Fraud - commercial and regulatory investigations
Allen & Overy LLP’s ‘outstanding’ civil fraud and contentious regulatory practice provides a ‘first-rate service’. It continues to act in the multimillion-pound civil fraud claim for HSBC following the conviction of former Liberal Democrat donor Michael Brown. ‘Very impressive’ civil fraud litigator Robert Hunter is ‘a real heavyweight’; Mona Vaswani is recognised for her ‘integrity’ and ‘tenacity’, and ‘has particular experience of fraud in a banking context’; and ‘outstanding litigator’ Arnondo Chakrabarti is recommended for contentious regulatory issues.
Clifford Chance continues to act for a large investment bank following the financial scandals at Parmalat, and obtained a freezing injunction for ESR Insurance in respect of assets worth £90m in different jurisdictions, following an alleged fraud in its surety bond division. Roger Best has ‘great experience’ in freezing assets. The ‘very feisty and dedicated’ Judith Seddon is a valuable new addition to the team, joining from Russell Jones & Walker in September 2008.
Highlights for Freshfields Bruckhaus Deringer LLP in 2008 included acting for the Brunei Investment Agency (BIA) in the recovery of millions of pounds through enforcing its settlement agreement with Prince Jefri of Brunei. The London fraud practice gained three significant new partners in 2008, in Aaron Marcu and Adam Siegel (from Covington & Burling LLP) and Benito Romano from Willkie Farr & Gallagher LLP. Paul Lomas and Lindsay Marr are key figures.
Herbert Smith LLP’s highly rated civil fraud practice represented Tajik aluminium plant, TadAZ, in its claim against Russian aluminium company Rusal. This case involved some 50 of the firm’s fee-earners, including the ‘very good’ Simon Bushell, who has ‘developed a very good reputation for Eastern Europe fraud cases’. The practice is one of a few with access to an in-house barrister (Murray Rosen QC).
Linklaters LLP has been active across a range of corruption and bribery cases, and continues to advise the administrators of Torex Retail in relation to the SFO investigation into its affairs, as well as defending UBS in Parmalat-related proceedings. Alan Walls is ‘very well known for banking fraud’ work, and the team includes in-house barrister Christopher Style QC. Diana Good retired in November 2008.
‘One of the best’, Lovells LLP has ‘excellent lawyers at every level’ who are ‘exceptionally good at what they do’; among them are Christopher Grierson, who ‘combines a highly strategic overview of large litigation with a grasp of the detail’; Jeremy Cole, who ‘brings organisation and order’; and associate Adam Silver, who attracts praise from clients. A highlight of 2008 was achieving a settlement for Alfa, Access Renova, a consortium of Russian shareholders in TNK-BP, after BP brought a tax indemnity claim against it.
Peters & Peters has a longstanding reputation as a leading firm in the area. The ‘flamboyant and outgoing’ Keith Oliver is ‘very knowledgeable’ and ‘strategically very sound’, and has ‘a big-picture mentality’, and Jonathan Tickner is a ‘very competent and impressive lawyer’. The practice successfully represented the London Strategic Health Authority on behalf of the NHS at trial in April 2008, recovering millions of pounds from pharmaceutical companies.
Baker & McKenzie LLP is acting for an overseas Central Bank and the National Prosecuting Authority of South Africa to trace multiple assets worth US$50m following an alleged fraud. Andrew Keltie has a ‘well-deserved reputation’ and is ‘very experienced’ in the civil fraud arena.
The team at specialist fraud firm Byrne and Partners includes Nicola Boulton, who is singled out as ‘the cleverest person you’ll ever meet’. The practice recovered US$22m for oil company Yukos, gaining a total freezing injunction for US$55m in 2008.
LG’s fraud practice is ‘proactive, commercial, accessible’, and ‘responsive’; Andrew Witts has ‘encyclopaedic knowledge in fraud asset recovery, and a good, practical approach’, and Catharine Bell is also highly recommended. The firm recovered US$2m for the Government of Brazil and the City of Sao Paulo following a fraud alleged to have been committed by former mayor of Sao Paulo, Paulo Maluf.
Mishcon de Reya’s fraud practice is considered a ‘serious rival’ to the Magic Circle firms, with Kevin Gold and Kasra Nouroozi in particular enjoying an ‘excellent reputation’. A highlight of 2008 was the representation of HM Treasury Solicitors following the forgery of a million-pound will.
Norton Rose LLP offers ‘an excellent level of service’ and is ‘right up there’ with the leading firms. James Bagge is a ‘reassuring presence to be in the room with’; Charles Evans combines ‘knowing the law’ with ‘tactical vision’; and Michael Godden is noted as developing a reputation in the area. Notable recent clients include Islamic Investment Company of the Gulf (Bahamas).
Simmons & Simmons has some ‘very sensible’ fraud lawyers; Nick Benwell is ‘absolutely first class’, and Louise Delahunty is ‘technically very good’. The firm continues to act for Prince Jefri of Brunei in a claim alleging fraud by his legal advisers.
‘Outstanding firm’ Slaughter and May acted for longstanding client British Airways in an investigation by the European Commission into alleged cartel activity, which settled in 2008. Deborah Finkler has ‘a good reputation in the regulatory area’.
Stephenson Harwood has a good reputation for commercial fraud litigation, with John Fordham having a ‘wealth of experience’ in the field. The firm is defending the director of Russian shipping company Sovcomflot in a US$700m fraud and bribery case that is due to go to trial in October 2009.
Ashurst LLP’s practice head Ed Sparrow is ‘very good’. The firm is acting for BNP Paribas in relation to a potential fraud by a company in which it acquired shares.
CMS Cameron McKenna LLP comes ‘highly recommended’ as ‘one of the strongest’ fraud practices, providing a ‘ten out of ten’ overall service. Simon Chandler is recommended for his ‘sound judgement and good commercial sense’; Omar Qureshi is recommended for his ‘strong tactical sense’; and Ash Saluja is singled out for regulatory matters. The practice is acting for a major shipbroker in the defence of claims worth US$650m that the company conspired to defraud two shipping companies in the sale of their fleet.
The ‘excellent’ fraud practice at Clyde & Co LLP is a ‘proper litigation outfit’. The ‘wily’ Stephen Tricks is ‘extremely knowledgeable’ when it comes to financial matters, with a ‘cool head and forward thinking’. The practice acted for Russian company Yugraneft in a joint venture fraud claim against Roman Abramovich worth US$2bn. Another highlight was achieving settlement for Ansol in the dispute over the TadAz aluminium plant.
DLA Piper UK LLP is ‘outstanding across the board’, with real strength in regulatory issues, particularly having recruited former SFO director Robert Wardle as a consultant in 2008. Neil Gerrard is ‘ unusually smart’ with ‘unique insight and experience’; Jonathan Pickworth has a ‘broad and deep understanding of world-wide fraud and corruption laws’; and Mike Pullen is a ‘very clever’ former regulator. Recent work includes acting for a pharmaceutical company following a raid by the European Commission, and a large freight forwarder facing cartel investigations. Sarah Cleary has joined from Irwin Mitchell LLP.
Jones Day’s ‘fantastic’ fraud practice, led by Craig Shuttleworth, is noted as ‘aggressive’ and ‘very commercial’, and Sion Richards is ‘genuinely very good’. Clients include Goldshield, which it defended against charges of conspiracy to defraud the NHS by alleged participation in a price-fixing cartel.
Recommended particularly for international fraud work, and attracting high praise from clients, SJ Berwin provides an ‘excellent service with plenty of ingenuity and flair’. The practice successfully got cartel allegations against Bookmakers Afternoon Greyhound Services cleared, and is representing financier Viktor Kozv ený in a US$177m fraud claim concerning the privatisation of industries in Azerbaijan. Hilton Mervis is ‘first class’; Tim Beale ‘knows his stuff’; Craig Pollack is a ‘supreme tactician’; and Harris Bor is ‘committed to getting the best result’.
Taylor Wessing LLP’s contentious regulatory practice gained Jonathan Rogers from Lovells LLP; Len Murray from Baker & McKenzie LLP; and Laurence Lieberman from DLA Piper UK LLP in 2008. Highlights of 2008 included a high-profile FSA investigation into insider trading.
Travers Smith LLP provides ‘proactive advice’, and is ‘very effective in all respects in terms of running a litigation process’. Stephen Paget-Brown ‘is an extremely effective and responsive individual’, with an ‘excellent understanding of the needs of the client base’. The team continues to represent RBS in a £10m Enron-related action brought by Austrian bank RZB involving an allegedly fraudulent syndication, which is due to go to trial in 2010.
Clients praise Addleshaw Goddard LLP’s ability to provide ‘immediate advice’ and to identify ‘potential risk areas’; Elizabeth Robertson is singled out for ‘providing the client immediate comfort and confidence’. The practice represented 555 investors who invested a total of £50m into failed GenTech/ Innovator schemes.
Berwin Leighton Paisner LLP represented a US-based senior executive at AON facing an FSA investigation into allegations of bribery and corruption. The ‘extremely experienced’ Sidney Myers joined the practice in January 2009 from Allen & Overy LLP. Nathan Willmott is ‘extremely competent’.
Bivonas LLP has a specialist fraud practice noted for its ‘commitment and attention to detail’. It acted for three investors allegedly defrauded of US$35m by Liberal Democrat donor Michael Brown. John Bechelet is highly experienced and pays ‘meticulous attention to detail’, and the team also features Mark Rainsford QC.
Clients ‘cannot rate highly enough the overall level of service’ at Edwin Coe LLP. The firm acted for the shareholders of Langbar in the fraud claim against the founders of the company, which settled in April 2008. The ‘calm and controlled’ David Greene has ‘great experience working on behalf of investors defrauded’, and Dominic De Bono has ‘strong knowledge’.
Despite its traditional focus on shipping and insurance, Ince & Co is ‘unusually good’ when it comes to litigating international fraud cases, aided by its broad base of international trade contacts. Stuart Shepherd is ‘excellent with clients’ and ‘on top of the detail’; Rebecca Axe is ‘very good indeed’; and Jonathan Goldfarb is also singled out as a ‘details man’. Cases include in the Fiona Trust shipping litigation.
Irwin Mitchell LLP acted for Mercury Tax Group in an HMRC investigation into an alleged multimillion-pound fraudulent tax plan. Sarah Wallace is ‘committed’, and Maurice Martin is a ‘very wily’ tax practitioner. Kevin Roberts left for Morrison & Foerster (UK) LLP, and Sarah Cleary has joined DLA Piper UK LLP.
Morgan Lewis represented Rabobank in the Natwest v Rabobank case, which settled in October 2008. Robert Falkner is the ‘go-to’ individual of the practice.
Osborne Clarke acted for CDH investments in the US$450m Tajik fraud case in the aluminium industry. Guy Wilkes provides ‘fair, accurate and balanced’ advice.
Reed Smith’s fraud practitioners offer ‘good knowledge and depth’, and have ‘prompt turnaround times’. The firm is acting for GP Noble in connection with alleged fraudulent activity by two senior traders that cost the company US$40m. Charles Hewetson is ‘very sensible, very commercial’, and financial services partner Richard Spafford is also singled out by clients.
Withers LLP is renowned for its ‘fantastic private client practice’. Representative highlights in 2008 included acting for the Ryback defendants accused of alleged fraud following the collapse of Langbar. Jeremy Scott, who splits his time between the BVI and London, is ‘very good’.
Recent work for BCL Burton Copeland includes representing an executive of Kellogg/Halliburton in a £2bn DoJ investigation. The ‘energetic’ and ‘proactive’ Harry Travers is ‘well known in tax fraud matters’, while Brian Spiro is a ‘good tactician’ with ‘goodjudgement’.
Bristows gained a successful civil judgement in the UK High Court for Chrysler in 2008 against 58 individuals involved in the Castor Holdings ponzi fraud scheme, which extended into several jurisdictions. Charles Pugh and James Irvine are recommended.
Covington & Burling LLP recovered US$10m embezzled from clients involved in Spanish real estate developments. John Rupp is ‘quick thinking’ with ‘competence in civil and common law’.
Crowell & Moring conducted an investigation into UK premium rate telephone competitions for a national TV company. Peter Kiernan, a former director of the SFO, is ‘very sound’, and Gerallt Owen is ‘good on strategy’.
Davenport Lyons has a ‘good reputation’ for fraud work. It is acting for IATA on behalf of its member airlines in a £1.3m breach of trust claim against an IATA travelagent.
Davies Arnold Cooper LLP's commercial fraud practice is led by John Bramhall, and includes the 'very responsive and knowledgeable' Philip Davis.
Dorsey & Whitney has a ‘good team’, with experience including corruption investigations. The practice recruited three new partners in 2008, including Tim Maloney, a former head of litigation at Eversheds LLP.
Eversheds LLP’s head of financial crime, Neill Blundell, is ‘high on delivery’. The firm is acting for Symmetry Inc in a US$26m internal accounting irregularity investigation.
Highlights for Farrer & Co included reaching a settlement for the trustees of an estate following breach of trust allegations. William Twidale is recommended.
Sue Thackeray at Finers Stephens Innocent LLP is ‘extremely good, very able and very dynamic’. The practice successfully settled a case for Jonathan Danos, a defendant facing allegations of bribery and corruption.
Holman Fenwick Willan LLP acted for the broker involved in vessel acquisition programmes in the Fiona Trust v Privalov case.
‘Lawyer’s lawyers’ Kingsley Napley acted for Torex Retail in an SFO investigation into allegations of misleading the market. The ‘experienced’ Stephen Pollard is ‘particularly well known for his FSA-based regulatory practice’; Stephen Gentle is ‘very clever and very pragmatic’; and Stephen Parkinson’s ‘background in Government has given a very good department its final piece’.
Olswang successfully defended Winterthur Holdings against a £50.5m fraudulent misrepresentation claim brought by RBS, which settled after a week at trial. Martin Davies is ‘very solid’ and ‘very able’.
A highlight for PCB Litigation LLP was the successful defence of Fashion TV in a US$70m fraud claim brought by Mobival. Antony Riem and Steven Philippsohn are ‘very capable’.
Pinsent Masons LLP has hired the ‘very talented’ Claire Shaw, a former senior prosecutor at SFO, to join its eight-partner fraud and investigations team in June 2008. Bill Dixon heads the group.
Shearman & Sterling LLP has a ‘fantastic reputation’ for US-related cases; recent work includes acting for a financial institution facing UK and US regulatory investigations.
‘Excellent, professional and skilled’, Steptoe & Johnson provides a ‘high-quality service’. A highlight was acting for Intermet FZCO in a US$50m fraud claim against Ansol, which settled in April 2008. Tom Sprange is noted for his strategic skills.