Banking litigation
Allen & Overy LLP is ‘one of the premier’ banking litigation practices in the City and is praised for its ‘industry knowledge’, ‘confidence’ and ‘sure footedness’, and its ‘commercial’, ‘sensible’ and ‘specially tailored’ advice. With immense strength in depth and peerless product knowledge thanks to its mighty non-contentious structured products and derivatives department, it has undertaken roles in many of the major cases that have emerged from the credit crisis, and continues to represent HBOS in the bank charges case brought by the OFT. Calum Burnett (‘very learned’, ‘excellent under pressure’) heads the department, which includes Tim House (‘intellectually strong’, ‘a real leader’, ‘fantastic with clients’, ‘willing to roll up his sleeves’); leading structured products specialist John O’Conor; Peter Watson (‘an expert in the structured products space’, ‘very clever and able’); Mona Vaswani; finance fraud specialist Robert Hunter; and James Partridge. The firm’s associates also receive numerous commendations.
Clifford Chance is ‘top of the league’ and the ‘first port of call’ for many leading investment banks, thanks to its ‘heavyweight’ partners and ‘real depth’ of expertise among assistants. Its mixture of litigation expertise, product knowledge, and regulatory and forensic capabilities mark it out as a clear leader in the field. Roger Best, Simon Davis (an ‘absolutely outstanding litigator’, ‘first-rate business nuance’), Jeremy Kosky and department head Matthew Newick (‘prompt’, ‘commercial’) are widely acclaimed, and Ian Moulding (‘tactically brilliant’, ‘highly efficient’) is notable for his success in the seminal mis-selling claims case JPMorgan Chase v Springwell. The team continues to help a broad range of banks with internal investigations; specialist Luke Tolaini’s appointment as a partner in 2008 heightens the firm’s credentials in this area.
Freshfields Bruckhaus Deringer LLP is frequently applauded for both investment and retail banking work. It is acting for HSBC in connection with the OFT bank charges case, and a number of investment banks in relation to the collapse of Lehman Brothers. Clients highlight the ‘uniformly strong’, ‘practical’ and ‘commercial’ team, which ‘plugs into our business’. The firm is widely regarded as having the leading contentious regulatory department in the City, thanks to its natural pragmatism and urbane approach; it ‘doesn’t ruffle too many feathers’ when dealing with regulators and ‘doesn’t instigate a war of attrition’. Andrew Hart (‘very highly regarded’) heads the department, which includes Ian Taylor (‘head and shoulders above the rest of the market’); Simon Orton (‘very clever’, ‘thoughtful’, ‘terrier like’), who is recommended for contentious regulatory matters; and David Scott.
Linklaters LLP continues to attract many of the seminal cases, including acting for PwC as administrators of Lehman Brothers International (Europe). It was also instructed to defend Barclays Capital against a claim brought by Cassa di Risparmio della Repubblica di San Marino, regarding the sale of credit-linked notes. Alan Walls heads the department, which includes Michael Bennett (‘very good with clients’, ‘very smart’); and Andrew Hughes (‘our number one’, ‘technically superb’, ‘empathises with his clients’), who represented RBS on the high-profile bank charges case.
Lovells LLP’s combination of retail and investment banking expertise, and its leading contentious regulatory acumen, make it a ‘creative’ and ‘pre-eminent’ practice. With a prestigious history in the litigation environment, it has amassed an outstanding list of ‘seminal cases’. It represented Lloyds TSB in the overdraft charges test case, and Terra Firma in the headline Box Clever case. Jon Holland (‘unrivalled banking industry knowledge’, ‘sees issues from both sides and develops the client’s best points’) heads the department alongside seasoned figure Graham Huntley (‘possibly the best litigation partner in London’, a ‘brilliant tactician’, ‘willing to roll his sleeves up’). Philip Parish (a ‘very skilled litigator’, ‘very cerebral’, ‘knowledgeable’) impresses with his regulatory acumen, while Andrea Monks (‘incredibly user-friendly’) led on the bank charges test case.
Herbert Smith LLP has an immense reputation and track record in the litigation environment and now has a formidable list of investment and retail banking clients. Noted for its ‘iron fist in a velvet glove’ approach, clients also highlight its knowledge of complex products; its ‘outstanding responsiveness’ and ‘high-level strategising’; and its ‘strength in depth’ and ‘abilities in a fight’. ‘Heavy hitter’ Christa Band, Damien Byrne Hill (‘clever’, ‘dependable’), Kevin Lloyd (‘great acumen and nous’) and Simon Clarke (‘smart’, ‘dedicated’) are frequently singled out for praise. The firm interfaces well with the boardroom and the Bar, while the regulatory acumen of Martyn Hopper and David Mayhew is another important feature of the department. Experienced partner Tim Parkes is leading the team’s efforts in the hedge fund sector.
Also known for its big-case experience, Simmons & Simmons continued to represent WestLB in the high-profile Box Clever litigation in 2008, and acted for UBS in its case against HSH Nordbank, a rare example of a bank-on-bank dispute. Continuing to sit within the firm’s financial markets department, the team’s financial products knowledge is unrivalled. It is highly regarded for its ‘responsiveness’, ‘strategising’ and ‘commitment to the client’. The firm also heightened its retail banking expertise in 2008 through the hire of Marc Thorley from Clifford Chance. Jonathan Kelly and Colin Passmore are two of the most prominent banking litigators in the City, and work alongside Robert Turner, Christopher Braithwaite, Richard Bunce and William Rodger.
Slaughter and May provides a ‘Rolls-Royce service’, with strengths including its ‘immaculate preparation’ of cases. Deborah Finkler and Richard Swallow have emerged as the firm’s premier banking litigation specialists, but elite litigator Elizabeth Barrett continues to impress on many landmark cases, as do Nick Archer and Ewan Brown. The firm represented HM Treasury in connection with the seminal Northern Rock judicial review case, and Nationwide Building Society on the OFT overdraft charges test case.
Ashurst LLP’s has a ‘switched-on’, ‘high-quality’ team able to provide ‘commercially pragmatic advice’. It represented Abbey in the OFT overdraft charges test case, and Nomura International in the long-running Box Clever litigation. Clients applaud its sensible staffing of cases, and ‘reasonable fees’. Senior litigator Edward Sparrow (‘reassuringly experienced’, ‘real grey-hair gravitas’, ‘incredibly commercial and practical’); Wilson Thorburn (‘very analytical’, ‘determined’, ‘commercially pragmatic’); Ben Tidswell (‘results-driven’, ‘always one step ahead of the opposition’); and James Levy are all highly reputed individuals.
Mayer Brown International LLP’s London office has amassed a vastly impressive list of UK and transatlantic cases. The large London team has attracted a tremendous client portfolio of major investment banks, hedge funds and other financial institutions. It has also handled a series of major cases relating to SIVs and is supported by a leading financial regulatory team in the US, as well as contentious regulatory specialist Angela Hayes in London. Andrew Legg, Ian McDonald, Ed Sautter and David Allen have fine reputations.
Norton Rose LLP’s success in the area has translated into the election of a number of new partners; Dorian Drew and Radford Goodman were promoted in 2008, and the ‘stellar’ Michael Godden joined them in 2009. The firm is at the forefront of third party funded cases with its recent role on the seminal Stone & Rolls case. It is also well known for its expertise in cases related to Islamic financing. New clients include Nomura, RBC Capital Markets, and Standard Chartered. Antony Dutton (a ‘tower of strength’, and ‘supreme tactician’) heads the department, which includes Sam Eastwood and Charles Evans (‘commercial’, ‘eager’, ‘works at client relationships’).
Reed Smith now represents a series of leading financial institutions, including Bank of America and Bank of New York Mellon, with its historical strength on the claimant side now clearly informing its growing bank defence practice. Areas of strength include cases intersecting professional negligence and capital markets. It has sought appeal for Springwell in the high-profile mis-selling case JPMorgan Chase v Springwell. Simon Hart (‘very thoughtful’, ‘analyses all angles’); Charles Hewetson; Tom Hibbert (‘straightforward’, ‘good manner with clients’); Richard Spafford; and David Warne have fine reputations.
Stephenson Harwood has steadily increased its exposure to financial disputes over the last decade, in part due to the efforts of chief executive and senior litigator Sunil Gadhia and the tremendous reputation of John Fordham. Fordham is a frequent recipient of referrals from top-tier City firms, but the department has accrued an impressive client base in its own right, from retail banks to major investment banks. Sue Millar and Sarah Charles are also recommended, while Tony Woodcock provides further firepower in relation to FSA investigations.
Addleshaw Goddard LLP has strong retail banking and building society connections. It represented Clydesdale Bank in the OFT test case on unauthorised overdraft charges, but has gained a far greater profile in the investment banking arena thanks to the efforts of seasoned litigator Mark Gill and excellent partner Michael Barnett. The financial regulatory team was recently enhanced by the arrival of John Ahern from DLA Piper UK LLP, and it continues to be appointed to new banking panels.
Baker & McKenzie LLP has an impressive client list of overseas banks, a measure of its expertise in relation to multi-jurisdictional disputes, and it is a strong performer in cases linked to fraud and regulatory matters. Andrew Keltie heads the department, which also includes John Leadley; regulatory specialist Arun Srivastava; and Anthony Poulton (noted for his ‘phenomenal intelligence’, ‘common sense’, and ‘experience that belies his age’).
Berwin Leighton Paisner LLP’s rapid growth continued with the arrival of the exceptionally experienced Sidney Myers (‘dedicated to clients’, with ‘excellent knowledge of the financial services sector’) from Allen & Overy LLP in 2008. He joins relatively recent arrivals David Hughes, Segun Osuntokun (an ‘innovative problem solver’, with a ‘knack for understanding and fulfilling client expectations’ and ‘intimate familiarity with the legal environment across Africa’), and financial regulatory specialist Nathan Willmott. Although it is well plugged into the City financial sector, much of the department’s work relates to foreign banks and financial institutions. It also has a notable record in derivatives disputes.
Building on its exceptional record for clearing banks, CMS Cameron McKenna LLP’s ‘strong team’ has attracted a much greater flow of instructions from investment banks. While much of its work relates to distressed debt and insolvency situations, in Robert Hickmott (‘very good tactically’, ‘practical’, ‘accessible’) and Duncan Aldred it has two high-calibre senior practitioners with broad expertise. The firm has been closely involved in litigation arising from the collapse of the Icelandic banking sector.
Denton Wilde Sapte LLP is widely recognised for its work in derivatives cases and fraud-related disputes. In 2008 it represented FSCS in FSCS v Abbey National Treasury Services, a leading case relating to the alleged mis-selling of structured capital at risk products. Paul Morris is commended for fraud-related litigation, and gets ‘excellent results’. Richard Caird and in-house advocate Rory McAlpine are also recommended.
Having been appointed to a series of banking panels, and gaining further traction in the hedge funds environment, SJ Berwin LLP is commended for its ‘business acumen’, ‘industry knowledge’, the ‘strength of its team’ and its ‘value for money’. The ‘best of breed’ team is headed by Craig Pollack (‘now part of our inner circle’, ‘tactically astute’, ‘superb at project management’), and includes Alex Leitch (‘highly pragmatic’, ‘strategically astute’) and new partner Nick Brocklesby (an ‘excellent litigator’ with a ‘first-rate mind’).
Travers Smith LLP’s rapid emergence is illustrated by its ever-expanding banking client base and the major cases it has handled against banks. It now receives numerous referrals from firms in the higher reaches of the ranking. Highlights included its representation of Abbey National on a £22m claim brought by the Financial Services Compensation Scheme in connection with structured capital-at-risk investment products (SCARPs). Stephen Paget-Brown (‘great presence’, ‘very impressive’) heads the department.
Watson, Farley & Williams LLP has a long history of acting for banks in the asset finance arena, and this has led to a long sequence of instructions related to trade finance and derivatives disputes. The firm also regularly undertakes cases against investment banks. Andrew Savage (‘knowledgeable’, ‘reactive’, ‘commercial’, ‘user-friendly’) heads the department, which includes highly regarded partners Charles Buss and Michael Greville.
White & Case LLP heightened its already considerable profile through its representation of SRM Global Fund in the headline Northern Rock judicial review case, concerning the Government’s statutory scheme to compensate the former shareholders. The highly effective team is led by leading City litigator John Reynolds, and includes Central and Eastern Europe specialist Jason Yardley. Alistair Graham and John Higham QC are also frequently engaged in banking cases.
Barlow Lyde & Gilbert LLP is well equipped to handle large-scale and complex litigation, and has a fine record in the banking arena. Much of the work is against investment banks, and among a broad variety of cases, it has represented numerous private equity houses. Julian Randall heads the department, which includes James Cooper (‘commercial’, ‘responsive’, ‘exudes experience’, explores ‘new routes of argument’) and Andrew Howell.
Bingham McCutchen (London) LLP has a ‘very good’ and ‘professional’ practice, and is highly recommended for bondholder and creditor litigation. Natasha Harrison is ‘incredibly commercial for a litigator’, and has an ‘unparalleled ability’ to turn a client’s thoughts into a cogent argument.
Clyde & Co LLP’s ‘very clever’ Paul Friedman has emerged as one of the chief recipients of referrals from top City firms. He now has a convincing track record that has led to direct instructions from hedge funds, private equity houses and some banks.
DLA Piper UK LLP has an experienced team and an impressive track record, and recently represented a number of clients in relation to the collapse of the banking market in Iceland. Department head Janet Legrand (a ‘class act’, ‘experienced’, ‘knows when to turn the screws’) leads a team that includes senior figure Ioannis Alexopoulos and ‘outstanding litigator’ Hugh Evans in Leeds. Daren Allen heads the financial services side, and the firm is also notable for its strong corporate crime team.
Field Fisher Waterhouse LLP enters the ranking this year thanks to its impressive work in the structured finance and derivatives sectors. It represents many European and second-tier banks, and has litigated against many of the leading investment banks. The immensely experienced Andrew Lafferty works alongside Kit Jarvis.
Fulbright & Jaworski International LLP has assembled a formidable team in recent years, with the partnership level further swelled by the recruitment of Melanie Ryan from Barlow Lyde & Gilbert LLP in 2008. Senior figures Lista Cannon and Chris Warren-Smith have a wealth of experience, particularly in transatlantic disputes. The firm is currently defending Landsbanki Securities UK against a group action by over 300 claimants.
Jones Day’s banking litigation credentials were bolstered by the arrival of Michael Brown from Mayer Brown International LLP in 2008. The firm carries forward a mighty global reputation for litigation and a stellar list of banking clients. It recently achieved two victories in the Court of Appeal for Standard Bank. Barry Donnelly heads the department.
LG delivers an ‘oustanding’ service and offers ‘sharp’ lawyers who ‘know their stuff’. The team has a good mix of product and regulatory acumen, affording it several new panel appointments. James Curle (‘outstanding’, ‘able to grasp complex issues’), Jean-Pierre Douglas-Henry, and Thomas Ross (‘bright’, ‘responsive’, ‘gets to the point’) are highly recommended.
Major roles in relation to Madoff and Lehman indicate Latham & Watkins’s global reputation and the calibre of London partner John Hull in particular. The promotion of Jumana Rahman to counsel is a boost to the practice, which regularly represents investment funds and private equity funds.
Morgan Lewis has attained a strong position thanks to roles in seminal cases such as Rabobank v NatWest, which reached the Court of Appeal in October 2008. The firm acts for many of the world’s leading investment banks, including Citigroup, Merrill Lynch and JPMorgan, and boasts two experienced figures in Robert Falkner and London managing partner Robert Goldspink.
Nabarro LLP’s firmer commitment to this discipline has earned numerous accolades, with many pointing to its development of a high-quality team. Jonathan Warne and Peter Fitzpatrick have impressed with their representation of a major hedge fund in relation to the Northern Rock judicial review.
Shearman & Sterling LLP has built on its impressive financial regulatory practice, headed by Barney Reynolds in London, with the contentious abilities of senior litigation partner Jo Rickard. The firm’s longstanding connections to major global investment banks have led to a sequence of instructions related to the collapse of Lehman Brothers.
Few firms have invested as much into their banking litigation and contentious regulatory practices as Taylor Wessing LLP in recent years. Most recently, it hired Laurence Lieberman, an expert in the private banking sector, as a partner from DLA Piper UK LLP, and many in the team have experience in-house at banks. The department boasts an impressive record in cases relating to CDOs and SIVs. Shane Gleghorn heads the practice.
Other practices deserving of mention include: Bird & Bird LLP, for its knowledge of the structured finance sector and ‘what makes banks tick’; Fladgate LLP’s ‘knowledgeable’ and ‘practical’ team, notably Paul Howcroft (‘calm’, ‘knowledgeable’) and Stephen Hayes (‘meticulous’ and ‘quick to react’); Glovers Solicitors LLP, for retail banking litigation; K&L Gates, where Anne McCarthy represents both retail and commercial banks, and hedge funds; Masseys LLP, which is ‘excellent’, ‘responsive’ and ‘helpful on all fronts’), and noted for its willingness to litigate against banks and the expertise of the ‘tenacious and ‘analytical’ Jane Colston and Sean Upson; Mishcon de Reya, for its retail work; Salans, where Kevin Heath is a ‘no-nonsense and straight-talking litigator’ with ‘in-depth knowledge’ of the asset finance and consumer credit sectors; and TLT LLP, for its rapid emergence in the City and its increasing exposure to the financial markets.