U.S. District Court issues taxpayer-favorable opinion in Validus Reinsurance, Ltd. v. United States
This is a significant and generally helpful decision for non-U.S. reinsurers involved in retrocession transactions. In light of the decision, non-US reinsurers should consider evaluating the FET they have paid in recent years to determine whether a refund claim is appropriate. Additionally, non-U.S. reinsurers should consider the impact of Validus on future transactions. It is uncertain whether the Internal Revenue Service will appeal the decision. Such an appeal, while pending, could impact the considerations described above.
For prior coverage, “Cascading” federal excise tax challenged in recent U.S. District Court case, click here.
Brexit: Hague Convention ensures English jurisdiction agreements and judgments will continue to have force within the EU
Following last week's vote for Brexit, many are wondering what impact the decision will have on litigation and arbitration in the UK. Will jurisdiction agreements in favour of the UK...11 July 2016