United Kingdom > London > Dispute resolution > Banking litigation: investment and retail
Index of tables
Banking litigation: investment and retail
Leading individuals
-
- Christa Band Linklaters LLP
- Roger Best Clifford Chance
- Calum Burnett Allen & Overy LLP
- Damien Byrne Hill Herbert Smith LLP
- Andrew Denny Allen & Overy LLP
- Deborah Finkler Slaughter and May
- Marc Florent Allen & Overy LLP
- John Fordham Stephenson Harwood
- Mark Gill Addleshaw Goddard LLP
- Natasha Harrison Bingham McCutchen (London) LLP
- Andrew Hart Freshfields Bruckhaus Deringer LLP
- Tom Hibbert Reynolds Porter Chamberlain LLP
- Jon Holland Hogan Lovells International LLP
- Tim House Allen & Overy LLP
- Graham Huntley Hogan Lovells International LLP
- Jonathan Kelly Cleary Gottlieb Steen & Hamilton LLP
- Andrew Legg Mayer Brown International LLP
- Andrea Monks Hogan Lovells International LLP
- Ian Moulding Clifford Chance
- Matthew Newick Clifford Chance
- John O’Conor Allen & Overy LLP
- Simon Orton Freshfields Bruckhaus Deringer LLP
- Colin Passmore Simmons & Simmons
- Craig Pollack SJ Berwin LLP
- Sue Prevezer QC Quinn Emanuel Urquhart & Sullivan, LLP
- John Reynolds White & Case LLP
- David Scott Freshfields Bruckhaus Deringer LLP
- Edward Sparrow Ashurst LLP
- Richard Swallow Slaughter and May
- Ian Taylor Freshfields Bruckhaus Deringer LLP
- Robert Turner Simmons & Simmons
- Alan Walls Linklaters LLP
- Peter Watson Allen & Overy LLP
The impressive global reach of Allen & Overy LLP, combined with the considerable strength in depth of a ten-partner team, sees it at the cutting edge of the most significant and complex financial disputes. Highlights included acting for RBS in its inter-creditor dispute regarding Cattles plc, where a first instance decision in favour of RBS was recently upheld in the Court of Appeal. Marc Florent is ‘a first-rate litigator who combines excellent analytical skills with a keen appreciation of the commercial needs and priorities of the client’; and Andrew Denny has ‘particular strength in lateral thinking to deliver innovative solutions to complex legal problems’. Tim House is also highly recommended.
Recent highlights for the team at Clifford Chance include successfully acting for JP Morgan in a Court of Appeal hearing involving a claim of around $1bn for the alleged misselling of emerging market debt instruments to Greek-based shipowners. Ian Moulding is ‘a rigorous strategic thinker, who both tests and listens to the opinions of other team members’; Jeremy Kosky is ‘very commercially focused and completely unflappable’; and Martin Saunders is praised for his ‘calmness under fire and his encyclopaedic knowledge’. Simon Davis and Roger Best are also highly recommended.
Freshfields Bruckhaus Deringer LLP assists a wide range of financial institutions. Notable recent work includes acting for the British Bankers’ Association in a significant judicial review application against the FSA and FOS regarding mechanisms for customer redress and the misselling of PPI. Regulatory work included acting for Goldman Sachs on the UK aspects of the issues relating to its ‘Abacus’ CDO. Ian Taylor and Simon Orton are highly recommended. The practice was strengthened by the firm’s hire of three additional partners in the US.
Herbert Smith LLP has a cohesive international practice, and recently acted for Credit Suisse in the Paris courts in connection with alleged misselling of a CDO- linked investment. The team also successfully acted for RBS in achieving summary judgment, upheld at the Court of Appeal, regarding a dispute over a proposed CDO transaction; and acted for the Financial Guaranty Insurance Company in a damages claim arising out of a financial guarantee given in respect of a collapsed $2.5bn portfolio. Damien Byrne Hill leads the team, and Sonya Leydecker is well known in the field.
Hogan Lovells International LLP continues to benefit from its 2010 merger, with an increase in instructions involving cross-border issues. Recent work includes assisting banks in devising strategies for, and subsequently defending, mass consumer claims regarding the enforceability of credit card and loan agreements, and for the repayment of PPI. Jon Holland is ‘much sought after by clients for their trickiest problems and their high-profile disputes’. Andrea Monks is ‘truly an outstanding litigator. She is tactically brilliant and incredibly hardworking, and a delight to work with’. Louise Lamb has ‘excellent knowledge of banking products and operations’.
Linklaters LLP consistently acts in high-value, multi-jurisdictional cases often involving reputational risks. In addition to its continuing work for PwC as joint adminstrators of Lehman Brothers International (Europe), the team is defending Barclays Capital against a high-profile claim by Cassa di Risparmio della Repubblica di San Marino (CRSM) relating to the sale of credit-linked notes under a €700m financing package for two CRSM subsidiaries. Practice head Alan Walls is a well-known and highly respected personality in the field, as is Christa Band, who has significant experience in regulatory investigations and professional disciplinary proceedings.
Slaughter And May has particularly strong experience in class action disputes, and successfully represented HM Treasury all the way to the Supreme Court in relation to the Northern Rock judicial review proceedings. Other recent work for HM Treasury includes successfully acting in the High Court, Court of Appeal and Supreme Court against the administrators of Kaupthing Bank, who commenced proceedings to determine the ownership of deposits amounting to £147m. The team is also advising Glitnir in contentious matters arising out of its insolvency, including possible claims against derivatives counterparties. Deborah Finkler is recommended.
Addleshaw Goddard LLP has a highly regarded practice valued for its ‘strong technical ability’ and ‘dynamism and hunger’; it is a ‘very agile firm’, and ‘shows more flexibility and openness to change than many of the currently dominant players’. The team has expanded at junior level, and invests in ongoing secondment arrangements with major clients. Recent work includes defending the Berlin Transport Authority (BVG) against a claim by JP Morgan in the English courts involving swap transactions and European local authorities, with BVG’s jurisdictional challenge currently on referral to the ECJ. Michael Barnett and Mark Gill are both highly recommended.
Providing a ‘standout service’, Ashurst LLP ‘makes the effort to get to know and understand what you want as a client, tailors its approach, and delivers every time’. Longstanding clients include Goldman Sachs, Nomura, RBS and Santander. Recent work for Wilson Thorburn (who ‘knows how to tactically play a case’) includes acting for RBS in defending a $200m-plus claim by a Taiwanese shipping company regarding freight forwards and options trading. Ben Tidswell and James Levy are also recommended.
Mayer Brown International LLP has a focused and well-structured practice, attracting major domestic and international mandates. The team recently devised an innovative settlement structure for Golden Key Ltd following a series of major disputes regarding its complex SIV restructuring. Andrew Legg leads the team and is highly recommended, and Ian McDonald is a ‘very capable banking litigation lawyer – calm, thorough, experienced and with excellent judgement’.
Norton Rose LLP was boosted by the arrival of Paul Morris from SNR Denton, who has a strong reputation and broad experience in structured products and debt capital markets litigation. Group head Deirdre Walker ‘keeps things on track and is good at deflating attempts to distract, derail or inflame’. Morris, Michael Godden and Radford Goodman are all ‘hugely capable’ and ‘don’t favour getting bogged down in pointless and wasteful mud-slinging but prefer the approach of getting disputes dealt with as swiftly and effectively as possible’. New client wins include The Bank of New York Mellon, Citi, and Deutsche Bank.
Simmons & Simmons attracted a number of new high-profile clients in 2010, including Bank of America Merrill Lynch and Kaupthing Bank, while new litigation panel appointments included Citigroup and Lloyds TSB. Recent work includes advising on contentious issues relating to asset recovery arising from the insolvency of Lehman Brothers International (Europe). The team is ‘innovative and in tune, and able to deliver in all circumstances, and blends individual focus with broad capability’. Colin Passmore, Marc Thorley and Robert Turner are all highly recommended.
Baker & McKenzie LLP has ‘always been able to deal with very in-depth issues in the banking sector’. The team leverages the firm’s large global footprint to act in multi-jurisdictional matters, often involving emerging markets. Edward Poulton (‘a very clever, diligent and empathic lawyer with a human approach’) has been advising major Czech financial institution CSOB in complex multi-jurisdictional ICC arbitration proceedings valued at over $1bn. ‘Consummate team leader’ Anthony Poulton is ‘a very safe pair of hands, and is in his element in heavy financial cases’.
Berwin Leighton Paisner LLP welcomed Daren Allen from DLA Piper UK LLP, who brings over 20 years’ experience acting for financial institutions. The team works closely with the firm’s derivatives and structured products experts in representing clients affected by the economic collapse. It has also been acting for parties in litigation arising out of freight forwarding agreements under ISDA; and for Eurosail UK 2007 – 3BL plc in a £640m securitisation-related dispute bound for the Court of Appeal. David Hughes leads the team.
‘Outstanding litigator’ Natasha Harrison heads a niche practice at Bingham McCutchen (London) LLP specialising in banking and finance disputes, distressed debt and restructuring litigation, and regulatory matters. The team has ‘real litigation savvy plus a great awareness of how structured finance documents work’. Harrison led a team representing bondholders of Elektrim SA in 11 successful judgments before the English courts, concluding in a total recovery of over €700m.
Clients receive a ‘Rolls-Royce service’ from DLA Piper UK LLP. Nick Marsh and Ioannis Alexopoulos are ‘consummate professionals combining a faultless technical approach with a commercial, user-friendly and down-to-earth style’. Highlights included a precedent-setting Court of Appeal victory for Fortis Bank (now BNP Paribas Fortis) regarding the interpretation of UCP 600. Daren Allen left for Berwin Leighton Paisner LLP.
Quinn Emanuel Urquhart & Sullivan, LLP has an excellent reputation for acting against major commercial and investment banks in high-stakes litigation and arbitration. The specialist team expanded heavily in 2010, hiring Alex Gerbi and Martin Davies from Olswang, Robert Hickmott from CMS Cameron McKenna LLP, and eight new associates. Co-managing partner Richard East is a ‘feisty litigator’.
SJ Berwin LLP has a growing number of investment bank panel appointments, and has been acting in complex litigation matters involving derivatives and structured products, as well as in high-profile litigation regarding the rights and legitimate expectations of subordinated debt holders. Alex Leitch is ‘one of the finest lawyers in his field in the UK’; his ‘work ethic and dedication are exemplary’. Nick Brocklesby is ‘very bright and strategically astute, an excellent person to have on your side’. Craig Pollack leads the team.
Stephenson Harwood acts on a diverse range of international matters. Recent work includes acting for Natixis in a dispute involving notice served on Goldman Sachs International terminating three credit default swaps with a notional value of approximately $500m. The team is praised for its thorough and proactive approach, and its ability to deal efficiently with very complex litigation. John Fordham and Richard Gwynne are highly recommended, alongside Edward Davis (‘a very bright, sharp and pragmatic lawyer’) and Sunil Gadhia (‘a tough and efficient negotiator’).
Travers Smith LLP is widely thought of as a firm to watch in this area, and one of the few prepared to act against the banks. Recent work includes acting for Sebastian Holdings Inc in claims in the US and London against Deutsche Bank arising from a series of exotic derivatives transactions, involving the construction of ISDA agreements. The team has strength in depth; ‘some of its younger lawyers are developing excellent knowledge of the products and practices of investments banks’. Rob Fell and Andrew King are both recommended.
White & Case LLP’s team acts for banks as well as commercial parties in complex financial disputes, and is able to draw on support from the firm’s banking transactional experts. Recent work includes a dispute regarding rights of set-off under an ISDA master agreement. John Reynolds and Jason Yardley are recommended, and in-house silk John Higham QC has ‘the considerable and unique advantage of being part of the team, which means that he is more immediately accessible’.
CMS Cameron McKenna LLP is increasingly recognised for its ability to offer a high-quality service across Europe, and is handling an increasing amount of work for German retail and property banks. It has also been advising the liquidators of Stanford International Bank regarding its $8bn estate; and advising on claims relating to PPI. Duncan Aldred is recommended. Robert Hickmott left for Quinn Emanuel Urquhart & Sullivan, LLP.
Acting for and against banks, Clyde & Co LLP continues to receive a strong flow of quality instructions, with an increase in work from international clients. Highlights included acting for a major European bank regarding the handling of certain investments and derivatives. Paul Friedman is a ‘proactive, tenacious and measured litigator with a good understanding of commercial realities’.
Relatively new four-partner boutique firm Cooke, Young & Keidan specialises in acting against the banks, and has made a sustained impact in the market. The firm is ‘responsive and client focused’, and ‘able to take on any of the biggest players in complex commercial litigation’. Philip Young and Marc Keidan are leading a team acting for funds managed by Texas hedge fund Highland Capital Management, in a £35m dispute with RBS regarding financing for a CLO securitisation.
Eversheds LLP has won a number of prestigious panel appointments, and has invested heavily in relationships with existing financial services clients by the placing of core team members in multiple secondments. Recent work includes acting in a €1.6bn dispute involving a range of issues relating to structured products. Matthew Allen leads the team, and is ably supported by Ben Bruton and Manchester-based Jonathon Crook.
Lawrence Graham LLP is acting for the Australian noteholders in relation to the Lehman CDO Programme, and was successful in upholding the validity of the priority provisions under English law, both at first instance and in the Court of Appeal. James Curle and Jean-Pierre Douglas-Henry both have extensive experience in cross-border disputes.
Reed Smith is acting for hedge fund BC Capital Group in credit crunch litigation against Société Générale and Lyxor Asset Management, relating to the management of three structured investment vehicles. Charles Hewetson, Richard Spafford and David Warne offer a wealth of experience in the field.
Reynolds Porter Chamberlain LLP has made significant investments in its banking litigation practice. Following on from the arrival of Tom Hibbert from Reed Smith to head up the financial disputes team, the team welcomed former head of commercial disputes at Clyde & Co LLP, Jonathan Wood. The team also has an affiliation with
SNR Denton’s transatlantic merger has significantly strengthened the team’s ability to deal with international financial disputes with a US element. Richard Caird, who ‘has huge experience which he keeps at his fingertips’, and associate Sam Coulthard (a ‘first-class assistant’ and ‘rising star’) won a comprehensive victory for RBS in a trial culminating in the first court decision to provide judicial guidance on who can bring claims for breach of FSA rules.
Stewarts Law LLP merged with four-partner banking litigation boutique Masseys in 2010, adding to the strength and depth of the team. The practice is focused on acting against the banks, advising on the full range of complex contentious issues arising out of the banking crisis. ‘Real go-getter’ Clive Zietman is ‘measured, realistic and tactical, and a very safe pair of hands’. Andrew Shaw and Keith Thomas are also very highly regarded.
Taylor Wessing LLP received a significant boost with the arrival of three partners from Barlow Lyde & Gilbert LLP: former head of financial services Tim Strong; head of commercial disputes Julian Randall; and the highly regarded Andrew Howell. Recent highlights for the team, led by Shane Gleghorn, includes acting for RBS in a range of contentious matters, as claimant and defendant.
Watson, Farley & Williams LLP’s practice benefits from the firm’s strong asset finance capability, particularly in the shipping and energy sectors, generating complex and high-value work for the litigation team. Highlights for practice head Andrew Savage included securing a victory for Lloyds TSB in a complex action concerning the termination of a ship finance lease.
Barlow Lyde & Gilbert LLP lost Tim Strong, Julian Randall and Andrew Howell to Taylor Wessing LLP. However the team, which acts against the banks, retains a wealth of experience through group head Neil Jamieson, James Cooper and new partner Chris Brennan.
Bird & Bird has a strong international practice, with particular expertise in the financial services and telecoms sectors. It acted for Finnish telecoms company Elisa Oyj in $60m High Court proceedings issued by UBS involving complex derivative products. Jeremy Sharman is ‘a clever, dedicated and thoroughly charming litigator’; and Sarah Walker has ‘bags of energy and drive, a real clients ’ lawyer’.
Brown Rudnick LLP is well placed to act against major financial institutions, predominantly acting for hedge funds and international investors. It has also been representing a Dutch pension fund regarding potential claims of €250m against one of the world’s largest investment banks. Neil Micklethwaite is well known and highly regarded.
Collyer Bristow LLP’s Stephen Rosen is ‘a real rainmaker who wins the confidence of clients and is very commercial in his approach’. The team has been acting against banks in matters involving the misselling of CDO structures, and ISDA agreements.
Field Fisher Waterhouse LLP’s team covers all aspects of the contentious finance arena, and is able to call on the firm’s financial services, and derivatives and structured finance teams. It is acting for Lehman Brothers Finance AG in a claim for over $1.3bn relating to client monies. Andrew Lafferty is ‘experienced and tough’; Kit Jarvis ‘brims with enthusiasm and is full of ideas’; and Duncan Black is ‘a real financial regulatory expert, particularly in funds work’.
Fladgate LLP has a growing reputation, and has been particularly busy acting against Swiss banks. Head of the team Paul Howcroft is experienced in international matters, including conflicts of law and jurisdiction.
Fulbright & Jaworski International LLP has an especially strong niche in stockbroking and investment management disputes. Recent work includes acting for a West African provider of investment banking services in a dispute with a Nigerian bank regarding repo and FX transactions worth over $80m. Chris Warren-Smith and Melanie Ryan are recommended.
Jones Day continues to advise clients such as Standard Chartered Bank plc, Bank of America and RBS, and has also been acting for Lehman Brothers Holding Inc in a claim brought in the US against Barclays. Craig Shuttleworth heads the team, whose advice is ‘practical and commercial but always based on a profound knowledge of the law’. Michael Brown is also recommended.
John Hull at Latham & Watkins LLP is ‘outstanding in every respect: as a lawyer, in client relations, first-class judgement, superb preparation, excellent support’. Recent work includes advising a Middle Eastern bank in arbitration proceedings with a Bahrain-based financial institution regarding the sale and purchase of certain investments.
Macfarlanes LLP is very active in cross-border disputes, and has a broad practice, serving a varied client base. Group head Barry Donnelly ‘combines excellent technical knowledge with strategic awareness’, and is currently representing WestLB in a complex dispute with Nomura.
Mishcon de Reya was recently successful for Bain Capital and the Ideal Standard Group in declaratory proceedings brought by the Strategic Value Master Fund (SVMF) regarding the waiver of alleged events of default. Adam Epstein ‘thinks about the deeper issues’; and Masoud Zabeti is ‘hands on’.
Nabarro LLP is acting for San Marino bank CRSM in a claim against Barclays regarding complex debt products. The team was also appointed to the Lloyds Banking Group panel for insurance litigation and contentious regulatory matters. Jonathan Warne heads the department; and insolvency partner Patricia Godfrey is ‘always on top of her subject’.
Shearman & Sterling LLP is currently assisting ENKA in pursuing enforcement action against two Italian banks, having obtained summary judgment in a claim worth $16m. The highly respected Jo Rickard heads the team; and Richard Kelly is ‘quite an operator’.
Also recommended are: Glovers Solicitors LLP, which is particularly active in the enforcement of secured loans and follow-on claims against guarantors, valuers and conveyancing solicitors; K&L Gates, which is advising in a dispute between Saad Trading and Société Générale regarding a $50m letter of credit; Morrison & Foerster (UK) LLP, where the partners are noted for their experience in complex structured products and multi-jurisdictional litigation; Salans, which is strong in the asset-based lending arena, with Kevin Heath ‘an excellent negotiator and strategist’; Squire Sanders Hammonds, where Laurence Winston and Robert Weekes are well-known names; and TLT LLP, which recruited former Halliwells finance litigation partners David Pacey and Richard Clayton.