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Recent Editions
Risk Channel
North America
A California federal judge has approved more than $22.6m in legal fees from a $68m Google privacy settlement while rejecting unusually high hourly billing rates. U.S. District Judge Beth Labson Freeman reduced Scott + Scott managing partner David Scott's proposed $3,000 hourly rate to $1,600, describing the original figure as "patently unreasonable". The court nevertheless approved lawyers receiving 33% of the settlement, recognising their successful resolution of allegations that Google's voice assistant improperly recorded private conversations and supported targeted advertising. Google denied wrongdoing. The ruling comes amid increasing legal fees, with major U.S. law firms raising hourly rates by an average of 7% in 2025 and some leading partners charging up to $4,000.
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Risk Channel
UK/Europe
Andrew Bailey, the Governor of the Bank of England, has expressed concern about the potential for misunderstanding regarding liability when AI agents mishandle financial transactions. Speaking at a G30 conference in Bangkok, he pointed to the need for regulators to address the "agentic issue" as AI's role in financial operations grows. Bailey added that effective model testing is crucial for risk management while the cyber-risk threat to the financial sector is "absolutely" urgent, echoing concerns raised by Kristalina Georgieva, managing director of the IMF. Meanwhile, the FT reports that G7 finance ministers are planning emergency drills to combat potential cyber-attacks on the financial sector, driven by concerns over AI risks.
Full Issue