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Financial services: litigation in Germany

Allen & Overy LLP

Allen & Overy LLP is a highly regarded address for disputes in the financial services sector, the diversity of which is characterized by both the broad spectrum of topics and a wide range of clients. While the practice enjoys an indisputably good standing in the national and international banking sector and is still heavily involved in cum-ex and cum-cum, but also sanction proceedings, also investment groups, auditing firms and insurers rely on the team's contentious experience. Its banking and financial litigation expertise is further complemented by the firm's tax and criminal law capacities Among other matters, Wolf Bussian has many years of experience in capital market disputes and jointly heads the banking and finance litigation practice with Jan Erik Windthorst. Senior Associate Anja Schelling is very active in banking and contractual conflicts.

Other key lawyers:

Anja Schelling


Key clients

Deutsche Bank AG


KPMG AG Wirtschaftsprüfungsgesellschaft


Work highlights


  • Advising and defending Deutsche Bank AG against claims in excess of €250 million.

  • Representing an Austrian investment group following a company purchase in connection with potential balance sheet fraud and other claims in the high three-digit million range.

  • Advising and representing a German auditing and consulting company in a possible dispute with its client about damages claims in connection with an audit.

Hengeler Mueller

In the national and international banking sector, Hengeler Mueller primarily acts in capital market disputes, which continue to be characterized in particular by cum-ex issues. However, the team's banking and financial law expertise is also applied for tax authorities, asset management companies and other financial services providers, particularly in the context of damages proceedings as well as trade and financing agreements. Markus Meier, who is experienced in both litigation and arbitration, focuses on capital market disputes, as does Luisa Kuschel, who was appointed counsel in January 2022. Antonia Hösch has expertise in bank liability.

Practice head(s):

Markus Meier


Other key lawyers:

Antonia Hösch; Luisa Kuschel


Linklaters

Linklaters' contentious expertise is sought by an impressive number of national and international banks as well as various other established financial market players, who rely on the team in damages claims both on defendant and plaintiff side, in contractual disputes as well as in BaFin (Federal Financial Supervisory Authority) sanction and fine proceedings. Capital market disputes, especially in the context of cum-ex and cum-cum issues, also contribute to the practice's high work load. Litigator Christian Schmitt, who is also qualified as a mediator, is well versed in banking, capital market and insolvency law disputes, while practice head Alexandros Chatzinerantzis also advises on banking disputes.

Practice head(s):

Alexandros Chatzinerantzis


Other key lawyers:

Christian Schmitt


Work highlights


  • Advising and representing Steinhoff International Holdings NV in shareholder disputes in connection with allegations of alleged accounting irregularities as well as in an investor test case before the Frankfurt Higher Regional Court.

  • Advising and representing BayernLB in civil damages claims in several jurisdictions.

  • Successful defense of Barclays Bank PLC in a test case under the Investor Model Proceedings Act before the Federal Court of Justice.

Clifford Chance

Clifford Chance's cross-practice and cross-location approach also becomes visible in the financial services disputes sphere, where the team primarily represents national and international banks, funds and asset management companies in fine proceedings and capital market conflicts; in tune with current market trends, the team predominantly advises on cum-ex, cum-cum and KapMuG (Capital Markets Model Case Act) proceedings. Here, the firm is able to combine banking, capital markets, tax and commercial criminal law expertise, while the dispute resolution practice regularly cooperates with its in-house regulatory experts, particularly in the area of banking dispute resolution. Christine Gärtner acts, among other matters, in banking and banking supervisory conflicts, while of counsel Burkhard Schneider is well versed in banking, finance and capital markets disputes.

Gleiss Lutz

Gleiss Lutz' practice traditionally acts for private equity houses, family offices, asset managers and hedge funds, but also represents German and international banks in financial disputes, while cum-ex and cum-cum as well as KapMuG proceedings continue to play a major role. Furthermore, the group has expertise in insolvency-related disputes. The core team includes Andrea Leufgen, who is well versed in mass proceedings and banking and financial disputes, and practice head Stefan Rützel, who covers the entire spectrum of financial disputes.

Practice head(s):

Stefan Rützel


Other key lawyers:

Andrea Leufgen


Testimonials

Technically outstanding, well-coordinated with absolute adherence to deadlines .’

SERNETZ • SCHÄFER

Building on practical experience in and out of court, SERNETZ • SCHÄFER navigates banking and capital market disputes, including KapMuG proceedings, damages claims as well as cum-ex and cum-cum conflicts, for numerous major German and state banks and other financial services providers. The team is also experienced in defending clients against mass proceedings and in disputes relating to the aftermath of the financial crisis and economic scandals. Key contacts for banking litigation include Helge Großerichter and Peter Balzer, who jointly lead the practice.

Other key lawyers:

Ferdinand Kruis; Ulrike Schäfer


Testimonials

Helge Großerichter: Excellent litigator.

Ferdinand Kruis: Scientific professional .’

Extremely pleasant, collegial and goal-oriented as well as successful cooperation .’

It doesn’t matter who I deal with in which field, every lawyer is there for you as a committed external services provider.

Ulrike Schäfer: in negotiations she is incredibly precise, present and responsive. Good preparation, crystal clear briefs, very reliable. It’s a pleasure, to experience Dr. Schäfer in negotiations.

Outstanding team. Technically excellent. Very good, to-the-point documents. Very good value for money. It’s fun to work with these colleagues .’

High level of legal expertise combined with extensive judicial and extrajudicial practical experience .’

Targeted, fast, competent and simply successful.

Key clients

Bayern LB


Bundesverband der Banken


UniCredit Bank AG


Hamburg Commercial Bank AG (vormals HSH Nordbank AG)


Deutsche Pfandbriefbank AG, pbb


Hypo Real Estate


Wirecard Bank


Volkswagen Bank


WealthCap Fonds Gruppe


LBS Bausparkasse


Work highlights


  • Comprehensive advice to Wirecard Bank following the Wirecard scandal, including legal representation.

  • Representation of Hypo Real Estate in a capital investor test case due to allegedly false ad hoc reports before the financial crisis (after referral by the BGH now before the OLG Munich).

  • Comprehensive strategic advice to a banking association, building societies and various banks on the Federal Court of Justice’s Postbank ruling, which has extremely serious consequences for credit institutions, on fees agreed by means of a fictional general terms and conditions clause, including defense against corresponding lawsuits.

Kantenwein Zimmermann Spatscheck & Partner

Kantenwein Zimmermann Spatscheck & Partner‘s litigation expertise is primarily employed in disputes related to recourse claims in connection with cum-ex transactions, where the team acts for German and foreign banks, capital management companies and other financial services providers. Furthermore, the practice represents industrial companies in conflicts regarding KfW (The Reconstruction Loan Corporation) financing and is also well versed in insolvency-related issues. The team is led by Marcus van Bevern, who is active across both arbitration and litigation proceedings.

Practice head(s):

Marcus van Bevern


Testimonials

Marcus van Bevern: Well versed in banking law.

Wide-ranging law firm. Sound advice and representation in contentious disputes. Competitive fees.

Marcus van Bevern: Outstanding litigator. First choice for arbitration and court proceedings in commercial cases. Due to his previous in-house activity at a bank, he has a high level of understanding for clients’ needs.

Work highlights


  • Advising and representing a foreign bank in recourse claims amounting to €120 million in connection with cum-ex transactions.

  • Advising and representing a professional investor in connection with high-volume claims in the insolvency of a credit institution.

  • Advising and representing a capital management company in recourse claims in connection with cum-ex transactions.

Wendelstein Rechtsanwälte PartGmbB

Wendelstein Rechtsanwälte PartGmbB represents banks as well as companies and institutional investors in financial services disputes. The practice is experienced in cross-border matters and acts in both financial derivatives and capital market disputes, with the latter not only relating to cum-cum and cum-ex, but also to insolvency issues. Karl Thomas Koenen focuses on securities trading disputes among other matters, Moritz Meister primarily represents investment funds and banks and Frank Fischer is well versed in financial and tax disputes.

Work highlights


  • Representing a German company in damages claims against a foreign bank in connection with complex financial derivatives.

  • Representing a foreign financial company in complex civil disputes related to cum-ex transactions.

  • Representing a foreign bank in claims in connection with securities lending transactions and cum-cum transactions.

White & Case LLP

White & Case LLP's banking advice also includes representation in contentious matters, which often cross the intersection to liability and insolvency law issues. The team, which also acts for investment companies and frequently advises across borders, is also well versed in enforcing damages claims against board members and other liability recipients. The latter area represents a focus of practice head Markus Langen, while Christian Wirth is well versed in mass proceedings among other matters and Sonja Hoffmann possesses in-depth experience in defending financial institutions against damages claims.

Practice head(s):

Markus Langen


Other key lawyers:

Christian Wirth; Sonja Hoffmann


Testimonials

Very experienced team, technically extremely strong and just great to work with.

Markus Langen: He is technically excellent, has the necessary bite and also understands the economic interests very well.

Key clients

IKB Deutsche Industriebank AG


Hamburg Commercial Bank


Landesbank Baden-Württemberg


Unicredit Bank AG


Credit Suisse (Deutschland) AG


DZ BANK AG