Legal News

What was the background to the Pensions Investment Review and the two associated consultations on ‘ Unlocking the UK pensions market for growth’ and ‘ LGPS: Fit for the future’? The Review was set in motion by the new UK administration, aiming to channel more investment, lift returns for savers and cut inefficiency across the pensions landscape. It arrived amid worries that UK pension schemes, both DB and DC, were underexposed to domestic productive assets, including infrastructure and venture capital. Ministers observed that, relative to overseas counterparts, British funds allocated comparatively little to these areas, and that this position limited exposure to domestic growth opportunities. The exercise was also intended to look afresh at how the pensions ecosystem is organised overall, paying particular attention to workplace DC arrangements and the LGPS in particular. More broadly, the Review sat within a wider...

US District Judge Carl J Nichols dismissed Russia’s contention that the arbitration-related exception to sovereign immunity was inapplicable merely because it had signed, but not ratified, the Energy Charter Treaty, the instrument relied upon by Yukos Capital Ltd. He held that Russia was blurring the distinction between whether it had consented to arbitrate its dispute with Yukos Capital and the anterior jurisdictional issue of whether an arbitration agreement exists at all. Russia further maintained that its domestic law forbids arbitration of public-law disputes; however, Nichols J observed that the Russian statutory wording in play only indicates that arbitrability turns on Russian federal law. It does not specify when that law precludes arbitration, still less show that Russia never concluded an agreement to arbitrate certain disputes. Russia also asserted it had not been duly served with the proceedings. On that aspect, the judge...

Eastern Power Networks plc and others v HMRC TC/2023/07750–07753 Following a 2010 acquisition, the taxpayer companies became wholly owned subsidiaries of UK Power Networks Holdings Ltd ( UKPNH). Within the UK Power Networks group, UKPNH operated as a consortium company. The taxpayers submitted claims to consortium relief relying on losses surrendered by companies with available deficits that sat in a separate corporate group ( HW). They aimed to relieve corporation tax by setting those surrendered losses against 74% of each company’s profits. HMRC opened enquiries into the claims and determined that relief was restricted to 20% of the profits, reflecting a 40% entitlement that was then reduced by half under an anti-avoidance restriction. Accordingly, the taxpayers maintained a 74% set-off position, whereas HMRC contended that only a 20% cap applied. The dispute centred on the operation of the consortium relief regime in relation to...

Matière SAS v ABM Precast Solutions Ltd [2025] EWHC 1434 ( TCC) What are the practical implications of this case? This judgment emphasises that when parties adopt good faith duties in their agreements, those duties must be expressly delineated, and the parties should engage with them earnestly, acting with openness and honesty. A breach, however, does not of itself found liability without proof of causation. Demonstrating causation, on the balance of probabilities, is central to loss of chance claims. Here, the TCC held that ABM had to establish that Matière caused the lost opportunity on the balance of probabilities and did not succeed—although Matière breached its good faith obligations, its conduct was not the cause of the lost chance. The court also addressed causation where the conduct leading to the breaches extended over a lengthy period. What was the...

Mergers The Commission has authorised: Interparking S. A. to obtain sole control of Saba Infraestructuras, S. A. ( M.11818) following a phase I investigation—see more in Midday Express Portobello Capital Gestion, SGEIC, S. A.. and Solina France SASU to take joint control of Solions Ingredients, S. L. ( M.11954) after a phase I investigation—further details in Midday Express Clearlake Capital Group, L. P. to acquire sole control of Dun & Bradstreet Holdings, Inc......

London Trocadero (2015) LLP v Picturehouse Cinemas Ltd and other companies [2025] EWHC 1247 ( Ch) What are the practical implications of this case? In this matter, expert testimony indicated that landlord commissions of up to 37.5% were not unusual when the lease was entered into, and that some tenants may have been overcharged insurance rent by as much as 60%. This suggests that negotiating higher commissions and charging them back has been commonplace. Practitioners must ensure both landlord and tenant clients—particularly anyone within, or dealing with, the Criterion Group—are notified of this ruling without delay. They should assist clients to investigate quickly whether commissions have been received and, if so, what steps to take, keeping in view: any limitation issues; and the prospect that the Trocadero decision could be appealed. The precise lease terms require thorough review, as outcomes may depend on the exact wording. Tenants ought to ask...

Among the follow insurers on Air India’s hull and liability cover are General Insurance Corp of India ( GIC) and ICICI Lombard General Insurance Co Ltd, according to sources quoted by Law360. In aviation insurance, cover is generally shared between several different insurers......

As part of Chancellor Rachel Reeves’ recent government spending review, the government has pledged an extra £8.3m in additional support to the SFO over the coming three financial years. This will lift the specialist prosecutor’s budget up to £97.64m by 2028 in total. The money will target proactive intelligence activity, bolster its proceeds of crime team, and improve the effective use of advanced technology in disclosure processes. This settlement enables sustained investment in intelligence capability, broadens investigative reach, and reinforces efforts to recover criminal assets, including crypto assets, wherever they are found across jurisdictions, said Nick Ephgrave, the SFO’s director. The agency added that the cash has revived firm plans to relocate to new accommodation, probably in Canary Wharf, within around 18 months’ time. In February 2025, the SFO said budget pressures had forced it to...

The last time the government took the country's financial regulators off the beat When the government last eased pressure on the watchdogs, the Financial Services Authority ultimately paid the price, later conceding its weak supervision had worsened the 2008 crash. Today its successor, the Financial Conduct Authority, and other regulators are inching along a tightrope, apparently pulled between the government’s growth drive and their core duty to safeguard consumers and uphold orderly markets. Appearing before Parliament’s Treasury Committee on 10 June 2025, FCA chief executive Nikhil Rathi highlighted that the UK government’s stance on crypto-assets remains unclear, urging Parliament to define the national risk appetite—high, medium or low—to provide direction. He added that assessing how much risk or harm can be tolerated is “hard to measure” when trying to strike the right balance with growth. After years of pushing decisions out to...

EU Pay Transparency Directive The EU Pay Transparency Directive (the Directive) took effect in June 2023, and Ireland has until 7 June 2026 to put the new framework in place. It introduces sweeping, EU-wide requirements, including gender pay gap disclosure across all EU Member States, prohibitions on pay confidentiality, and expanded access to information for workers and applicants alike. Although Ireland has not yet formally transposed the Directive, the initial phase of transposition has begun. In January 2025, the General Scheme of the Equality ( Miscellaneous Provisions) Bill 2024 was issued, containing two measures specifically designed to enhance pre-employment transparency and to give effect to Article 5 of the Directive. As the General Scheme is now under revision, it is uncertain whether the current draft, in its present form, will progress to a formal bill and, ultimately, legislation. In addition, the...

While giving evidence to the House Ways and Means Committee, Bessent faced questions from Representative Don Beyer, a Virginia Democrat, about consumer confusion over tariffs, which set bespoke rates for almost every nation, ahead of the July 2025 cut-off. ' We are under a month from Liberation Day part 2... very few trade agreements have still been publicly revealed,' Beyer noted......

Recent years have seen a sharp rise in workplace investigations, a pattern that shows little sign of slowing. This increase largely stems from the mounting complexity of grievances confronting employers within an ever-changing, evolving work setting. In this climate, it is vital that investigations are carried out rigorously, impartially and efficiently, as any failure can result in a flawed process and leave employers exposed to potential litigation. In this article, we consider some of the questions clients ask most frequently about managing a workplace investigation and how best to navigate these challenging situations, offering practical pointers on approach and process in practice. 1. What should an employer do if an employee raises concerns but does not wish to proceed with a formal complaint? This issue arises regularly in practice and is challenging for employers, since in many instances an investigation cannot commence without a formal...

Antitrust Commission publishes Revised Code of Best Practices for conduct of State aid control procedures The Commission has issued an updated Code of Best Practices governing State aid control processes. On 12 May 2025, it approved changes to State aid Implementing Regulation 794/2004 and to the State aid Best Practices Code, creating a fresh internal review route for specific State aid decisions. These steps respond to the 2021 conclusions of the Aarhus Convention Compliance Committee, which found the EU to be in breach of its duties by preventing members of the public from contesting State aid decisions purported to infringe EU environmental legislation......

Crypto wallets are digital instruments for holding and deploying digital assets. UK law enforcement have received enhanced, targeted powers to seize and access such wallets under the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023). Authorities may freeze, manage, and ultimately forfeit cryptoassets in seized wallets where the funds represent the proceeds of unlawful conduct. Entry to a crypto wallet can be achieved in two principal ways—by possessing the private key that unlocks the wallet (non-custodial wallets), or through a centralised crypto exchange or other third-party hosting service providers (custodial wallets). In this piece, we set out how UK agencies can identify and take control of wallets for investigation and later forfeiture, and explore the limits of compulsory powers, particularly where the cryptoassets sit in non-custodial wallets. Custodial and non-custodial crypto wallets Grasping the distinction between these two wallet types will...

Note: the CPRC has ceased distributing the background papers alongside the minutes; accordingly, this News Analysis is not accompanied by any documents elucidating the matters considered during the meeting. A copy of the minutes can be found here: Minutes of the CPR Committee meeting. Welcome, apologies and introductory remarks (item 1) Proceedings commenced with a tribute to the Rt. Hon. Lord Etherton GBE KC, who had died earlier in the week. The committee’s productivity was commended, and the Master of the Rolls ( MR) referenced his twin capacity as Chair of the CPRC and the Online Procedure Rule Committee ( OPRC), formally constituted under the Judicial Review and Courts Act 2022. A significant recent milestone was noted: Parliament’s approval of the statutory instrument conferring rule-making authority on the OPRC across the Civil, Family and Tribunal jurisdictions. It was underlined that the CPRC’s work remains vital and will...

From August 2025, Ireland will implement the European Media Freedom Act ( EMFA) ( EU Regulation 2024/1083), marking a notable shift in the way media mergers are evaluated across the State... What does the EMFA do? The EMFA’s central objective is to bolster editorial independence and support cross-border trade. It also requires Member States to maintain a national framework to review transactions that could have a ‘significant impact on media pluralism and editorial independence’ ( Article 22)... What is the current position with media mergers in Ireland? Since 2003, Ireland has operated a media merger review system under the Competition Act 2002 (as amended), applying both competition and media plurality tests. At present, media mergers are first notified to the European Commission under the EU Merger Regulation where relevant, or otherwise to the Competition and Consumer Protection Commission ( CCPC) on competition grounds. After clearance from either the...

Senior Magistrate in Chancery Selena E Molina Hours after Meta lodged its final brief on 6 June 2025, Senior Magistrate in Chancery Selena E Molina issued her ruling, ahead of a 17 June trial over document requests by the pension funds, the Northern California Pipe Trades Trust Funds and the Employees’ Retirement System of Rhode Island. In her ruling, Magistrate Molina stated the two funds wish to examine possible breaches of fiduciary duty by the social media company’s directors and senior executives. The magistrate wrote: ‘ This action is stayed until 90 days after both the Irish court and the [ European Union] court have delivered their final determinations on all legal challenges pursued by Meta Ireland relating to the inquiry’. In its filing, Meta characterised the Delaware claim as ‘a textbook......

GPAI model developers should still get a final draft of the EU Code of Practice from the Commission in July 2025, despite a potential ‘stop the clock’ on the EU AI Act, MLex has learned Bilateral talks are continuing, and the draft is foreseen for the first week of July. MLex earlier reported that the Commission was weighing a hold on the EU AI Act after a critical letter from the Trump administration in the US and a visit to Washington by the Commission’s Executive Vice- President for Tech Sovereignty, Security and Democracy, Henna Virkkunen. The matter was recently put on the agenda of a meeting of EU digital ministers, where Virkkunen formally indicated that parts of the EU AI Act could be paused if technical standards and administrative guidance are not ready when the rules take effect. The EU AI Act phases in over...

The proposed measures would apply if EU- US trade negotiations fail. They are intended to sit alongside retaliatory measures agreed on 14 April 2025, which remain on hold until 14 July 2025. This piece sets out why engaging in the current consultation on these EU steps could be crucial if your sector is affected and your commerce with the US is significant. Past practice shows that these rosters are largely determined by stakeholder input and by senior political contacts among Member States and the Commission. Since the EU started developing responses to tariffs on steel and aluminium, imposed under section 232 of the US Trade Expansion Act in March, the Trump administration has layered on further duties. Specifically, in April 2025 the administration levied tariffs under the US International Emergency Economic Powers Act ( IEEPA) on goods originating in the EU, as well as...

The European Commission has pencilled in 10 December 2025 as the provisional date for the publication of a package of digital policy initiatives, including a so-called omnibus intended to propose amendments to legislation, according to an internal document seen by MLex. The omnibus is informed by a review of the EU digital laws, which EU officials have suggested could affect legislation relating to data, cybersecurity, and AI. In this context,......