 in the financial services sector illustrates that: A counterparty being deregistered is not the endpoint for insurance claims. Claimants can access liability insurance policy proceeds even when the policyholder is in liquidation and deregistered. Exclusions should be carefully...
01 March 2019
Statutory limitation period for a court action to be filed against insurers runs from the date of the loss, not the date of declinature
Key takeaways The New South Wales Court of Appeal has held that a policyholder’s cause of action against an insurer arises when the insured event occurs, not when indemnity is declined and, as a result, a policyholder’s court proceedings which were commenced more than 6 years after the date of the...
07 February 2019
Insurance and reinsurance disputes annual review 2018 published
We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2018, published today, which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the insurance and reinsurance market.
24 October 2018
Coverage for 'Doomsday or Armageddon' data breach class actions
Insurance implications of the Court of Appeal's decision to confirm Morrisons' vicarious liability for employee's deliberate actions We recently updated you on the Court of Appeal's decision in Wm Morrisons Supermarkets Plc v Various Claimants  EWCA Civ 233. Click here for our full analysis...
21 September 2018
European Private Equity Review, Autumn 2018 Edition
The Herbert Smith Freehills European Private Equity Review highlights legal developments of particular significance for European financial sponsors and shares our experience of trends across the European private equity landscape and opportunities for growth.
09 July 2018
Comments on UK proposal for the future relationship with the EU
Last Friday, 6 July, it was understood that the UK Cabinet had finally united around a UK position on the desired future relationship with the EU. However, it now remains to be seen if the proposal survives the protests of “betrayal” heard from some quarters and the resignations of the Secretary of...
11 May 2018
Court of Appeal upholds policyholder’s right to recover costs of ‘voluntary’ remediation works
The NSW Court of Appeal has recently confirmed that a policyholder is entitled to recover under its liability policy the costs of ‘voluntarily’ remediating accidental damage in compliance with statutory obligations, even where there had been no prosecution or third party claim against the...
19 April 2018
Insurer on notice of potential indemnity waives compliance with duty of disclosure
A recent decision of the New South Wales Court of Appeal 1 reminds us that (1) contractually assumed exclusions of liability must be carefully considered in the context of the other bases on which the policyholder may have been liable in any event, and (2) disclosure of some relevant but general...
14 October 2019
Do you want it right now? The exciting future of contextual commerce
E-commerce has revolutionised the retail experience by enabling individuals to purchase goods and services from the comfort of their homes with a simple click. "Contextual commerce", the next frontier for retail experience enhancement, takes the convenience and spontaneity of one-click purchasing...
10 October 2019
Are you prepared? The board’s role in crisis management
With the ever-increasing growth in the number and potential magnitude of cyber, technological and operational risks to financial services entities, boards need to be prepared to respond to these types of crisis and ensure that the entity’s critical information assets are appropriately secured.
10 October 2019
Order restored: High Court clarifies quantum meruit
After over a decade of uncertainty, the High Court yesterday reined in the use of the quantum meruit remedy. A majority of the Court found that builders can no longer seek compensation on a quantum meruit basis in relation to works where the builder has accrued a right to payment under the contract...
10 October 2019
Corporate Crime Update, Autumn 2019
Welcome to the Autumn 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This bumper edition covers a number of jurisdictions, and includes content from the summer break. For the full update on...
09 October 2019
The hidden legal risks in Australian super fund mergers
The contemporary resurgence of super fund mergers presents a material risk of claims against directors of super fund trustees, if trustees are not undertaking appropriately sophisticated diligence exercises that take account of the complexity of modern portfolios.
09 October 2019
A leadership role for super funds in solving Australia’s energy trilemma?
On 29 June 2019, Industry Super Australia ( ISA ) released its Modernising Electricity Sectors Discussion Paper (the Paper ) 1 which seeks to assist super funds in understanding and navigating the regulatory uncertainty in investing in the Australian electricity sector. More specifically, it aims “...
09 October 2019
ASIC Corporate Governance Taskforce: Director and officer oversight of non-financial risk report
The ASIC Corporate Governance Taskforce ( Taskforce ) released its ‘Director and officer oversight of non-financial risk report’ ( Report ) on 2 October 2019. The Report follows the review by the Taskforce of director and officer oversight of non-financial risk in financial services companies, and...
08 October 2019
What happens when a VC fund and a law firm host a future of HR summit?
Over the past two weeks we have seen Culture Amp raise over $100 million, Atlassian release their culture playbook publicly, and over 180 chief executive officers of leading global companies, headed by the well-respected CEO of JPMorgan Chase, Jamie Dimon, recommend, “that corporations must change...
07 October 2019
Re-Assessing Directors' Liability for Unlawful Dividends
PRACTICAL IMPLICATIONS FOR COMPANIES AND OFFICEHOLDERS Revisiting over 150 years of case law, the High Court has resolved a question on which both the courts and textbooks had given conflicting answers: is a director's liability for payment of a dividend which is unlawful as a result of incorrect...