Serco settlement highlights increasing UK shareholder lawsuit actions
Serco Group have settled a landmark High Court case with a group of institutional investors following a sharp drop in the company’s share price. Allianz and Russell Investments were among the investors who brought the claim in the High Court trial which was linked to a 2013 scandal where Serco was accused of overcharging for […]
Deepfake cyber-crime set to become significant threat
Experts are forecasting a worrying rise in incidents of deepfake cyber-crime that has already claimed one high profile UK victim. The engineering group Arup, which has been involved in world-famous buildings such as the Sydney Opera House, lost £19.7m ($25m) in one of the world’s biggest known deepfake scams which used a hyper-realistic video generated […]
Baby Reindeer series triggers £133m law suit against Netflix
The hit Netflix series ‘Baby Reindeer’ has triggered a lawsuit for defamation, negligence and privacy violations. that could significantly affect the way television is made. The series has become the latest high profile legal case for Netflix with Fiona Harvey, from Scotland, filing a £133m ($170m) law suit against Netflix in California, accusing the company […]
Russian cyber gang suspected of ransomware attack on London hospitals
A Russian cyber gang has been blamed fora ransomware cyber-attack which hit major London hospitals forcing a critical incident to be declared and operations cancelled. Emergency patients were diverted to hospitals that had not partnered with Synnovis – a provider of pathology services. Synnovis “was the victim of a ransomware cyberattack”, according to chief executive […]
New Ecology Restoration Project insurance product created
Ecological restoration is a key tool to limit or reverse the progress of climate change and specific insurance cover can de-risk ecological financing opportunities. The UN Decade on Ecosystem Restoration, which runs from 2021 to 2031, aims to prevent, halt, and reverse the degradation of ecosystems on every continent and in every ocean. It is […]
China suspected of major cyber-attack on MoD payroll system
A total of 89 lawsuits against US corporate defendants resulted in a “nuclear verdict” award last year, the largest number of cases research experts Marathon Strategies has identified in a single year since 2009. Nuclear verdicts of at least £7.9m ($10m) reached a 15-year high in 2023, while 27 verdicts were “thermonuclear,” or more than […]
China suspected of major cyber-attack on MoD payroll system
The UK government suspects China is behind the cyber-attack that targeted the names and bank details of current and former British military personnel. The hack accessed a Ministry of Defence contractor’s IT system that was not linked to the MoD’s central network. A small number of addresses were also on the system. An initial investigation […]
Growing concerns over product liability claims from lithium-ion batteries
There are growing concerns over the increasing risk of product liability claims and litigation arising from lithium-ion (Li-ion) batteries. As of the end of March 2024, it is estimated there are now over 1,000,000 fully electric cars and around 60,000 electric vans on UK roads and a further 645,000 plug-in hybrids. In March 2022, approximately […]
UK flood damages in 2023 continue to increase insurance industry losses
The latest Perils industry loss estimate for the damage caused by storms Babet and Aline in 2023 has reached £597m (€691m) with the majority of the losses in the UK. Perils, an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data, estimated losses in December of £439m (€509m) but that had risen in January […]
Consultation triggers changes to Professional Indemnity Insurance for accountants
Modified changes to professional indemnity insurance arrangements for accountants in the UK have been instigated following a consultation process, including the withdrawal of an extension of non-cancellable run-off cover and insurers having to meet unpaid excess. The International Underwriting Association (IUA) had strongly disagreed with suggestions firms should have non-cancellable run-off cover of six years. […]