Lloyd’s of London boss expects claims spike as market enacts coronavirus response plan March 26, 2020 The chief executive of insurance market Lloyd’s of London said today he expected a spike in claims as a result of the coraonvirus pandemic. Speaking to City A.M., John Neal said “I think we will have heightened claims activity,” but said it was not yet possible to predict the full impact. Neal said Lloyd’s has [...]
Could group action claims explode in post-coronavirus crisis litigation boom? May 7, 2020 Lawyers and litigation funders are increasingly looking at group action lawsuits in England and Wales as a way of holding major companies to account. After the last financial crisis litigation spiked as contractual counterparties fell out and consumers and shareholders pursued banks for wrongdoing. The litigation landscape in the English legal system has changed over [...]
Bayer to sell animal health business to Elanco in $7.6bn deal August 20, 2019 Bayer is selling its animal health business to US firm Elanco for $7.6bn (£6.3bn) as the German pharmaceuticals and chemicals giant continues to offload assets in the face of mounting legal costs related to its Roundup weedkiller. The deal, which is subject to regulatory approval, will create the second largest veterinary medicine business in the [...]
Former Amazon executive admits turning off Alexa for ‘private moments’ February 17, 2020 A former senior Amazon executive has admitted to turning off his Alexa whenever he wants some privacy due to concerns the company was listening in on his conversations. Robert Frederick, who served as senior manager of Amazon Web Services, told BBC Panorama: “I don’t want certain conversations to be heard by humans. Conversations that I [...]
Tory MPs to scrutinise UK’s relationship with China amid anger over Covid-19 response April 25, 2020 Top Tory MPs have today launched a new research group aimed at reassessing the UK’s relationship with China amid concerns over the country’s handling of the coronavirus crisis. The China Research Group will gather and share information on Chinese foreign and industrial policy, as well as its ownership and development of new technologies. MPs said [...]
Santander to challenge Orcel in €100m legal battle over botched CEO plan July 23, 2019 Santander has vowed today to fight a high-stakes legal battle with Andrea Orcel after withdrawing its offer to appoint the banker as its new chief executive. The Spanish bank has said it will challenge a €100m (£90m) lawsuit from Orcel, the investment banker who was denied the role of chief executive just four months after [...]
Uber co-founder Travis Kalanick takes stock sale to over $700m November 14, 2019 Just days after disposing more than a fifth of his stake in ride-hailing app Uber, ousted chief executive Travis Kalanick has sold a further 6.1m shares in the company he helped found. According to a company filing submitted yesterday, the entrepreneur sold an additional $164m (£127.6m) of stock, taking the total disposed of this month [...]
Design flaws linked to Boeing’s Lion Air crash, families of victims told October 23, 2019 Design troubles in Boeing’s 737 Max have been linked to the crash of a Lion Air flight which killed almost 200 people. Indonesia has reportedly shared a report into the details of a deadly crash with the families of victims, revealing that the Lion Air 737 MAX’s Maneuvering Characteristics Augmentation System (MCAS) was based on [...]
Elon Musk hit by fresh lawsuits over Tesla share price rigging claims | City A.M. August 11, 2018 Tesla and its billionaire chief Elon Musk were hit by two new lawsuits yesterday, over claims that Musk’s surprise proposal to take the company private was scheme designed to target short-sellers of Tesla stock. Musk announced on Twitter earlier this week that he was considering taking the electric carmaker private at a share price of [...]
Debenhams urges Sports Direct to drop legal action over restructuring plan July 8, 2019 Debenhams has urged Mike Ashley’s Sports Direct to drop its lawsuit over the department store chain’s controversial insolvency plan after a key landlord withdrew its legal action. Sports Direct has filed a complaint against the company voluntary arrangement (CVA), which will allow Debenhams to close some 50 stores in a bid to stay afloat. Read [...]