Banking litigation: investment and retail in London
Allen & Overy LLP's highly rated banking and finance litigation team advises on the full range of issues affecting clients in the financial sector, ranging from major regulatory investigations to high-profile disputes. The practice regularly works alongside the firm's specialists in banking, restructuring, derivatives and corporate trustee practices. It successfully defended Deutsche Trustee in English proceedings, which were brought by Dana Gas in relation to the enforceability of the repayment of an Islamic Bond under English Law. Calum Burnett heads the London litigation and investigations practice, while Andrew Denny has particular expertise in litigation involving complex structured financial products. Also key to the team are Mona Vaswani, Arnondo Chakrabarti, Mahmood Lone and James Partridge, along with counsel Oliver Rule; white-collar crime specialist Eve Giles was hired from Kingsley Napley LLP.
Other key lawyers:
‘The experience of working with this team is unparalleled from a litigation perspective.‘
‘The team displays very sound judgement and a wealth of litigation experience.‘
- In one of the most significant actions brought by parties seeking to avoid their obligations in relation to contracts referencing interest rate benchmarks, the team acted for HSH Nordbank, Bayerische Landesbank, ING Bank and Caixa D’Estalvis in the successful defence against misrepresentation claims brought by Marme Inversiones.
- Acted for a major bank in proceedings that relate to a structured finance transaction, the proceeds of which are alleged to have been embezzled by third parties.
Clifford Chance LLP's 'very thorough and well organised practice' is highly rated for its disputes expertise in financial products, derivatives, LIBOR rate setting, Forex manipulation, credit default swaps and and aircraft financing. It acted for Kaupthing Bank in high-profile claims of unlawful means conspiracy and malicious prosecution, which were brought by the Tchenguiz brothers against the collapsed Icelandic bank, Kaupthing, among others (including Grant Thornton and a former member of Kaupthing's winding-up committee). Ian Moulding leads the London-based banking litigation team, Helen Carty heads up the litigation and dispute resolution practice, and Matthew Newick is global dispute resolution head. Other highly rated partners include Roger Best, who has a strong track record of handling highly complex banking disputes, Simon Davis, widely respected for major banking litigation and investigation matters that frequently have international elements, Kelwin Nicholls, who acts in a range of litigation and contentious regulatory matters for banks, and Christopher Yates, who is particularly noted for finance disputes that have cross-border elements involving investments in developing economies. Kate Scott was made partner in 2019 and the senior associate to note is Lindsay Bickerton.
Other key lawyers:
‘The team does its research well, with huge attention to detail in preparing cases for trial.‘
Bank of America
ICBC Standard Bank
- Advised S&P Global in claims brought by investors in multiple jurisdictions further to the financial crisis, including eight sets of representative proceedings brought by various investors in Australia in relation to synthetic collateralised debt obligations.
- Defended Deutsche Bank against a €800m-plus claim that was brought by Dutch housing association Vestia in relation to derivatives transactions.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP's 'lawyers have great experience with disputes in all banking sectors'. The practice acts in the largest, most complex and highest profile disputes in the London market, including defending group litigation against financial institutions. It also regularly works alongside the firm's widely respected financial services regulatory and corporate crime and investigations practices. Highlights included acting for Lloyds Banking Group (and five of its former directors) in a high-profile shareholder class action, which arose from the acquisition by Lloyds TSB of HBOS and the recapitalisation of the combined entity during the 2008 financial crisis. Rupert Lewis now leads the banking litigation practice in London, former banking litigation head Damien Byrne Hill is currently dispute resolution head across the UK and US, and Simon Clarke acts in high-profile banking and financial services litigation, which often involve complex products and derivatives. Also highly rated are London class action practice head Harry Edwards, Julian Copeman, Chris Bushell, Kirsten Massey, Natasha Johnson, Donny Surtani and John Corrie; the key senior associates are Ajay Malhotra and Emma Deas.
Other key lawyers:
‘Now has one of the best, if not the best, banking litigation teams in the City.‘
‘The team has been instructed on most of the biggest banking disputes in London in recent years.‘
‘Rupert Lewis has established himself as one of the foremost banking litigators in the City; he has excellent industry knowledge and tactical judgement. In addition, he is greatly valued by his clients for his communication and matter management skills.‘
‘Damien Byrne Hill and Chris Bushell both have deservedly formidable reputations.‘
‘Adam Johnson QC is a very effective advocate.‘
‘Simon Clarke has an excellent understanding of capital markets products.‘
‘Kirsten Massey is superb at handling vast amounts of documentation and information, and is particularly adept at identifying and recalling key information during long-running litigation and enquiries.‘
- Acted for VTB Bank in bringing proceedings against the holding company of the well-known oligarch Oleg Deripaska for allegedly reneging on a series of loan guarantees.
Hogan Lovells International LLP 's 'highly organised and efficient team' acts for large, global and UK banks and financial institutions, and the team regularly advises on matters involving the Financial List, the specialist list set up by the Commercial Court to address the market's most important financial disputes. The team is also widely respected for financial services contentious regulatory matters, and stands out for cases involving benchmark manipulation, distressed assets, mis-selling, consumer finance, aviation finance, and complex structured products. They acted for the joint administrators of Lehman Brothers Holdings in two heavily contested, multi-party High Court applications which concerned the manner in which substantial sums fall to be distributed by two insolvent Lehman UK estates. Louise Lamb has a significant consumer finance practice and Philip Parish is experienced in disputes involving derivatives and complex financial products, including mis-selling and mismanagement claims. Also highly rated are Whiston Bristow and John Tillman , and the counsels to note are Jennifer Dickey and recently promoted Hannah Piper.
‘Has strength in depth throughout the team, which is able to marshal large volumes of information with ease and recognise the wider implications for clients of issues that arise in the course of individual cases; they can also be aggressive where necessary and will pursue marginal points to secure an advantage, yet know when to drop them if they become counterproductive to pursue.‘
‘The team is very client friendly and responsive.‘
‘Whiston Bristow is first rate and stands out amongst partners at other firms for his good judgement, sophistication and intelligence.‘
‘John Tillman is always very measured and instills a sense of calm; he is also very responsive and available to discuss any queries.‘
Lehman Brothers Holdings Plc
- Acting for the joint administrators of Lehman Brothers Holdings Plc.
Linklaters LLP is widely recognised for its expertise in banking litigation involving insolvencies, derivatives and structured financial products, misrepresentation, fraud issues, mis-selling claims and contractual disputes, lender enforcement action, and consumer credit issues. The practice acted for PricewaterhouseCoopers as the joint administrators of Lehman Brothers International (Europe) (LBIE), in claims filed in the LBIE administration by a major bank following its purchase of Lehman Brothers' exchange-traded derivatives business in 2008. It has a deep bench of partners including Christa Band, who is known for crisis management, fraud, regulatory investigations and enforcement proceedings, and Patrick Robinson, who is highly rated for matters involving derivatives and structured products disputes, fund and private equity disputes, and contentious regulatory issues. Satindar Dogra is head of the disputes team in London. Other experienced practitioners are Rory Conway, Susana Cao Miranda, Alison Wilson and Andrew Hughes . Gavin Lewis transferred to London from the Hong Kong office in 2019.
Satindar Dogra; Christa Band
‘Forward-thinking practice with excellent strategists.‘
Sberbank of Russia
Bank of New York Mellon
Novo Banco and NB Finance
- Acted for Bank of New York Mellon, London Branch (BNYM) in an appeal brought by the Republic of Kazakhstan and the National Bank of Kazakhstan, which arose out of BNYM’s decision to freeze over $22bn of funds and other assets of Kazakhstan. This followed a third party obtaining garnishment orders against Kazakhstan.
- Advised Sberbank on a challenge to the recognition of Agrokor’s Extraordinary Administration under the Cross-Border Insolvency Regulations 2006. The proceedings were issued in connection with the cross-jurisdictional restructuring of the Agrokor Group.
Slaughter and May
Slaughter and May's 'excellent all-rounders' act for a broad spectrum of clients in the financial sector, including investment banks, major building societies, accountants, hedge funds, actuaries and private equity firms, and the practice stands out for high-value, technically-demanding, multi-jurisdictional disputes. In one of the largest and most significant global investigations undertaken by regulators since the financial crisis, the team acted for JPMorgan Chase & Co in regulatory and governmental investigations (and related civil claims) into foreign exchange trading at a number of banks. Sarah Lee is dispute resolution group head, Deborah Finkler has led on many of the firm's investigative and enforcement actions, and Jonathan Clark's practice includes advising on litigation involving complex derivatives transactions, benchmark manipulation and regulatory investigations. Also highly regarded are Richard Jeens, Ewan Brown and recently promoted partner Camilla Sanger. At associate level, Peter Wickham is also noted.
‘Outstanding legal skills and deep business knowledge.‘
Mercuria Energy Europe Trading
JPMorgan Chase & Co
- Defended Mercuria Energy Europe Trading against claims brought against it and its co-defendant, RBS, on the High Court’s Financial List. The claims arose out of trading in the carbon emissions market in 2009.
Addleshaw Goddard's 'very well-run team' acts in a large amount of large, high-profile banking cases in the commercial court. Its full-service banking litigation practice frequently advises on matters involving international elements and includes financial regulatory and financial crime expertise. It particularly stands out for derivatives and structured products litigation. It acted for Kommunale Wasserwerke Leipzig, the City of Leipzig's water authority, in its longstanding defence of an approximately €350m claim. The matter was brought by UBS and established new law on bribery. Michael Barnett is 'a very solid performer' and Richard Clayton and James Herring are also highly rated individuals, while Sivan Daniels and David Wigg, are senior managing associates. Mark Gill retired from the practice and Chris Brennan left for White & Case LLP.
‘The partners empower their associates, thus giving them the ability to learn and develop into the partners of the future. The practice is also very good at cost management and stays on top of all the aspects of a case to ensure that it is managed well from Day One through to the end.‘
‘Terrific ability to hit the ground running in high-octane banking litigation when the pressure and sums at stake can be immense.‘
‘Michael Barnett is an excellent strategic thinker and a genuinely decent, all-round good guy. He is also easy to work with, manages his team very well, and has strong legal knowledge that he matches with commercial nous.‘
‘Richard Clayton has the experience and expertise to handle complex banking issues.‘
Kommunale Wasserwerke Leipzig
Netherlands Development Finance Company
Ashurst's recent range of disputes includes advising banks on contractual interpretations, follow-on claims after enforcement action, defending senior individuals, and enforcement of major arbitral awards. Other areas covered are enforcement of security following borrower default, film investment schemes, fraud, deceit and conspiracy claims, freezing orders, and issues arising from restructurings and insolvencies. The team defended Daiwa Capital Markets Europe against a $200m claim in the Supreme Court, which involved allegations of dishonesty and breach of duty. Lynn Dunne has a specialised financial institutions disputes practice that covers banking and contentious regulatory disputes, as well as insolvency and restructuring matters. Also key to the team are James Levy and Edward Sparrow.
‘It has a deserved reputation as being one of the City’s more cerebral firms. Clients instruct it on particularly complex and intellectually challenging pieces of litigation.‘
‘Jon Gale is a standout partner who always delivers.‘
Daiwa Capital Markets Europe
Cerberus Capital Management
Close Brothers Asset Management
The Royal Bank of Scotland Public Company
- Led Cerberus Capital Management’s successful defence against a well-publicised, high-value claim for conspiracy and concealed fraud.
Boies Schiller Flexner (UK) LLP's London office stands out for its handling of complex, cross-border and transatlantic banking litigation. Managing partner and practice head, Natasha Harrison, is highly rated for her assistance to hedge funds, investment banks and money managers in high-stakes disputes, and Fiona Huntriss' practice includes litigation involving distressed debt investments, securitisation, bank wind-downs, international insolvencies, complex financial arrangements, and sovereign debt. Will Hooker is also a key adviser, and Michael Jacobs and Melissa Kelley are the associates to note.
‘Natasha Harrison is someone clients want to fight their corner.‘
- Advised Barclays Capital (Barclays) on a long-running, high-value and complex dispute with the administrators of Lehman Brothers International (Europe) (in administration) which arose from Barclays’ acquisition of part of the Lehman Group.
Freshfields Bruckhaus Deringer LLP
Freshfields Bruckhaus Deringer LLP's experience includes defending financial institution clients in headline banking and finance litigation. The practice is also highly rated for its assistance with regulatory investigations in the US, Europe and Asia. Simon Orton leads the firm's financial institutions disputes group, and David Scott is particularly active in the retail market. Also key to the team are Andrew Hart, Christopher Robinson, Ian Taylor, Sarah Parkes and Piers Reynolds.
Latham & Watkins' 'notably bright and hard-working team' is widely respected for complex, high-value disputes, frequently with cross-border elements or involving proceedings outside England and Wales, and the practice has significant knowledge of the regulatory regimes governing banks, brokers, hedge funds, investment managers and advisers, and swaps market participants. It acted for ABN AMRO Bank, a major global financial institution, in high-stakes litigation that arose from the collapse of Bernard Madoff Investments Securities, which is widely considered the largest Ponzi scheme ever. Jon Holland, Andrea Monks, Martin Davies and Oliver Browne are highly rated, and the disputes team can draw on the expertise of three silks in Stuart Alford QC, Sophie Lamb QC and Philip Clifford QC. Dan Smith and Oliver Middleton are key counsels.
Jon Holland; Andrea Monks
Other key lawyers:
‘Provides an outstanding service to its clients; the practice has a rigorous approach both to legal issues and strategic decisions in which the available arguments and options are analysed in depth in order to ensure that the case is presented as effectively as possible.‘
‘The lawyers are good communicators who engage sensibly with clients, opposing solicitors, and counsel; it is a pleasure to work with them.‘
‘Oliver Browne is extremely good with clients; he has excellent judgement, is sensitive to the commercial dynamics of any dispute, and understands that litigation is not an end in itself.‘
‘Dan Smith is a fine counsel, who is always eager to explore different angles on a case and often comes up with good points that others might have missed.‘
Samba Financial Group
ABN AMRO Bank
Caja de Ahorros y Monte de Piedad de Madrid
SNS Global Custody
Bank Julius Baer & Co
Trust Company of the West
- Defended Samba Financial Group (Samba), one of the largest Saudi Arabian banks, in a long-running case which arose from the multi billion-dollar dispute between the Al-Gosaibi family, Maan Al Sanea and the Saad Group of companies. The claims were brought by the liquidators of Saad Investments for the alleged transfer of $318m trust assets to Samba.
Mayer Brown International LLP’s 'team is extremely dedicated, efficient and very pleasant to work with'. The practice acts for investment banks, investment funds, asset managers, issuers of listed debt securities, and corporate trustees in high-value, high-profile disputes involving the wholesale financial markets, which usually have cross-jurisdictional elements. The practice is particularly known for disputes surrounding derivatives and structured products, commodities and financial crime. It represented UBS in litigation in London against German water services provider, Kommunale Wasserwerke Leipzig, that arose from the enforcement of structured finance transactions. Ian McDonald leads the practice, of which Alistair Graham , Susan Rosser and Mark Stefanini are also key members. The counsels to note are Ruth Malone, Dan Hart and recently promoted Chris Roberts. White-collar partners Sam Eastwood and Jason Hungerford were hired from Norton Rose Fulbright, while David Allen retired from the practice.
Other key lawyers:
‘The team anticipates the issues at stake and makes the strategy and the legal issues at stake easily understandable.‘
‘The practice is outstanding; its work is uniformly of high quality and it gives the client realistic and practical advice. It is also a complete pleasure to work with the firm’s lawyers.‘
ICBC Standard Bank
Principal Global Investors
- Successfully acted for Société Générale in an appeal against a judgment that found that Société Générale had wrongly maintained freezing orders against a Turkish counterparty.
Norton Rose Fulbright is highly rated for its experience in significant, high-value banking and finance disputes, including complex cases in the Financial List. The practice is well known for disputes involving derivatives, bonds and structured finance, commodities and trade finance, and Islamic finance. It acted for The Law Debenture Trust Corporation, as corporate trustee, in its high-profile Commercial Court dispute against Ukraine. The matter was brought on behalf of note holders to enforce payment of notes issued by Ukraine, which it failed to repay on maturity. Michael Godden has considerable experience of wholesale, commercial and retail banking disputes, senior consultant Lista Cannon co-heads the global regulatory and investigations group, and Paul Morris focuses on disputes arising from structured finance products, civil fraud and asset tracing, and trade and commodity finance litigation. Also highly rated are Matthew Waudby, Radford Goodman and David Harris, while of counsel Dominic Hennessy and senior associate Alex Shattock are also experienced litigators. Growth in the team saw cross-border banking and finance disputes expert Harriet Jones-Fenleigh promoted to partner in 2019.
Other key lawyers:
The Law Debenture Trust Corporation
Republic of Angola
Citibank and Citigroup Global Markets
Citicorp Trustee Company
Bank of Scotland
- Acted for Republic of Angola and the Angolan Central Bank in obtaining a $500m freezing order and proprietary injunction in relation to a complex, cross-border, civil fraud claim.
Quinn Emanuel Urquhart & Sullivan, LLP
Quinn Emanuel Urquhart & Sullivan, LLP 'has a diverse team of truly excellent litigators'. The firm's banking disputes work covers lender-liability actions, suits by loan participants, actions arising out of letters of credit, other forms of commercial paper, commercial and residential foreclosure actions, and loan fraud matters. The practice is also expert in matters involving derivatives. Highlights included acting for Ukraine against The Law Debenture Trust Corporation in a high-profile dispute over $3bn Eurobonds, which were purportedly issued by Ukraine. Sue Prevezer QC chairs the firm’s International trial practice and Richard East is co-managing partner of the London office which also fields London civil fraud practice chair Nick Marsh, Robert Hickmott, Matthew Bunting and Khaled Khatoun. Aidan O’Rourke was made partner in 2019, while Leo Kitchen joined as a senior associate from Slaughter and May.
Richard East; Sue Prevezer QC
‘The firm runs lean and mean teams that are as professional as they come.‘
‘Alex Gerbi is a powerhouse – smart, savvy and always contactable. Clients feel safe when he is managing their dispute because he gets into the details and never gives up.‘
‘Richard East is a legend in the London market. When he is on a client’s side, the client knows the case will be presented strongly.‘
Receivers and managers of the Libyan Investment Authority
Pacific Investment Management Company
Millennium Global Markets Credit Fund (in liquidation)
BlueMountain Capital Management
Federal Insurance Deposit Corporation
Quantum Global Group
- Acted for the court-appointed receivers and managers of government-managed sovereign wealth fund Libyan Investment Authority (LIA) in claims against various financial institutions and third parties.
RPC's 'depth and availability is superb'. The banking and financial markets disputes team is one of the few City firms that is able to act for European regional banks, pension funds, hedge funds, and the investment vehicles of high-net-worth individuals against investment banks. It is also regularly involved in contentious insolvency and restructuring situations. Simon Hart is head of financial disputes, global head of commercial disputes Tom Hibbert, who is 'heads and shoulders above the rest of the banking litigation community', also leads the banking and financial litigation team, and Andy McGregor has extensive experience of managing banking disputes that arise from structured finance and derivatives. Alan Williams was made partner and Charlotte Henschen and Dan Hemming are experienced senior associates.
Simon Hart; Tom Hibbert
‘The dispute resolution team is highly responsive, commercially-minded and gets results; the lawyers are innovative thinkers, know how to press for mutually-beneficial solutions and communicate well with clients.‘
‘The understanding and expertise of the subject matter is excellent and the team is so on top of the detail that it maintains consistent pressure and forward momentum.‘
‘The top firm for any client with a massive case against the investment banking battalions; it has unrivalled experience of litigating against, and beating, the banks.‘
‘Simon Hart and Tom Hibbert are both responsive, commercially minded, innovative, and get results. They are also excellent at communicating with clients, and even for the most complex matters they are succinct and informative with regards to case management.‘
‘Dan Hemming is an associate who is touched with genius in terms of his skill as a litigator. He is clever, analytical, polished, and never outdone.‘
Bangkok Land (Cayman Islands)
Loreley Financing (Jersey)
Essar Global Fund
Ingenious Media Holdings
Bank St Petersburg
The Federal Republic of Nigeria
- Acted for Vannin Capital (VC) in a dispute with the RBoS Action Group (and the underlying claimants in the RBS rights issue litigation). The matter arose from sums that VC claims are due under litigation funding agreements.
Simmons & Simmons
Simmons & Simmons' practice 'has excellent industry-leading knowledge'. It is focused exclusively on contentious work for financial institutions, asset managers and hedge funds, and combines expertise in financial markets litigation, investigations, and financial crime. Representative work includes LIBOR, EURIBOR, FX benchmarking, and major product mis-selling claims. Tim Boyce is financial markets litigation practice head, Richard Bunce is 'able to see the big picture and advise on strategy', Ed Crosse is a 'tremendous commercial litigator', and Alexander Thavenot is 'responsive to client demands and has an impressive strategic handle on matters'. Other widely respected partners include senior partner Colin Passmore, as well as Robert Turner, Caroline Hunter-Yeats, Robert Allen and Paul Baker. Joanna Pearson relocated to the London office from Singapore, and Adam Brown and Elizabeth Williams were promoted to the partnership.
Other key lawyers:
‘Clients go to this team when they are in a hole and need digging out. It is simply one of the smartest firms out there and it thrives on complexity and really knotty cases.‘
‘Ed Crosse’s disclosure work can save millions.‘
‘Colin Passmore has board-level gravitas.‘
‘Richard Bunce is undoubtedly a standout partner; he is at the top of his game and must be one of the best investment banking litigators in the City.‘
‘Ian Hammond deserves congratulations for his wins.‘
Bank of New York Mellon
The Capital Markets Company (UK)
The O1 group of companies
BH Asset Management
Altera Absolute Global Master Fund
Grant Thornton UK
- Advised The Capital Markets Company (UK) (Capco) on a damages claim of over $145m following concerns that Capco’s clients, resources and business opportunities were fraudulently diverted to new start-up companies which were secretly owned and controlled by Capco’s former employees.
Stewarts Law LLP is 'an outstanding conflict-free firm that is able to take on banks and other financial institutions, which it regularly does – and wins'. The largest litigation-only law firm in the UK is traditionally known for claimant matters, but it is increasingly being instructed for defence work. The practice also benefits from the firm's civil fraud practice, which is often involved in disputes over complex financial instruments and structures. It acted for the liquidators of Kaupthing Bank in relation to a €500m claim against Deutsche Bank, which arose from the sale of complex banking derivatives. Clive Zietman is a go-to lawyer in London for large-scale litigation against banks. Also highly rated are Sean Upson, Keith Thomas, David Hughes, Marc Jones, Fiona Gillett, Paul Brehony and Ian Gatt QC, along with Lucy Ward and Laura Jenkins. Elaina Bailes and Lorraine Lanceley were promoted to the partnership, and senior associate Joe Mitchell and associate Harry Spendlove are also experienced advisers.
Other key lawyers:
‘Fiona Gillet is an unflappable, excellent lawyer, who is brilliant with clients.‘
‘Ian Gatt QC is top quality – he is responsive, quick and accurate in what he does.‘
Fortress Investment Group
Cyrus Capital Partners
Golden Belt 1 Sukuk Company
Chesterfield United (in liquidation)
Partridge Management Group (in liquidation) and their joint liquidators
Republic of Kazakhstan and the National Bank of Kazakhstan
Palladyne International Asset Management
Grant Thornton BVI (as liquidators of Stanford International Bank)
- Acted for Fortress Investment Group, Cyrus Capital Partners and Golden Belt 1 Sukuk Company in claims against BNP Paribas, the arranging bank, for negligently failing to ensure the validity of security documents.
Travers Smith LLP's 'banking litigation practice has really strengthened in the last few years'. Its disputes work involves share and money transfers, breaches of mandate, the CHAPS system, allegations of fraudulent activity, and instructions involving trades in derivatives and CDOs. The team acted for Macquarie Capital (Europe) in its Commercial Court claim to recover success fees that should have been paid to it for debt advisory and equity raising services. Rob Fell heads the dispute resolution group, which includes Stephen Paget-Brown, Andrew King, Caroline Edwards, Jan-Jaap Baer, Huw Jenkin, Toby Robinson and Heather Gagen. Stephanie Lee was made partner and Sam Cottman is the senior counsel to note.
Other key lawyers:
‘It has some outstanding lawyers at all levels of seniority and has been involved in a number of big ticket pieces of litigation. The practice is going from strength to strength, is well-placed to handle the most important disputes in the English Courts, and its teams are totally committed to their clients.‘
‘Rob Fell is one of the go-to partners in this field; he has great commercial judgement, entirely understands his clients’ objectives and is totally committed to them. His communication skills are also second to none and he is a very safe pair of hands.‘
Bank of England
Jóhannes Rúnar Jóhannsson
Taberna Europe Capital Management
Lehman Brothers International (Europe) (in administration)
Macquarie Capital (Europe)
- Advised Jóhannes Jóhannsson, a former member of the winding-up committee of Icelandic Bank Kaupthing, on Commercial Court proceedings commenced by businessman Robert Tchenguiz (RT) and related companies, trusts and individuals. The proceedings arose out of work undertaken to recover assets from RT and his brother in connection with Kaupthing’s insolvency.
White & Case LLP's team is 'exceptionally hardworking, thoughtful and good humoured, even in stressful situations'. It is well known for its advice on complex, cross-border matters, many of which involve a wide range of stakeholders. The London office recently grew its practice through the recruitment of Steven Baker from Cadwalader, Wickersham & Taft LLP. Baker advises major financial institutions, hedge funds, and other banking clients on significant, complex, and cross-border banking disputes. Other key hires include Chris Brennan from Addleshaw Goddard, where he led the regulatory investigations and enforcement practice, and Laura Durrant from the Royal Bank of Scotland, where she was most recently head of litigation and investigations. Co-head of the global financial institutions practice, John Reynolds, is also London head of commercial litigation and Charles Balmain heads the EMEA disputes section for commercial litigation and white-collar matters. Also key to the practice is Amanda Cowell.
John Reynolds; Charles Balmain
‘White & Case is able to mobilise a multi-skilled team very quickly to help resolve disputes. The team covers all angles, with the capacity to go deeply into the corporate and litigation aspects of issues. The practice also has a good team spirit, with all members driving towards the efficient, client-friendly resolution of issues.‘
‘The partners and associates are highly rated in the City.‘
OJSC International Bank of Azerbaijan
Goldman Sachs International
SRM Global Fund
- Acted for Goldman Sachs International before the English and Portuguese courts in complex, multi-party, multi-jurisdictional proceedings. These arose out of the transfer of assets and liabilities of Banco Espirito Santo in Portugal to Novo Banco, including the legal effect of various resolutions of Portugal’s central bank on the transferability of a substantial loan.
- Acted for VTB Capital in a complex dispute involving the enforcement of security in Luxembourg. The dispute arises from a €150m loan that relates to a Bulgarian telecoms company.
Akin Gump LLP 'has great litigators and client skills'. The firm has a widely respected cross-border creditor litigation practice and regularly works alongside its highly regarded restructuring colleagues. It also benefits from a robust investment funds litigation practice. Mark Dawkins acts in complex, high-value disputes and investigations, often of a multi-jurisdictional nature. Richard Hornshaw is 'clever, hardworking and assembles great teams around him', Kambiz Larizadeh is a civil fraud specialist, and senior counsel Sheena Buddhdev has particular expertise in insolvency and restructuring.
‘The premier bond litigation team in London, standing head, shoulders and torso above the rest.‘
‘Richard Hornshaw is a legend in the making.‘
Oak Finance creditors
Ad Hoc Group of Creditors of Noble Group
Deloitte as administrators of African Minerals
Principal Global Investors
Prudential Insurance Company of America
- Advised a sovereign wealth fund, pension funds, hedge funds, and a private European bank as former holders of approximately $650m notes issued by Oak Finance Luxembourg, on litigation in England against Novo Banco.
Baker McKenzie acts for large financial institutions and has a highly rated investigations practice. The firm's well-known administrative and public law team also assists the practice when acting for significant public and regulatory bodies in the banking sector. Co-head of the global financial institutions disputes group, Hugh Lyons, has extensive experience of high-profile and high-value banking and finance disputes, and much of his work arises from disputed financing transactions, restructuring and insolvency, fraud, and financial misconduct. Jonathan Peddie was recently appointed as the firm's global head of financial institutions. Other names to note are the 'top-quality' Edward Poulton and Francesca Richmond, while Marc Florent, who specialises in all contentious aspects of structured finance and insolvency, recently joined from Allen & Overy LLP.
Hugh Lyons; Jonathan Peddie
‘Hugh Lyons is appreciated for his willingness to be consulted for strategic advice on an ad hoc basis.‘
‘Ed Poulton is extremely bright – an absolute delight to work with. Clients love him and he knows how to run a big case as well as anyone.‘
AFEX Markets and Associated Foreign Exchange Limited
Standard Chartered Bank
JP Morgan Suisse
TMF Structured Finance
Dubai Islamic Bank
ICICI Bank (Singapore Branch)
- Acted for AFEX Markets and Associated Foreign Exchange in a claim in the Commercial Court against a former client, Newstar Garments, for the repayment of a debt arising out of a margin call agreement.
- Defended Dubai Islamic Bank (DIB) against a high-value claim by Plantation Holdings (PH), a Dubai-based property company, which alleged that DIB had improperly seized a substantial land plot in Dubai and caused the arrest and detention in Dubai of PH’s owner.
Bryan Cave Leighton Paisner LLP
Bryan Cave Leighton Paisner LLP was formed in 2018 following the merger between Berwin Leighton Paisner LLP and Bryan Cave. 'The banking litigation team is both technically able and industry focused', and the client list includes investment, domestic and international banks, as well as mortgage companies and servicers, credit card issuers, and fintech and insurance companies on a range of disputes and risk management strategies. Oliver Glynn-Jones heads the firm's banking litigation group. London managing partner Segun Osuntokun specialises in complex disputes that have elements of dishonesty, fraud or corruption, and Oran Gelb is noted for regulatory and internal investigations. Clare Reeve is an experienced senior associate.
‘A very solid team with a good bandwidth of experience.‘
‘Oliver Glynn-Jones is an experienced and very able partner. He is equally at home with technical detail as he is with soft skills such as client and matter management.‘
‘Oran Gelb is a fantastically bright and diligent partner. He is now very well established in his position and will be a field-leader in the future.‘
National Australia Group
Central Bank of Nigeria
Stenham Asset Capital
- Defended Citibank against a claim over the interpretation of a facility agreement.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton stands out for its handling of complex cross-border disputes, with matters involving financial and banking regulatory investigations and enforcement featuring heavily in the London practice. Its lawyers have particular knowledge of banking litigation specialisms involving swap transactions, benchmark investigations, freezing injunctions, and insolvency disputes. Jonathan Kelly has significant experience in banking and financial services disputes and regulatory investigations, and Sunil Gadhia's practice encompasses substantial English and international disputes, investigatory, and enforcement work. James Norris-Jones was hired from Herbert Smith Freehills LLP in 2018 and James Brady was recently made partner.
CMS 'fields very hands-on, excellent lawyers'. In addition to acting for banks, the firm has a significant finance disputes practice that acts on high-value finance related claims, and work for international clients on finance disputes is a growth area for the firm. Tom Dane was recently appointed head of the London banking litigation team and Philip Woodfield heads the banking litigation team in Bristol. Other highly rated partners are Colin Hutton and Graeme Mcleod in Edinburgh, as well as Andy Taplin , Jonathan Warne and Luke Pardey. The senior associates to note are Vanessa Whitman, Kushal Gandhi and Mark Davison. Former head of banking litigation in London, Duncan Aldred, has retired from the firm.
Tom Dane; Jonathan Warne
Other key lawyers:
‘Andy Taplin and Jonathan Warne are both first-rate partners.‘
Lloyds Banking Group
- Acted for Stoneriver Aircraft Designated Activity Company as borrower under a facility agreement with Canadian state-owned bank Export Development Canada. The litigation involves alleged breaches of the facility agreement.
- Defended Lloyds Bank against a £50m-plus claim by Premier Motorauctions, which alleged complicity in a fraud.
Cooke, Young & Keidan LLP's 'team comprises a raft of highly motivated and experienced litigators operating in a tight-knit, boutique firm'. The specialist disputes boutique is highly rated for financial dispute resolution and, free of conflicts of interest, it regularly acts against many financial institutions that other firms cannot act against. Philip Young focuses on substantial fraud-related cases, including those requiring urgent injunctive steps. Also highly regarded are Sinead O’Callaghan, Stephen Elam, Daniel Burbeary and senior associate Sam Roberts.
Dentons 'deals with important litigation and has done so for several years'. The financial disputes and investigations group's areas of expertise include wholesale banking disputes involving derivatives, letters of credit, fraud, and professional negligence. It is also experienced in investment banking disputes surrounding structured products, credit default swaps, and financial services regulation. Daren Allen is widely respected for contentious money laundering and bribery and corruption matters. Also key to the team are Richard Caird, Felicity Ewing, and Thomas Leyland. Natalia Fludra is a notable senior associate.
‘Excellent knowledge of the law.‘
‘Dentons is a first port of call for banking litigation, as it is knowledgeable, efficient and friendly. Its advice is always clear and helpful, and the lawyers are quick to respond to any enquiry.‘
‘Thomas Leyland and Felicity Ewing are responsive and pleasant to work with.‘
‘Natalia Fludra is prepared to immerse herself in cases and makes efforts to understand the client’s perspective.‘
Bank of London and The Middle East
- Acted for The Royal Bank of Scotland in a £500m LIBOR claim brought by London Bridge Holdings.
- Assisted Société Générale with a summary judgement application that clarified the law of unjust enrichment.
DLA Piper is well known for complex, high-stakes litigation for its domestic clients across the firm's UK offices, but it has also developed a robust cross-border practice, particularly in relation to fraud and regulatory matters. Jean-Pierre Douglas-Henry is global co-litigation and regulatory chair, Jeremy Andrews is UK co-litigation and arbitration head, and Jamie Curle has extensive experience of cross-border disputes, including structured product disputes, and fraud and asset tracing matters. James Carter and senior associate Dan Jewell are also highly regarded. White-collar crime expert Patrick Rappo was hired from Steptoe and Johnson UK LLP, and Paul Smith left for Harneys in the Cayman Islands.
Jean‑Pierre Douglas‑Henry; Jeremy Andrews
Cyprus Popular Bank Public Co (in Special Administration)
The Royal Bank of Scotland
Bank of London and the Middle East
Standard Chartered Bank
Standard Chartered Bank Kenya
- In one of the largest and most publicly-sensitive cases to emerge from the Cypriot banking crisis in 2011, the team represented Cyprus Popular Bank (in Special Administration) in its attempts to enforce a multi billion-dollar Cypriot freezing order in England.
- Defended The Royal Bank of Scotland against a portfolio of mis-selling cases in relation to interest rate hedging products.
Enyo Law LLP
Enyo Law LLP is 'a fabulous boutique firm in the banking sphere'. The conflict-free, specialist disputes firm has extensive experience in securing and enforcing judgments and awards around the world, regularly liaises with regulators, and advises on potential regulatory issues. Much of Simon Twigden's work is of an international nature, with an increasing focus on matters from the CIS, Middle East and North African regions, and Pietro Marino's practice is particularly focused on high-value commercial fraud, asset tracing, offshore contentious trust disputes, and cross-border disputes in the oil and gas and metals sectors. Also highly rated are Edward Allen and Nick Jones. Lucinda Orr was made partner in 2019, while former counsel Rachel Bennet left for Eversheds Sutherland (International) LLP.
Macfarlanes LLP's 'extremely capable team provides terrific levels of service, expertise and commercial judgement without the eye-watering fees of more recognised firms in this space'. The firm's banking litigation is handled by its financial services and markets dispute resolution group, which advises on disputes and investigations involving banking, finance, and financial services business, including financial crime. Barry Donnelly's financial litigation and arbitration practice encompasses a wide range of international disputes and investigations. Dan Lavender heads the financial services and markets dispute resolution group and is experienced in major multi-jurisdiction litigation, and Matt McCahearty regularly advises on international disputes, investigations, and enforcement matters, including LIBOR, FX and ISDAFIX. Aalia Datoo was promoted to senior counsel in 2019.
Barry Donnelly; Dan Lavender
‘Matt McCahearty is ‘a very considered and intelligent person, who not only has the capacity to get to grips with the legal issues but also grasps clients’ commercial objectives and realities to steer them down the right path.‘
‘Barry Donnelly is among the very best financial services litigators in the London market; his breadth of knowledge and depth of experience allow him to give quick, insightful and practical advice.‘
Reed Smith LLP
Reed Smith LLP advises businesses around the world in complex claims across the financial services sector, including banking, structured finance, derivatives, asset management, regulatory, and other financial services litigation. Richard Spafford has extensive experience of complex financial services disputes and Nick Brocklesby acts for a number of investment banks in high-profile disputes. Charles Hewetson and Tom Webley are also key advisers, along with of counsel George Hoare and senior associate Felicity Dart.
Nick Brocklesby; Richard Spafford
Signature Litigation LLP 'has been outstandingly successful'. The highly specialised dispute resolution firm has a strong focus on large, complex cases that are frequently cross-border. Founding partner, Graham Huntley, is a specialist banking litigator, and Simon Bushell is highly rated for high-stakes Russian and CIS-related disputes. Abdulali Jiwaji has particularly strong experience advising on disputes involving financial products and mis-selling, investigations and disciplinary proceedings, and Julian Connerty is increasingly focused on shareholder and group claims. Rory Spillman and Becca Hogan are the associates to note.
SG Group Claimants
The ECU Group
- Acted for SG Group Claimants, one of the three lead groups of RBS shareholders, which brought claims under the Financial Services and Markets Act against RBS in relation to its failed 2008 rights issue.
- Represented Kazakhstan’s BTA Bank in pursuing the recovery of substantial funds that were siphoned out of the bank by one of its previous executives through various unlawful means.
Stephenson Harwood's 'highly experienced practice' regularly advises on large, high-value and technically challenging disputes, and it has recently assisted with disputes involving alleged interest-rate benchmarking, FX-fixing and mis-selling. Sue Millar and Edward Davis co-run the banking and finance litigation subgroup, and John Fordham is commercial litigation department head. Other experienced partners are Richard Garcia, Donna Newman and Richard Gwynne, while Alina Neal is the senior associate to note.
Sue Millar; Edward Davis
‘The team is very committed. Its main strength is its proactive approach; it anticipates problems that will arise and prepares the line to be adopted well in advance. This has the advantage of avoiding any unpleasant surprises and preparing positions with the benefit of time.‘
‘Richard Garcia is an excellent co-ordinator, who is readily available to respond to clients’ queries.’
‘John Fordham is experienced, amenable and works well under difficult circumstances.‘
IBRC Asset Finance
Bank of America Merrill Lynch
Cyprus Popular Bank Public Co
The Bank of New York Mellon
Bank Sepah International
Raiffeisen Bank International
GLAS Trust Corporation
- Acted in proceedings involving a complex securitisation transaction.
- Acted in a claim against Marex Financial (Marex), an independent commodities broker and trader, and Access World Logistics (Singapore) Pte, in relation to five spot purchase contracts for the sale of nickel under which Marex delivered purported warehouse receipts to Natixis.
Bird & Bird LLP regularly acts in major pieces of high-value and high-profile litigation, and the practice has also experienced growth in banking-related technology disputes. Michael Brown's recent work includes claims involving payment services and the Interchange Fee Regulation, and Jeremy Sharman is co-head of the UK dispute resolution group. Matthew Foote and Matthew Pack are experienced senior associates.
Michael Brown; Jeremy Sharman
Property Alliance Group
Banca Nazionale del Lavoro
- Acted for Property Alliance Group in claims against Royal Bank of Scotland for the mis-selling of interest rate swaps and unlawful manipulation of the LIBOR benchmark.
Brown Rudnick LLP
Brown Rudnick LLP 's large, conflict-free team regularly acts in bet-the- company disputes that frequently span multiple jurisdictions, particularly work arising from offshore jurisdictions, the Middle East and North Africa, and it has acted for various senior individuals in LIBOR investigations. Neil Micklethwaite is dispute resolution managing director and Neill Shrimpton is international litigation practice group leader. Also highly regarded are Jane Colston, Christian Toms,and Nicholas Tse who divides his time between London and Paris. Gerald Byrne is a key counsel.
Neil Micklethwaite; Neill Shrimpton
Threadneedle Asset Management
VR Global Partners
- Acted for Threadneedle Asset Management and Threadneedle Management Services in their defence of a $125m English High Court claim, which was brought by two companies within the Otkritie Group, a Russia financial group. The proceedings include allegations of vicarious liability-related fraud and deceit.
Eversheds Sutherland (International) LLP's disputes experience includes banking law and regulation compliance controversies, co-ordinating case strategy for the cross-border aspects of disputes, fraudulent payment litigation and recoveries, and consumer finance litigation and class action defence. Matthew Allen is co-head of financial services disputes and investigations globally, and Andrew Legg is a senior litigation partner who is highly rated for his litigation and contentious regulatory work, which often contains cross-border elements. Also key to the practice are David Flack, Jennifer Miles and Jake McQuitty. Mariafrancesca De Leo relocated to the firm's Milan office.
‘Top flight banking litigation expertise without the price tag attached to the magic circle. Well versed in handling the very largest banking disputes, some of them involving multiple jurisdictions. Able to resource complex, document heavy litigation flexibly and efficiently for a very demanding and cost conscious client group.’
‘Extensive experience in all areas of financial services means they combine expertise in one place, while offering a range of alternative solutions through their compliance Eversheds Consulting arm and Eversheds Agile contracting arm, meaning solutions can be tailored to specific requirements. We view them as relatively cost efficient compared to firms of comparable capabilities.’
‘Eversheds has some very good individuals who can deal with banking litigation. They are also are a highly efficient and capable litigation practice generally.’
David Flack is entrusted by the biggest banks with defending some of the largest claims against them. Great at master-minding the deployment of resource to ensure the right sequencing on complex projects. Nurtures talent in his team. A positive thinker who is a delight to work with.’
‘Oliver Shipway is developing excellent know how on technical aspects of banking regulation, which are frequently a critical element in claims brought against banks by claimants who are asserting that their losses can be linked to regulatory shortcomings. Recently involved in a Supreme Court case.’
‘Andrew Legg is highly experienced, with a good head for law and litigation.’
Fieldfisher's lawyers have disputes expertise in derivatives and other structured finance transactions, lending, receivables financing, and investment products. The team also assists with disputes involving peer-to-peer lending and cryptocurrencies, and has increasingly worked on contentious insolvency and regulatory-related litigation. Key names to note are Andrew Lafferty, Duncan Black, Kit Jarvis and Aymen Khoury, along with directors Julia Dodds, James Lewis, and senior associate Abdul Sattar.
‘It is evident from the cost-budgeting process that the lawyers at this firm take great care to structure the legal team (both solicitors and counsel) in a way that operates efficiently and delivers the greatest value to the lay client without compromising on the quality of the advice and service provided.‘
‘The team exercises very good judgement about what is acceptable to the Court, resulting in excellent outcomes for client.’
‘Director James Lewis has an excellent command of detail and understanding of the substantive issues in proceedings.‘
‘Kit Jarvis makes valuable contributions in respect of strategy.‘
Dana Gas Sukuk
Greif International Holding
- Acted for Dana Gas Sukuk in a contested Islamic finance restructuring, which involved parallel proceedings in London and the Gulf that gave rise to jurisdictional questions about the appropriate forum, procedure and applicable law.
Jones Day has a strong name in the market for banking litigation. The practice's representative experience includes litigation involving complex bank products and bank failures, as well as international investigations and disputes in relation to the manipulation of foreign exchange markets. Sion Richards is particularly focused on multi-jurisdictional investigations and civil litigation involving major fraud, asset tracing, and corruption investigations, as well as contentious insolvency disputes. Other highly regarded advisers are Adam Brown and Harriet Territt. Former disputes partner Lucas Moore exited for Payne Hicks Beach.
Milbank is experienced in complex, big-ticket banking litigation involving international financial institutions. The practice stands out for its cross-border experience and US capabilities in banking disputes. Julian Stait heads the firm's London litigation and arbitration team, and Charles Evans has substantial expertise in contentious regulatory proceedings and investigations. Other names to note are Tom Canning and senior associate William Charles.
Visa International Service Association
- In potentially one of the largest claims to be brought before the English courts in relation to alleged LIBOR manipulation, the team defended Rabobank against competition and fraud claims brought against Rabobank, Barclays, Bank of Scotland, the BBA, Deutsche Bank, Lloyds, Royal Bank of Scotland, and UBS.
Mishcon de Reya LLP 'has extraordinary depth and experience in UK High Court litigation'. The firm's finance and banking litigation lawyers are best known for their advice on disputes involving corporate finance and private equity. Masoud Zabeti leads the finance and banking disputes group, James Oldnall is 'an excellent litigation professional with a very good track record' and Genevieve Quierin is 'a star within the disputes team'. Also key to the practice are Derval Walsh and Mohammed Khamisa QC, along with managing associates Samantha Kakati, Henry Farris, Edwin Chik, Ian Bean and Polly Blenkin.
Other key lawyers:
‘Acting in numerous high-profile matters, and the firm has particularly strong junior partners.‘
‘Its reputation has been gained from past results in major cases.‘
‘James Oldnall genuinely cares about cases and their outcome.‘
‘Genevieve Quierin is a calm, surgically-precise, savvy operator with exceptional client-management skills and an impressive strategic approach. She is responsive, thorough and always has her eye on the jugular.‘
The ECU Group
Duet Group Limited
Arle Capital Partners
- Acting for The ECU Group, which manages multi-currency loan facilities, in various claims against HSBC entities for unlawful foreign exchange trading practices.
Taylor Wessing LLP is experienced in disputes involving derivatives, mis-selling, CDOs, funds and fraud, and the team frequently assists with cross-border matters. Andrew Howell is head of disputes and investigations, and Laurence Lieberman is contentious financial services head. Tim Strong co-heads the corporate crime and fraud unit, and former co-head of the international disputes and investigations group Shane Gleghorn is managing partner in the UK. The senior associate to note is Emma Allen. Stephen Flaherty left for Nautilus Indemnity Holdings.
Andrew Howell; Laurence Lieberman; Tim Strong
Joint Official Liquidators of Saad Investment Company Limited
Hanjin Shipping Corporation (In Liquidation)
Pramerica Real Estate Capital IV
- Defended boutique investment bank Arundel Group against a damages claim. This was brought by a care home provider for unlawful means of conspiracy and fraudulent misrepresentation in relation to the issue of a series of loan notes.
Collyer Bristow LLP is primarily a claimant firm and conflict-free in relation to disputes with the major financial institutions. The team advises on disputes involving derivatives, Forex, assignment of bank debts, and distressed debt trading, along with syndicated lending, securitisation, and unregulated collective investment schemes. It has also expanded into aviation financing and crypto-currency disputes. Banking and financial disputes group head Stephen Rosen, commercial disputes head Richard Viegas, Janine Alexander and Robin Henry are the principal advisers.
Stephen Rosen; Richard Viegas
Napier Park Global Capital
Trattamento Rifiuti Metropolitani
- Acted for Napier Park Global Capital as junior bondholders in a collateralised loan obligation structure, in a dispute with Barings (UK), the collateral manager, as to whether an incentive fee was payable.
DaySparkes is a specialist litigation boutique firm, where named partners Michael Sparkes and John Day 'actually handle clients' cases, rather than delegating them to inexperienced trainees and associates'. Sparkes heads the banking litigation department, and has handled a number of complex disputes against major international banks. Day specialises in commercial fraud disputes. Gopi Binning is a dispute resolution lawyer within the firm who has extensive experience of advising on freezing orders and other forms of interim relief.
‘It is a boutique firm that has well-known expertise in bank litigation. The team has expert knowledge of the banking industry and explains the intricacies of the law in a clear and concise manner.‘
‘John Day and Michael Sparkes are both seasoned litigators in the financial sector, who bring to bear their considerable experience, attention to detail and client care, and hire the best specialist barristers known to them, when and as required.‘
- Acted for Simon Robinson, former managing director of Remnant Media, in his £50m-plus claim against Lloyds Banking Group and others in relation to the HBOS Reading fraud.
Dechert LLP recently hired Sidley Austin LLP's former global litigation co-head Dorothy Cory-Wright as its commercial disputes head. 'The team has a great deal of strength in terms of intellectual firepower and sector experience' and it frequently acts for commercial and investment banks and financial institutions before the English and international courts. Adam Silver is noted for financial litigation, fraud matters and contentious insolvency, while Stephen Surgeoner and Andrew Hearn are also key advisers.
‘The Dechert team is very strong in the field of banking litigation. It is very commercial in its approach and well resourced, with a good mix of partners and experienced and motivated associates.‘
‘Andrew Hearn is a standout practitioner – one of the very best in the City.‘
‘Adam Silver is particularly impressive and he has great tactical instincts; he gets what the client is really looking for and anticipates issues before they arise.‘
- Advised Franklin Templeton Investment Management on its challenge to an application by the International Bank of Azerbaijan for the recognition of a debt restructuring.
Hausfeld & Co LLP is 'one of the very best firms for taking on the banking giants', and it also covers defence work. The practice recently advised on disputes involving financing, derivatives, and banking misconduct. It has also acted in high-profile cases for corporate claimant groups in relation to securities and claims arising out of LIBOR and FX. Lianne Craig leads the commercial disputes and banking litigation team, of which London office managing partner Anthony Maton, John McElroy and senior associate Simon Bishop are key members. David Lawne was made partner and Lucy Pert was hired from Harbour Litigation Funding.
‘Technically very able – they know their stuff. The lawyers also instil confidence in clients, are very professional, and a pleasure to work with.‘
‘Clients love Lianne Craig’s brilliant and often-inspiring style. She fights hard for her clients, but she does so with diplomacy and judgement, such that she manages the rare feat in litigation of engendering excellent relationships with those on the other side of the table – this undoubtedly means she gets a better result for her client.‘
‘Lucy Pert has quite superb experience and judgement.‘
Liquidator of Ventra Investments
Liquidator of Premier Motor Auctions and Premier Motor Auctions Leeds
- Acted for seven local authorities (LAs) that claim rescission of various lender option, borrower option loans (LOBO) agreed with Barclays between 2005 and 2008. The LAs allege that Barclays made fraudulent LIBOR-related representations, which induced the LAs to enter into the LOBO loans.
Humphries Kerstetter LLP
Humphries Kerstetter LLP acts for, as well as against, banks. The practice advises clients from sectors such as financial services, energy, defence, insurance, IT, telecoms, media, and construction. Mark Humphries, Kristopher Kerstetter, Christopher Braithwaite and James Russell are all experienced advisers. Toby Starr was hired from Starr Legal, and of counsel Robert Javin-Fisher joined from Herbert Smith Freehills LLP.
Mark Humphries; Kristopher Kerstetter
‘Exceptional Magic Circle capability for litigation, combined with a pragmatic commercial approach and more realistic charging levels.‘
‘Mark Humphries has first-class advice skills.‘
One Blackfriars (in liquidation)
Marfin Investment Group
- Represented groups of merchants in their claims against MasterCard and Visa for overcharging on interchange fees.
Kingsley Napley LLP's cross-practice team specialises in the full spectrum of criminal, regulatory and civil contentious matters across the banking arena. It acts in claims against banks, financial advisers and other investment bodies, and has particular experience in investor and mis-selling claims, fraud-related disputes and fraudulent misrepresentation. Richard Foss leads the dispute resolution practice, of which Sue Thackeray, William Christopher, Ryan Mowat and Fiona Simpson are key members.
- Defended Madiyar Ablyazov (MA) against BTA Bank’s claim against MA (and his father) that a sum of money given to MA should be released to BTA in part payment of judgments obtained against MA’s father.
Morgan, Lewis & Bockius UK LLP advises banks and financial institutions on disputes that arise from complex financial instruments, lending and retail products. The practice also assists banks and senior executives with investigations and enforcement issues, including financial regulation, insider trading and market abuse, fraud, corruption and sanctions, as well as other financial crime issues involving international regulators and prosecuting agencies. Chris Warren-Smith and Melanie Ryan head the team, and Peter Sharp is also highly rated.
Melanie Ryan; Chris Warren-Smith
Other key lawyers:
Morrison & Foerster LLP is well known for complex, international disputes and investigations involving banking and finance components. Jonathan Wheeler's expertise includes international fraud and asset tracing, investigations, international trust litigation, and contentious insolvency. Other key advisers are Gemma Anderson and Paul Friedman. Shawna Pasquale is the associate to note, and of counsel Saqib Alam, who specialises in regulatory compliance and investigations, joined from Debevoise & Plimpton LLP.
Liquidators of Saad Investments Company
- Acted for the liquidators in the highly complex $9.2bn liquidation of Saad Investments Company, which raised a number of jurisdictional issues.
PCB Litigation LLP regularly acts against the major Western banks, and the practice has a strong reputation for acting for banks from Russia and the CIS. Anthony Riem, Trevor Mascarenhas and Jon Felce are the main advisers.
Anthony Riem; Trevor Mascarenhas
Other key lawyers:
‘Unparalleled expertise of complex fraud disputes, including in the banking sphere, particularly with Russian and East European banks.‘
‘Well able at a lower overhead to go toe-to-toe with larger firms in fraud disputes.‘
‘Trevor Mascarenas is a good strategist, with encyclopaedic knowledge of fraud law.‘
‘Anthony Riem is very experienced and rightly gains fraud claim clients’ trust.‘
Bank of Moscow
Drum Risk Management (in administration)
- Acted for Walid Giahmi in the defence of a $100m-plus claim brought by the Libyan Investment Authority. This related to the acquisition of notes issued by Bear Stearns, which were allegedly procured through bribery and intimidation.
Penningtons Manches LLP recently announced its merger with Thomas Cooper - known for its work in shipping, international trade and international arbitration - to become Penningtons Manches Cooper LLP. The practice 'has one of the strongest teams in banking litigation among the mid-size firms'. It has particular expertise in high-profile swaps litigation and has been increasingly instructed on financial institutions-related litigation involving The International Centre for Settlement of Investment Disputes. Alex Fox is business and finance disputes head, Rustam Dubash leads the commercial dispute resolution group, and David Niven heads the firm's growing group litigation work. Philip D’Costa and Dan Hyde are also key advisers, while Emma Davies, who divides her time between the London and Oxford offices, and David O’Brien are the senior associates to note.
Alex Fox; Rustam Dubash
‘They are able to handle the very largest cases with aplomb.‘
‘Alex Fox will find a way forward in the most challenging of cases.‘
‘David Niven’s ability to deliver reality checks helps his clients have an early understanding of the strengths and weaknesses of their position.‘
‘Senior associate Emma Davies is very good.‘
‘Senior associate David O’Brien is a rising star and a great communicator.‘
Scarborough Group International
General Practitioners Defence Fund
- Advised Scarborough Group in one of the largest claims brought against the Bank of Scotland for losses brought about by fraudulent LIBOR manipulation.
Pinsent Masons LLP's 'extremely sound and measured team' regularly advises major banks on high-profile litigation, including cross-border disputes, indirect taxation matters involving banking clients, and major claims against banks. It has also built a robust capital markets and derivatives litigation practice. Stuart McNeill, Edinburgh-based Jim Cormack, and legal director Mike Hawthorne are the principal advisers.
Jim Cormack; Stuart McNeill
Other key lawyers:
‘Very responsive and prompt, with deep knowledge of the financial products in dispute. The team also has a practical and proactive approach to the litigation process, as well as a good commercial approach that makes its costs very competitive.‘
‘Mike Hawthorne and Stuart McNeill form a great team, which is very focused on client needs. They have outstanding knowledge of derivatives contracts and a very practical approach to case management.‘
Allied Irish Bank
- Acted for Portuguese bank Novo Banco in the first English court case addressing the scope of the EU’s 2014 Bank Recovery and Resolution Directive.
Squire Patton Boggs has significant expertise in litigation involving structured finance, often involving multiple jurisdictions, international fraud and asset tracing claims – particularly issues arising from Russia and other CIS countries – asset finance, and crypto-asset disputes. Anthony Taylor , who splits his time between the London and Manchester offices, heads the UK litigation team. Gareth Timms is noted for multi-jurisdictional banking disputes and has extensive experience in obtaining injunctive and ancillary relief, and Chris Webber is a specialist in financial services disputes and regulatory investigations. Nicola Phillips was made partner, while the associates to note are Victoria Drury and Katherine Wakeham. Former UK head of litigation Laurence Winston and former London managing partner Robert Weekes both left for Crowell & Moring.
Withers LLP's relatively conflict-free practice has 'expertise in banking litigation that is a useful complement to the firm's private client practice'. It acts for both high-net-worth individuals and small companies in international banking litigation disputes. The names to note are global dispute resolution division CEO Peter Wood, Andrew Wass, Christopher Coffin, Harvey Knight, Roberto Moruzzi, and Eleni Polycarpou.
‘One of the best choices for large-scale litigation against banks; the team is able to compete with the Magic Circle firms.‘
‘Andrew Wass is calm, unflappable, and deeply knowledgeable about the law and sector.‘
‘Eleni Polycarpou is a skilful lawyer who really cares about achieving the best results for her clients.‘
Vladimir Ivanovich Galagaev & others
- Represented 79 claimants in a high-value claim for fraudulent misrepresentation and conspiracy in connection with the sale of loan notes and the collapse of a Russian bank.
Burges Salmon LLP is 'excellent at every level'. The practice acts for banks in disputes involving facilities, derivatives and hedging, securitisation, acquisition finance, investment funds and professional negligence. It has particular experience in the mis-selling of financial products and services as well as advising on investigations. Bristol-based David Hall is dispute resolution head, Kari McCormick is financial services sector head, and Andrew Burnette regularly acts for banking clients in recoveries and professional negligence and fraud claims. Caroline Brown is an experienced senior associate.
David Hall; Kari McCormick
‘Andrew Burnette is an excellent lawyer.‘
Nationwide Building Society
The Co-operative Bank
Royal Bank of Scotland
Financial Services Compensation Scheme Limited
National Westminster Bank
Sarasin & Partners
- It recently acted for the Financial Services Compensation Scheme in concluding a long-running and significant recoveries action involving PPI mis-selling and unfair relationships.
Clyde & Co LLP's client list includes financial institutions, corporations and individuals, and its representative banking litigation experience frequently involves multi-jurisdictional matters. The team has particular disputes expertise in relation to derivatives and interest rate swaps. Neil Jamieson's practice includes asset tracing, James Cooper has extensive experience in acting for directors, officers and financial institutions in contentious matters, and Helen Rowlands advises on regulatory investigations and disciplinary issues, as well as international banking and finance disputes. Andrew Foster is also a key adviser.
DAC Beachcroft LLP
DAC Beachcroft LLP advises on complex, high-value disputes and regulatory work in the banking and financial sector, including multi-jurisdictional investigations and bribery and corruption issues. The practice's disputes work frequently involves international dimensions in relation to Italy, Russia and Latin America. John Bramhall acts both for and against financial institutions in complex disputes involving the mis-selling of complex financial products and fraud and regulatory investigations. Jonathan Brogden and Richard Highley are also key contacts.
Delta Capital International
CMC Markets UK
Banca Monte dei Paschi di Siena
- Acted for CMC Markets, a spread betting provider (and its worldwide subsidiaries) in a fraud and conspiracy claim against the group’s chief commercial officer.
Fladgate LLP's scope of practice includes recovery litigation, insolvency, fraud, payment systems, mis-selling matters, claims against professionals, and disputes between banks. Steven Mash is known for his focus on claimant matters against large institutions. He also defends clients against actions brought against them and is a civil fraud specialist. Bree Taylor heads the dispute resolution team, of which Simon Ekins, and Alexander Wildschütz are key members. Simon Brew left for TWM Solicitors LLP.
Foot Anstey’s banking litigation practice is experienced in disputes involving commercial lending, credit, currency, guarantee, security and recoveries. The team also defends fraud-related claims and assists with disputes over the conduct of receiverships. Bristol-based Mark Rhys-Jones and Steven Richards in Exeter are the principal contacts. Former CMS senior associate James Gliddon, who is a banking and financial services litigator, joined the Bristol office as partner.
Bank of Scotland
- Advised Bank of Scotland on its defence against a high-value claim which arose from a currency dispute.
Gowling WLG acts in high-profile regulatory matters, including LIBOR and FX claims, and frequently assists with disputes involving structured finance, restructuring, and fraud. James Sidwell has extensive experience in banking and finance litigation, as well as contentious regulatory issues. Director Catherine Naylor, principal associate Verity Barker, and senior associate Sean Adams are also key contacts.
JP Morgan Ventures Energy
JP Morgan Chase Bank
First Peninsula Trustees and Port of Hercules Trustees
Liquidators of Durant International and Kildare Finance
- Defended JP Morgan Ventures Energy against a claim commenced in the English Commercial Court by a Swedish natural resources company, which alleged breach of commercial contracts. The case gave rise to significant questions on jurisdiction and procedure.
Jenner & Block LLP
Jenner & Block LLP 'has a very experienced group of litigators, who have the experience and ability to deal with large banking disputes'. The team focuses on complex litigation matters for and against banks and hedge funds. Christian Tuddenham acts in high-profile cases in the financial services sector, and Jason Yardley's practice includes contentious insolvency and fraud matters. Elizabeth Shimmin was made partner in 2019.
‘The partners are exceptionally hardworking and hands-on, and fully on top of the detail. The firm has strong practitioners at all levels of seniority and is well-placed to handle big-ticket litigation.‘
‘Christian Tuddenham is a very good strategic thinker.‘
‘Jason Yardley is a standout individual in this field, who is an extremely clever, hands-on and creative lawyer.‘
‘Elizabeth Shimmin is also a fantastic partner; she has great commercial judgement, drafts extremely well and is excellent with clients.‘
Cruz City 1 Mauritius Holdings
The liquidators of Singularis Holdings
- Acted for Cruz City 1 Mauritius Holdings in a worldwide action against the Unitech Group, one of India’s largest real estate groups, to enforce an award valued at approximately $500m.
K&L Gates LLP
K&L Gates LLP is well known for its litigation experience in relation to real estate finance, banking-related professional negligence, structured finance, and white-collar and regulatory-related investigations and insurance coverage-related disputes in the banking sector. Anne McCarthy is noted for real estate finance litigation and banking and insolvency work, John Magnin is 'exceptionally easy to work with and pragmatic', Sarah Turpin is an insurance coverage dispute expert, and Clare Tanner is an experienced special counsel.
John Magnin; Anne McCarthy
US Bank Trustees
Joint Receivers of the Axiom Legal Financing Fund
- Represented CSC Trustees, as security agent, on appeal in rectification proceedings.
Locke Lord LLP
Locke Lord LLP's team is 'very knowledgeable and able to use other departments to offer a full service to clients' business'. Kevin Heath is highly regarded for asset and consumer finance litigation, including cross-border asset recovery, leasing insolvencies, and fraud. Joanne Davis' practice includes asset and motor finance asset recoveries and finance litigation.
Other key lawyers:
‘They are commercially minded and happy to listen to clients’ ideas and create a collaborative approach.‘
‘Standout lawyer Kevin Heath is tenacious and really champions cases. It is evident that the client is of the utmost importance and he draws on his experience to assist while always appearing up-to-date on cases.‘
Close Brothers Asset Finance
ING Lease (UK)
- Acted for Liberty Leasing (Liberty) in court proceedings in Miami to obtain an order for the delivery up of high-value vehicles, which were exported without Liberty’s consent.
Teacher Stern LLP has a largely conflict-free platform and 'a lot of experience in banking litigation'. Head of financial services dispute resolution, Philip Rubens, is widely respected for large-scale actions against the banks for the mis-selling of financial products, and David Bowman is an experienced senior associate.
Other key lawyers:
‘Philip Rubens is very experienced in banking litigation. He is also a creative thinker and sees opportunities for arguments where others might not.‘
‘David Bowman is a very hands-on senior associate who is a safe pair of hands to run a case.‘
Connexion Capital LLP
- Multi-party litigation on behalf of approximately 135 claimants against Barclays and the Bank of Scotland in relation to a shared appreciation mortgage product.
- Representing Connexion Capital in its dispute with entities and individuals from the Red Kite family of investment companies in relation to fees payable following the referral of investors into Red Kite funds.
TLT's focus is on retail, commercial and wholesale banking litigation and investigations. Andrew Lyon specialises in disputes involving professional negligence and fraud claims, business and corporate recovery, product mis-selling, and bank security issues. Also key to the practice are London professional negligence head Peter Richards-Gaskin, Russell Kelsall, and Paul Gair. Michael Ruck was hired from Pinsent Masons LLP, while Michael Isaacs left to lead BT's in-house litigation team.
Andrew Lyon; Peter Richards-Gaskin
‘Paul Gair is very commercial and pragmatic in the advice he gives to clients; possesses real expertise in the conduct of complex multi-party litigation.’
‘Peter Richards-Gaskin can be relied on to master every aspect of the case.’
‘Claire Kershaw is a hugely impressive and hardworking solicitor who is totally committed to achieving the best outcome for the client.’
Royal Bank of Scotland
Bank of Baroda
Bank of India
State Bank of India
Punjab National Bank
- Advised a consortium of 13 Indian banks on registering and enforcing a £1bn-plus Indian judgment in England against a high-profile Indian businessman.
Wallace LLP is a conflict-free firm that 'has considerable commercial and litigation experience'. It regularly litigates against banks and financial institutions in relation to complex, domestic, and multi-jurisdictional banking and financial services disputes. Alexander Weinberg has particular expertise in high-value disputes involving financial institutions and hedge funds, including those under the International Swaps and Derivatives Association Master Agreement. Craig Thompson and Oli Goldman are also highly rated.
‘A boutique firm that really punches above its weight. It has clever, commercially-minded lawyers with good judgement, who are also really fun to work with.‘
‘Alexander Weinberg is tremendously bright and has acute commercial judgement. He is a good choice for clients who want a personal service but with Magic Circle brainpower.‘
‘Oli Goldman is a determined litigator and a very effective negotiator during top-dollar cases.‘
Muhammad Ammar Khan
Kenplaid, Kirkhollow and Keybank
- Defended, together with US co-counsel, Dubai-based independent equities and derivatives trader, Muhammad Ammar Khan, against US proceedings commenced by the Securities Exchange Commission for alleged insider trading.
Watson Farley & Williams LLP
Watson Farley & Williams LLP's banking litigation practice benefits from the firm's widely respected finance work, particularly asset and trade finance. The team regularly advises banks on issues arising out of restructurings and insolvencies, and it also acts against banks. Other areas include investment bank-related disputes surrounding derivatives, capital markets, bondholders, and trade finance. Maritime litigator Charles Buss, along with Andrew Ward, Andrew Hutcheon, Thomas Ross, and Rob Fidoe are the key advisers. Former litigation and arbitration head Andrew Savage left for McDermott Will & Emery UK LLP.