Banking litigation: investment and retail in London
With a track record for guiding leading financial institutions through a range of contentious issues from large disputes to regulatory investigations, Allen & Overy LLP 'is very often the first port of call when problems arise'. It is highlighted as 'one of the leading firms in the City for banking litigation' and benefits from the ability to leverage its transactional and non-contentious banking and finance practices both in the UK and internationally. Calum Burnett, who has a strong contentious regulatory practice, leads the team which also includes Arnondo Chakrabarti ,who combines banking litigation, contentious regulatory and corporate crime expertise. Andrew Denny has been particularly active in defending lenders involved in misselling and IBOR (Interbank lending rate) manipulation claims, while 'up and coming star' Mahmood Lone focuses on derivatives disputes. Other names to note include consultant Peter Watson and recently promoted counsel Helen Biggin, who handle aircraft finance disputes, and counsel Oliver Rule who handles finance litigation with a focus on insolvency and trustee disputes. Mona Vaswani and Marc Florent left the team to join Milbank and Baker McKenzie respectively.
‘Almost certainly the top investment banking litigation practice in London. A&O has deep relationships with numerous investment banks, with the consequence that it is very often the first port of call when problems arise’
‘Very experienced and capable in banking litigation.
‘Mahmood Lone is an up and coming star in the field of banking litigation. Very hands-on, very knowledgeable and calm under pressure. Able to run large and small cases with ease’
‘Allen & Overy are one of the leading firms in the City for banking litigation’
‘Arnondo Chakrabarti is a tough litigator who fights hard for his clients’
‘Andrew Denny is very bright and hands on – a deep thinker who immerses himself in the detail of the issues’
‘Arnondo Chakrabarti is calm and unflappable, excellent at probing and evaluating the strategic options’
HSH Nordbank AG
- Defending Citibank in a claim brought by institutional investors (including Allianz Global Investors, Pimco and Brevan Howard) alleging anti-competitive conduct in the foreign exchange markets.
- Representing a major bank in litigation in England and Italy relating to a series of complex, high-value transactions with another bank. This includes civil litigation claims in both jurisdictions, as well as criminal, administrative and employment proceedings.
- Acted for four banks (HSH Nordbank AG, Bayerische Landesbank, ING Bank and Caixa D’Estalvis) as the second to fifth defendants in a €996m claim brought by Marme Inversiones alleging implied misrepresentation and IBOR manipulation.
Clifford Chance LLP's banking litigation team is 'one of the key ports of call for the biggest banks engaged in their highest-value and most high-profile disputes'. It advises on a full range of contentious matters including regulatory investigations, misselling claims and derivatives disputes, and attracts praise for its 'technical knowledge and understanding of banking products and transactions and of the domestic and international regulatory environment'. The 'vastly experienced' Ian Moulding leads the practice, in which Simon Davis — who is the current president of the Law Society — and Roger Best who is 'someone to trust with the most difficult of problems' are key members. Helen Carty and Christopher Yates both specialise in multijurisdictional matters, while Yates is particularly strong for finance disputes involving investments in developing economies. Other names of note include recently promoted partners Kate Scott (who counts follow-on litigation from regulatory investigations and fintech sector disputes among her areas of specialism) and Lindsay Bickerton, who combines banking and aviation sector disputes experience, and senior associate Stephanie Huts who handles banking and insolvency litigation.
Other key lawyers:
‘Unrivalled level of technical knowledge and understanding of the banking products and transactions they deal with, and of the domestic and international regulatory environment in which their clients operate, combined with true legal expertise in the field. Truly first class’
‘Roger Best has an extraordinary level of experience, and is still as energetic and involved as ever. Dedicated, wise, decent – he’s someone to trust with the most difficult of problems’
‘Stephanie Huts has an excellent combination of legal knowledge, commercial nous, energy and client engagement’
‘Ian Moulding is vastly experienced in taking on big and difficult cases. Good at assembling and managing large teams. Able to take big decisions in major litigation
‘Chris Yates is an energetic and highly capable litigator who is fun to work with. Super-smart and dedicated and does not waste time in getting to the core of the matter’
‘Matthew Newick is a top litigator with excellent legal acumen and a commanding presence that gives reassuring comfort to clients and leaves opponents appropriately shaken. A sharp, no-nonsense type of partner with fantastic legal skills – and a great sense of humour’
‘ An excellent and highly-experienced team, with superlative quality from trainee to partner. This is one of the key ports of call for the biggest banks engaged in their highest-value and most high-profile disputes’
Guy Burkitt is a star on the rise. Clever, careful, independent-minded, hard-working to a fault and with excellent client skills. He is the full package.
‘Kate Scott has the ability to manage a large team of associates covering numerous inter-dependent workstreams. Excellent client skills’
Bank of America
ICBC Standard Bank
- Defending Deutsche Bank in a claim in excess of €800m brought by Vestia, one of the largest Dutch housing associations, in relation to derivatives transactions it entered into with Deutsche Bank.
- Acting for ING Bank in a Commercial Court action brought by Oversea-Chinese Banking Corporation Limited alleging that ING’s Asian subsidiary failed to correctly account for the closeout of certain derivatives entered into with Lehman Brothers prior to the sale in 2009 of ING’s Asian private banking business to OCBC.
- Advising a global financial institution in connection with a shareholder group claim. The claim concerns disclosures made by the institution in relation to regulatory findings in the US and is the first claim brought under both section 90 and section 90A concurrently.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP's banking litigation team is 'at the top of their game with significant strength in depth'. The group attracts praise for having the 'resources to manage cases of every size' and is particularly well known for defending financial services-related class actions. Its impressive team of litigators also has the ability to leverage its financial services regulatory and corporate crime practices in complex disputes and investigations. Damien Byrne Hill leads the dispute resolution group across the UK and US, while Rupert Lewis is the head of banking litigation in London and Simon Clarke jointly heads the global bank sector group. Chris Bushell, Julian Copeman, Natasha Johnson and the 'truly excellent' John Corrie are other are key contacts of note. Senior associates Ajay Malhotra and Emma Deas are noted for regulatory investigations and civil claims arising from investment and retail banking products respectively. Harry Edwards relocated to the firm's Melbourne office while Donny Surtani moved to Canada but remains a consultant to the team.
Other key lawyers:
‘Herbert Smith Freehill’s (HSF) exceptional banking litigation practice stands out in the market. They always seek to be progressive and proactive in the way they manage their relationships. You would always expect to see HSF involved in any major banking or financial services and regulatory matter. They are at the top of their game with significant strength in depth.‘
‘The team comprises highly capable, knowledgeable lawyers – if you have a complex legal issue requiring analysis and assessment, this is the place to come.’
‘Herbert Smith Freehills has the leading banking litigation team in the City, bar none. They are the first port of call for a number of banks and financial institutions.’
‘Chris Bushell is a driven and highly impressive lawyer who knows how to win a case! Rupert Lewis is a charming and debonair litigator.’
‘Simon Clarke is a standout banking litigator with strong subject-matter expertise and tactical nous.’
‘Rupert Lewis leads the team with skill and an infectious enthusiasm and energy. His extensive experience is apparent and he is someone that instantly commands respect. A pleasure to deal with.‘
‘Senior associate William Turner is very able on procedural and substantive issues, extremely pleasant to deal with and is always thinking one step ahead. He is one of the best associates I have worked with to date.‘
‘John Corrie is one of the most knowledgeable and energetic litigators I have ever worked with. He is a truly excellent lawyer and I would have him at the coalface with me in all my banking cases if I could.’
- Defended Lloyds Banking Group (LBG) in a securities litigation class action brought by over 5,000 retail customers and 250 institutional investors against both LBG and a number of former senior executives.
- Representing UBS AG in a large number of claims which allege breach of duty of care in connection with alleged referrals and recommendations to participate in film finance schemes.
The financial services litigation and investigations team at Hogan Lovells International LLP attracts praise for its 'rich experience based on a well-established banking practice'. It acts for global banks and financial institutions in a range of disputes and counts benchmark manipulation, consumer finance, aviation finance and structured products among its areas of expertise. Practice head Louise Lamb has particular experience in consumer finance disputes, she also handles a range of cross-border matters and leads the Africa disputes practice alongside Whiston Bristow. Philip Parish and John Tillman are highlighted for their expertise in derivates disputes and contentious insolvency work respectively. The group's 'great depth of talent' also includes regulatory enforcement and internal investigations expert Arwen Handley (who joined the team from UBS), the 'brilliant' recently promoted partner Jennifer Dickey and counsels Hannah Piper and Oliver Humphrey.
Other key lawyers:
‘Hogan Lovells’ banking litigation team are simply first rate. Super-bright, responsive and exhibiting sound judgement.‘
‘Hogan Lovells has a great depth of talent, and a rich experience based on a well-established banking practice with particular expertise in LIBOR and other matters. It would be hard for any firm to match this depth and detailed understanding.‘
‘Really great team provides quality at all levels. Hogan Lovells really train their trainees and associates well and show them what it means to be a good litigator. I love working with them.‘
‘Philip Parish is enormously experienced and a very steady pair of hands.‘
‘Jennifer Dickey is brilliant.‘
‘John Tillman is a star. Softly spoken and easy to underestimate, he combines fiercely sharp intellect with excellent client skills and a clear strategic view.‘
‘Whiston Bristow is one of the brightest partners I have worked with. He’s extremely hard working but does not lose sight of either the big picture or the detail. Very strategic.‘
‘Oliver Humphrey is a star in the making: clever, mature beyond his experience, able to sift the important from the unimportant, hardworking and clear in expression.‘
- Representing administrators of Lehman Brothers Holdings Plc in two heavily contested, multi-party High Court applications concerning the distribution of substantial sums by two insolvent Lehman UK estates.
- Successfully defended Mortgages Plc and various other companies (all of which are part of Bank of America Merrill Lynch) against an attack on a retail mortgage backed securitisation by Kilimanjaro Asset Management Limited, which claims to be entitled to the legal and beneficial title to the £450m of underlying assets in the mortgage portfolio.
- Successfully defended NAMA against a claim that it had failed properly to exercise £50m of interest rate swaptions in 2012.
Linklaters LLP's banking litigation practice acts for an impressive roster of leading financial institutions on complex litigation and regulatory disputes. It works cross-practice with its impressive non-contentious banking and finance teams and leverages its international colleagues in cross-jurisdictional disputes, with clients stating that 'the quality of the advice, and its clarity, does not differ regardless of the jurisdiction you're working with'. Christa Band, who assists leading banks and financial institutions with crisis management, regulatory investigations and enforcement proceedings, leads the team. Patrick Robinson specialises in fund and private equity disputes, while Rory Conway has particular expertise in contentious insolvency matters. For contentious regulatory issues Alison Wilson and Susana Cao Miranda are other key contacts and for fraud and regulatory investigations Andrew Hughes is noted.
‘The Linklaters team works well across jurisdictions and a key strength is that the quality of the advice, and its clarity, does not differ regardless of the jurisdiction you’re working with’
‘Tom Lidstrom is calm, pragmatic and a strong strategic thinker’
‘Andrew Hughes is an excellent banking litigator to have in your corner in a difficult case.’
Lehman Brothers International (Europe) (In Administration)
Bank of East Asia
Deustche Bank AG
Novo Banco S.A. and NB Finance Limited
Bank of New York Mellon SA
- Acted for Lehman Brothers International in a dispute with Exotix Partners LLP regarding the correct interpretation of a disputed debt trade involving a sale by LBIE to Exotix of Peruvian Government Global Depository Notes.
- Defending Bank of East Asia against an unfair prejudice petition brought by Elliott International and its associates in the Hong Kong High Court.
- Representing Deutsche Bank AG in a claim brought by the State of the Netherlands relating to the interpretation of an ISDA Credit Support Annex in a negative interest rate environment.
Slaughter and May
Slaughter and May's banking litigation practice is 'one of the strongest teams in the market' with a 'deserved Rolls-Royce reputation'. It has 'excellent strength in depth, huge sector expertise and excellent individuals' who handle a full range of domestic and cross-border banking litigation and work closely with the firm's strong global investigations team. Sarah Lee 'is among the best in the field' and leads a group which also includes Deborah Finkler , who has 'immense experience' of acting for major financial institutions; Jonathan Clark, who has particular experience in derivatives disputes and regulatory investigations, and 'excellent junior partner' Camilla Sanger , who frequently defends class and group action claims. Ewan Brown and senior associate Peter Wickham are also active in this space.
Other key lawyers:
‘Deserved Rolls-Royce reputation. Very strong and committed partners, an ethos of doing things properly, with a more practical and down-to-earth approach than might be expected from the firm’s exclusive reputation.‘
‘One of the strongest teams in the market. They are very much a firm with whom it is a pleasure to work, and whom you don’t want to see on the other side. They have a great depth of experience in the biggest and best cases, and they have an excellent and very large team, meaning they can quickly and easily deal with any issue arising. .‘
‘Deborah Finkler has immense experience and offers incisive advice in complex, high profile disputes.‘
‘Edward Coles is a standout associate, super judgement and highly energetic.‘
‘Efstathios Michael is definitely one of the best in the game. Super smart, super judgement, super committed to the clients’ cause.‘
‘Sarah Lee is among the best in the field.‘
‘Deborah Finkler is the doyenne of banking disputes.‘
‘Camilla Sanger is an excellent junior partner.‘
Standard Life Aberdeen
JPMorgan Chase Bank
Standard Chartered Bank
Mercuria Energy Europe Trading Limited
- Defending JPMorgan Chase in claims brought against multiple banks relating to cartels in the FX market.
- Acting for Swiss bank Banque Pictet which is among a number of defendants in a very large Commercial Court claim by a foreign public authority alleging bribery and dishonest assistance.
- Advised Standard Life Aberdeen on a contractual dispute with Lloyds Banking Group relating to investment management agreements in respect of some £10bn worth of assets.
The financial litigation team at Addleshaw Goddard handles 'the full spectrum of banking work', including derivatives and structured products litigation as well as financial crime and payments fraud. It has also 'developed a strong FinTech side to its offering' for which James Herring and the 'dynamic and entrepreneurial' legal director Sivan Daniels are the names to note. Michael Barnett 'skilfully and effectively' leads a team which works closely with colleagues across its national and international network. Other names to note include Richard Clayton (who has 'great knowledge of industry practice') and managing associate Alex Unger who 'is another of the up and coming stars'.
‘Have forged strong working relationships with banks and are trusted with their larger mandates as a consequence. Covering the full spectrum of banking work including the crossover with regulatory aspects, they have developed a strong FinTech side to their offering through James Herring. We would always expect the AG team to be involved in any significant banking dispute.‘
‘The team is skilfully and effectively led by the experienced Michael Barnett. He is generous with his time and the results are there to be seen‘
‘Sivan Daniels is seen as one of the hottest up and coming stars in London. He has great client relationships and is both dynamic and entrepreneurial. He manages a heavy caseload and supports the transactional division, but always get things done.‘
‘Richard Clayton is clear thinking and has great knowledge of industry practice. James Herring is superb with clients.‘
‘Alex Unger is seen as a Rolls Royce lawyer to work with on trials. He easily and comfortably can be left in command of cases to achieve fantastic results in a wide range of matters.‘
‘Richard Clayton is very experienced and has excellent judgement about which cases to fight and which to settle. He gives clear, sound advice on the merits from the very outset. Major financial institutions value his shrewd and nuanced advice that takes account of the detail of the case in question, but also the wider strategic picture for the institution.‘
Bank of Scotland
Netherlands Development Finance Company (FMO)
Kommunale Wasserwerke Leipzig
Financial Services Compensation Scheme
- Acting for RBS in its defence of a £100m claim brought by a wealthy property developer.
- Defending RBS in claims brought by some former shareholders of Bowlplex PLC who allege that RBS engaged in an unlawful means conspiracy to deprive the shareholders of their equity in the company.
- Advising multiple UK banks in connection with litigation and contentious issues with a financial crime aspect.
The contentious financial services group at Ashurst attracts praise for its 'innovative and client-friendly approach', 'great technical know-how' and 'deep knowledge of the banking sector'. The group is led by the 'extremely clever and experienced' Lynn Dunne and handles banking and contentious regulatory disputes, as well as insolvency and restructuring disputes. Other names to note include Jon Gale, senior counsel James Levy and former prosecutor Ruby Hamid who joined from Freshfields Bruckhaus Deringer LLP , adding investigations, white collar crime, compliance and risk management expertise. While retired from the partnership, Edward Sparrow continues to act as a senior consultant at the firm.
‘Deep knowledge of the banking sector with well resourced teams able to deliver on substantial cases spanning multiple areas of expertise’
‘Lynn Dunne is extremely clever and experienced; she is committed to getting results for her clients’
‘Ashurst has a very strong banking litigation team, with an innovative and client friendly approach, but also great technical know how. They compare well to all other firms, including the magic circle’
‘Lynn Dunne is an experienced and determined litigator, who is well able to handle difficult and demanding engagements on behalf of clients. She always fights her client’s corner’
Daiwa Capital Markets Europe Limited
Cerberus Capital Management L.P.
Close Brothers Asset Management
Premium Credit Limited
The Royal Bank of Scotland Public Company Limited
- Defended Daiwa Capital Markets Europe Limited against a US$200m claim in the Supreme Court involving allegations of dishonesty and breach of duty and the Quincecare duty.
- Advised National Westminster Bank Plc in a legal dispute between India, Pakistan and the two grandsons of the former ruler of Hyderabad over the ownership of approximately £35m.
- Acting for Premium Credit Limited in seeking recovery from over 40 NHS surgeries for fees owed under services agreements between third party providers and the surgeries for the provision of locum doctors after the providers were placed into administration.
Praised for its 'ability to think outside the box for creative settlement and tactics', Boies Schiller Flexner (UK) LLP's banking litigation team acts for leading banks, hedge funds, investment banks and money managers in a range of disputes. Managing partner Natasha Harrison is 'just brilliant' and leads a team which also includes the 'superb' Fiona Huntriss. Complemented by its strong transatlantic practice, it has continued to bolster its impressive London team with the addition of Tracey Dovaston from Barclays, who adds depth of contentious financial services regulatory, internal investigations and disputes experience. Other names of note include recently promoted counsel Michael Jacobs, who is particularly active in contentious insolvency and restructuring matters, and associate Nick Turvey who joined from Akin Gump LLP and focuses on finance, fund and corporate insolvency litigation.
‘Very strong indeed, particularly at partner level, with good attention to detail and ability to think outside the box for creative settlement and tactics’
‘Fiona Huntriss is superb. She gets into the detail to an exceptional level and has an instinctive knowledge of the right pressure points for the other side’
‘Natasha Harrison is superwoman! Not only does she run the firm with aplomb, but she also gives laser focused attention to clients’
‘Very nice people! Excellent lawyers, hard working and super reputation’
‘Fiona Huntriss is A SUPER STAR! I adored working with her from start to finish. She did the work on budget, on time and it was excellent. Straight talking, commercial and read her client very well. She is also a great role model for younger female associates’
‘Natasha Harrison is just brilliant’
Farallon Capital Management
Davidson Kempner Capital Management
Coast Capital Management
- Representing Barclays Bank and Farallon Capital Management as holders of Enhanced Capital Advantage Preferred Securities issued by various Lehman Brothers entities in 2005-2006.
- Representing Barclays Bank in potential claims of £180m from investors in the Eclipse Film Finance Scheme who allege fraudulent misrepresentation in relation to the scheme.
- Acted for Davidson Kempner European Partners in multi-jurisdictional enforcement proceedings relating to an unsecured $100m arbitration award against the India-based minerals producer, Ashapura Minechem.
Latham & Watkins' financial services litigation team acts for an impressive breadth of financial services clients including established leading investment banks, wealth and asset managers and new market entrants. With a strong international network and US-presence, the group is particularly adept at handling cross-jurisdictional litigation and counts disputes arising from regulatory investigations and in defending multi-party claims among its areas of expertise. The team is jointly led by the 'very experienced, first-rate litigator' Jon Holland and the 'truly outstanding' Andrea Monks who 'is superb at managing high value and complex litigation'. Martin Davies, recently promoted Oliver Middleton, counsel Dan Smith and associate Nell Perks are other names to note. The group also leverages the firm's contentious financial regulatory team, led by Rob Moulton, as well as the expertise of its transactional finance practice.
‘A well regarded department with many high profile individuals and a great client base’
‘A strong banking and finance litigation team’
‘Jon Holland is a very experienced, first-rate litigator with an excellent litigation nose, who is also equipped with a great sense of humour’
‘Andrea Monks is a truly outstanding litigator who is extremely clever as well as being a brilliant tactician. She is superb at managing high value and complex litigation. Clients are queuing up at her door’
‘Andrea Monks is a very energetic and committed litigator who gets into the details and strives continuously to deliver the best possible outcome for the client’
Samba Financial Group
ABN AMRO Bank NV
Barclays Bank PLC
Rothesay Life plc
Thomas Cook Plc
- Defending Barclays Bank in a multi-party group action brought by hundreds of institutional investors against a number of banks.
- Advising Rothesay Life on its appeal from Mr Justice Snowden’s judgment refusing to sanction the proposed Part VII transfer of an £11bn annuity book to Rothesay from Prudential Assurance Company Limited.
- Advising a major international bank in relation to a multi-party group action by a hundreds of mortgage customers.
Mayer Brown International LLP attracts praise for its 'exceptional depth of knowledge of financial products and banking litigation'. The team has the ability to handle a range of domestic and cross-border issues, with expertise spanning derivatives, securitisation and commodities disputes to fraud, financial crime, cybersecurity and data protection litigation. Practice head Ian McDonald focuses on disputes relating to loan structures, structured finance and derivatives, while Alistair Graham is particularly strong for regulatory and fraud investigations, white-collar work and international asset tracing. The group also benefits from the expertise of Susan Rosser, who 'knows the banking and financial services sector inside out'; Mark Stefanini and Chris Chapman, who have particular experience in multi-jurisdictional disputes and contentious regulatory issues respectively, and counsel Ruth Malone whose experience includes advising financial institutions in fraud, mis-selling and misrepresentation claims.
Other key lawyers:
‘Mark Stefanini and Matthew Williams are shrewd litigators who traversed delicate issues concerning confidentiality with skill’
‘Mayer Brown shows strength in depth and adept management of client priorities’
‘Ian McDonald shows subtle and effective leadership. He is a highly intelligent partner, who is extremely proficient at managing large litigation. He is also a pleasure to work with’
‘Ruth Malone displays determined focus’
‘A top quality team with exceptional depth of knowledge of financial products and banking litigation’
‘Very user friendly, and giving high quality advice and representation
‘Susan Rosser knows the banking and financial services sector inside out, and has excellent judgement’
Ruth Malone is attentive, knowledgeable and always thorough. She tirelessly works to execute to our needs whilst continuously improving regular business processes. She strives to foster close relationships with her business colleagues. Ruth’s range and depth of financial crime risk knowledge are second to none’
Principal Global Investors LLC
- 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.
- Advised UBS in cross-border multi-party disputes concerning various derivative transactions which involved various cross-border issues.
Norton Rose Fulbright's dispute resolution team is 'excellent' for domestic and cross-border banking litigation and contentious regulatory matters. It has experience handling disputes arising from complex financial products, including derivatives and Islamic finance structures, and counts banking litigation involving fraud and asset tracing, competition and antitrust issues, fintech and cybersecurity among its areas of growth. Practice head Michael Godden handles a range of wholesale, commercial and retail banking disputes, while Matthew Waudby specialises in derivatives, structured finance and debt capital markets litigation, and Radford Goodman has expertise in default, enforcement, insolvency and fraud issues. Other names to note include 'superstar' Harriet Jones-Fenleigh , David Harris for transnational regulatory investigations and enforcement proceedings and counsel Dominic Hennessy.
Other key lawyers:
‘Norton Rose’s work in this area is excellent, and rapidly expanding’
‘Harriet Jones-Fenleigh is exceptionally bright (perhaps one of the brightest in the City). She’s enormously knowledgeable in her specialist area of banking, she drafts superb documents, and she’s terrifyingly hard-working. A superstar.’
‘Clear view on tactics and strategy at each twist, clarity of explanation and swift turnaround’
Citigroup Global Markets Limited
Citicorp Trustee Company Ltd
Republic of Angola
The Law Debenture Trust Corporation p.l.c.
Standard Chartered Bank
Lloyds Banking Group(including Bank of Scotland)
The Bank of New York Mellon
Bank of America Merrill Lynch
- Acted for the Law Debenture Trust Corporation plc as trustee in a $3bn claim relating to Ukraine’s eurobond default in December 2015.
- Defending HSBC in high-profile claims brought by more than one hundred claimants in consolidated proceedings arising from the European Commission’s ongoing investigation into investment banks’ alleged manipulation of FX rates.
- Successfully represented the liquidators of Lehman Brothers Australia in a dispute over the administrators’ refusal to amend a claim in the administration to correct a common mistake.
Quinn Emanuel Urquhart & Sullivan, LLP
Conflict-free litigation boutique Quinn Emanuel Urquhart & Sullivan, LLP is a popular choice for banks, insurers, reinsurers and hedge funds bringing claims against leading UK, EU and US financial institutions. It has a breadth of expertise including in misselling and benchmark manipulation claims, enforcement actions, fraud and disputes relating to complex financial products. It also benefits from the ability to leverage its impressive New York-based practice in transatlantic matters. In London, Richard East leads a team which includes Robert Hickmott, who handles banking, insolvency and fraud-related disputes; civil fraud expert Nick Marsh and Matthew Bunting , who specialises in cross-border matters. Other contacts include Khaled Khatoun, recently promoted partner Yasseen Gailani and senior associate Leo Kitchen, who is particularly strong for disputes arising from derivatives transactions. Sue Prevezer QC returned to the bar and is now at Brick Court Chambers.
Other key lawyers:
Receivers and Managers (who are partners at BDO) of the Libyan Investment Authority
Pacific Investment Management Company LLC, Anchorage Capital, L.L.C., Algebris (UK) Limited
Federal Insurance Deposit Corporation
Quantum Global Group
Signal Credit Opportunities (Lux) Investco II S.a r.l.
Privinvest and Iskandar Safa
Fairhold Securitisation Limited
- Representing private equity firm PCP Capital in a £1.5bn civil claim against Barclays for alleged fraudulent misrepresentations made by Barclays in negotiating the terms of its participation in Barclays’ capital raising in October and November 2008.
- Acting for Ukraine in high profile, complex and high value proceedings before the English Court relating to US$3bn Eurobonds purportedly issued by Ukraine and taken up as to 100% by Russia in December 2013.
- Representing a group of funds (including Pacific Investment Management Company, Anchorage Capital, Algebris) who held bonds issued by Banco Popular Español in claims against multiple parties in multiple jurisdictions.
'For investors or borrowers in need of a strong firm to take on the banking behemoths', RPC is a firm to note. It handles litigation relating to capital markets transactions, structured finance products, loan facilities and contentious insolvency and restructuring matters and benefits from the ability to leverage its strong non-contentious commercial, tax and insurance practices, while remaining conflict-light. The 'tough and pragmatic' Tom Hibbert (who specialises in investment banking litigation with an emphasis on capital markets, fund management-related matters) heads the commercial disputes group while Simon Hart leads the banking and financial markets disputes team, which includes Andy McGregor and contentious regulation expert Jonathan Cary. It fields 'an exceptionally strong group of more junior partners', which include Alan Williams, the 'diligent, thoughtful and creative' Parham Kouchikali, Chris Ross and recently promoted Daniel Hemming (who 'is a star of the future'). 'Outstanding senior associate' Charlotte Henschen (née Ducker) is also a 'huge asset to any litigation team'.
Other key lawyers:
‘Conflict-free group of exceptionally high-quality individuals who work to the highest standards and achieve excellent results. They do conflict-free work against banks and they frequently run rings around the magic circle and the like‘
‘RPC are a no.1 choice for investors or borrowers in need of a strong firm to take on the banking behemoths.’
‘The RPC banking litigation team is one of the strongest in London and deserves high praise. It has an impressive number of talented individuals at all levels. The team works exceptionally hard for its clients and offers practical and realistic advice. Almost invariably it achieves good outcomes for its clients.’
‘Deep bench. Very high quality from department head, through partners all the way to junior associates. Assiduous. Creative. Diligent.‘
‘Tom Hibbert created the banking litigation team. He has built an exceptionally strong group of more junior partners who are in the forefront of the most heavyweight cases, usually against banks.‘
‘Tom Hibbert is one of London’s leading litigators. He is tough and pragmatic and very impressive with clients. I would rate him among the very best’
‘Andy McGregor is skilled in managing the conflicting issues that face many clients and in adopting sensible courses of action.‘
‘Daniel Hemming is a star of the future.‘
‘Tom Hibbert is an outstanding strategist – he’s unflappable’.
Parham Kouchikali is diligent, thoughtful, creative, very dependable – a good person to have by your side.
Charlotte Henschen has excellent judgement. She’s an insightful, outstanding senior associate – a huge asset to any litigation team.‘
Loreley Financing (Jersey) No 30 Limited
Federal Republic of Nigeria
Bank St Petersburg
- Representing Loreley Financing (Jersey) No 30 in a $100m claim for fraudulent misrepresentation and unlawful means conspiracy against various Credit Suisse entities in relation to a synthetic CDO structured by Credit Suisse and sold to Loreley.
- Acting for the Federal Republic of Nigeria in separate claims against JP Morgan (JPM), Royal Dutch Shell Plc and ENI SpA, arising out of the oil majors’ fraudulent and corrupt $1.3bn acquisition of an oil prospecting licence.
- Advising Kaupthing ehf in a number of matters connected with transactions entered into in the period immediately prior to the bank’s collapse in October 2008, including representing Kaupthing in a claim against Morgan Stanley relating to its involvement with allegedly self-referencing credit default swaps through a Tchenguiz trust entity.
Simmons & Simmons
Simmons & Simmons' financial markets team is 'very capable of dealing with significant and high-profile matters ' and offers 'excellent coverage across all disputes and regulatory work'. It has a well-established client roster of financial institutions, asset managers and hedge funds, for which it acts in a range of complex contentious matters, with particular experience in those with multijurisdictional parallel proceedings. Contentious regulatory expert Tim Boyce heads the financial markets group and Robert Turner leads the contentious asset management practice. 'Formidable litigator' Richard Bunce 'knows the banking industry inside out'; Colin Passmore advises in banking litigation, professional indemnity claims and privilege issues while Caroline Hunter-Yeats counts mis-selling claims and freezing orders among her areas of expertise. Other names to note include Ed Crosse, for financial and regulatory disputes and civil fraud issues, and Alexander Thavenot for wholesale and wealth management sectors disputes.
Other key lawyers:
‘As a team they are very responsive and pragmatic in advising on disputes, avenues for settlement and, in addition to being excellent lawyers, always have commercial considerations in the forefront of their minds.‘
‘Good bench-strength and geographic coverage and provide excellent service at comparatively excellent value. Very capable of dealing with significant and high-profile matters at a much lower cost than many of their competitors. Excellent coverage across all disputes and regulatory work.‘
‘The team has an excellent knowledge of the banking industry which makes them very unique.’
‘Ed Crosse combines great commitment with an all-too-rare objectivity. Emily Blower has tenacity and drive.‘
‘Richard Bunce is very helpful, responsive, easy to work with and commercially focused. He is clear on strategy, tactically astute and delivers great client service. He knows the banking industry inside out and is a formidable litigator. One of the best out there.‘
‘Alexander Thavenot and Ed Crosse have excellent analytical skills, strong personalities and are very well connected in the market.‘
EFG Bank AG
Nori Holdings Limited
Centimila Services Limited
Coniston Management Limited
Bank of New York Mellon
Svenska Handelsbanken AB
The Capital Markets Company (UK) Limited
The O1 group of companies
BH Asset Management Limited
Grant Thornton UK LLP (and individual partners)
Royal Bank of Scotland
- Representing EFG Bank AG in an $800m claim brought by The Public Institution for Social Security of Kuwait in the Commercial Court.
- Defending several asset managers and investment funds (including Sanne Group, Business Mortgage Finance 4 plc and Target Servicing) as the issuers and special servicers in various securitisation structures in multiple actions brought by market disruptors.
- Successfully defended Natwest Markets plc in a claim arising out of a €2bn real estate finance transaction, in the first major case involving EURIBOR manipulation allegations.
Litigation-only firm Stewarts Law LLP is known for bringing claims against major banks and financial institutions, including complex securities litigation. According to clients, the group 'punches far above its weight in terms of quality of services and the talent it attracts in partners', as well as attracting praise for its 'strong brand and great value for money'. The 'commercially-minded' Clive Zietman leads the practice, which fields Sean Upson (who is 'a brilliant mind and a great litigator'), Keith Thomas, David Hughes, Paul Brehony and Fiona Gillett and Marc Jones, who are both 'able to grasp the technical aspects of the case quickly'. Other names to note include junior partners Elaina Bailes, Lucy Ward and Laura Jenkins and senior associate Joe Mitchell.
Other key lawyers:
‘A magnificent practice. Especially in the field of complex securities litigation.’
‘Their market placement and focus on litigation make them extremely attractive for anyone who wants to do focused banking, civil fraud and commercial disputes. In spite of not having the numbers of the largest City firms, Stewarts punch far above their weight in terms of quality of services and the talent they attract in their partners. A strong brand and great value for money when comparing the competitive rates to the high quality of output.‘
‘The number one firm in the UK for making claims against banks. They are fearless, resourceful, clever and imaginative. Happy to take on any of the magic circle firms, and often run rings round them. They are a match for anyone.‘
‘I recommend Clive Zietman, Keith Thomas, Lucy Ward: for all-round excellence, and a genuinely supportive and collegiate spirit. They are happy in their work, and it shows.‘
‘Sean Upson is one of the finest solicitors specialising in banking litigation. A brilliant mind and a great litigator. Laura Jenkins pays excellent attention to detail and is thorough. A brilliant legal mind‘
‘Paul Brehony is charming, well organised and a pleasure to litigate with’
‘Clive Zietman is commercially-minded, and is able to understand the needs and preferences of a business and make recommendations accordingly. He keeps the big picture in mind and works to achieve a satisfactory outcome for the client, whether through the court system or otherwise.‘
‘Fiona Gillett and Marc Jones are able to grasp the technical aspects of the case quickly’
- Representing Republic of Kazakhstan and the National Bank of Kazakhstan (NBK) in multi-jurisdictional litigation, seeking a declaration of ownership of $530m held by the Bank of New York Mellon, London Branch under a Global Custody Agreement entered into with NBK.
- Acting for 9 of 100 defendants in a £1.6bn claim brought by Danish state authority SKAT for alleged dividend arbitrage known as cum-ex trading.
- Acting for Kestrel in a $110m dispute concerning the funding of its 2018 acquisition of Rio Tinto’s Kestrel coal mine for $2.25bn.
Travers Smith LLP is 'a polished litigation machine' with 'first-class lawyers' and 'good banking expertise'. The team frequently acts for banks, investment managers and private equity houses in a range of disputes and contentious regulatory issues and benefits from the expertise of a strong non-contentious financial services practice. Key contacts include the 'brilliant' practice head Rob Fell, who 'knows the field inside out'; 'superb litigator' Caroline Edwards, the 'incredibly intelligent' Huw Jenkin, 'great tactician' Jan-Jaap Baer, Andrew King and Toby Robinson. With lawyers that are 'exceptional at every level', its depth of experience spans from senior consultant Stephen Paget-Brown (who 'has enormous experience' and attracts praise for his 'straightforward and no-nonsense approach'), to junior partner Stephanie Lee, recently promoted partner Alexa Day and 'stand-out associate' Lucy Jay.
Other key lawyers:
‘More than holds its own in disputes due to an excellent partner team.‘
‘A polished litigation machine, good at dealing with the demands of litigation on the largest scale. A consistently good and enthusiastic team and the necessary resources to deal with the busy stages in a case. Good banking expertise‘
‘Excellent team of first-class lawyers, a top choice for banking litigation – committed to getting on top of the detail, always looking after clients well and a pleasure to work with.‘
‘Travers Smith’s banking litigation practice is superb. They are involved in some of the highest-profile cases in this area and have risen from strength to strength. Their lawyers are exceptional at every level.‘
‘Caroline Edwards is a superb litigator, fantastic grasp of her cases and will leave no stone unturned on behalf of her clients.‘
‘Huw Jenkin is a stand out partner: he is a reassuring presence, calming for clients and technically very impressive. Alexa Day is another name to note – always on top of the material and a pleasure to work with.‘
‘Stephen Paget-Brown has enormous experience and is highly respected among his colleagues, both within the firm and in the market in general. His valuable advice and straightforward and no-nonsense approach are highly appreciated. Huw Jenkin is incredibly intelligent and always on top of the details.‘
‘Robert Fell is a brilliant lawyer. He knows the field inside out, has very sound judgement, is extremely sensible and has a great sense of strategy. Lucy Jay is a stand-out associate. She is such a strong lawyer, her technical abilities are superb, and she communicates very clearly and effectively to clients. Jan-Jaap Baer is also an extremely strong partner who is a great tactician and is very knowledgeable.‘
Bank of England
Jóhannes Rúnar Jóhannsson
Taberna Europe Capital Management LLC
Lehman Brothers International (Europe) (in administration)
Macquarie Capital (Europe) Limited
- Acted for Macquarie Capital (Europe) Limited in its successful claim, brought in the Commercial Court, to recover success fees that should have been paid to it for debt advisory and equity raising services that MCEL provided in respect of the development of an offshore windfarm in the German North Sea.
With 'skilled and market-leading litigators in the banking sphere' White & Case LLP's disputes practice 'does not shy away from complex situations'. It has an impressive reputation for representing global financial institutions in high‑end investment banking disputes and investigations and is particularly strong on cross-border matters where it leverages its international footprint. The group's 'depth of talent' includes John Reynolds, who is highlighted for his 'wealth of experience'; Charles Balmain (who has broad experience in banking litigation and contentious regulatory and insolvency and restructuring matters), Chris Brennan and Rory Hishon, who focus on contentious regulatory matters and banking litigation respectively, and commercial litigator Amanda Cowell.
Other key lawyers:
‘The firm does not shy away from complex situations and will without a doubt stand its ground, ensuring full protection for the agent at all times.‘
‘Skilled and market-leading litigators in the banking sphere.‘
‘The team’s key strength is the depth of talent and the fact that even the more junior associates are capable of working largely independently. This was especially important in a complex trial, with multiple satellite issues. They are also a pleasure for counsel to deal with, and handled a challenging client with great diplomacy.‘
‘Viktor Braun and Amanda Cowell are both very knowledgeable, with specific attention to detail when representing us. Able to explain situations with recommendations and assess the risk and reward element.‘
‘John Reynolds has a wealth of experience in the field of banking litigation; Charles Balmain is a smooth operator, with consummate client skills.’
‘Rory Hishon stands out as a partner who is not afraid to get into the detail when necessary while retaining a good strategic overview; he always thinks about a case from all angles to get the best outcome. Raif Hassan is the sort of associate who can handle most aspects of a heavy commercial case with minimal direct partner supervision: he is careful, confident and very bright.‘
OJSC International Bank of Azerbaijan
Goldman Sachs International (GSI)
Industrial and Commercial Bank of China Limited (ICBC)
SRM Global Fund
Salamanca Capital Limited
- Representing Goldman Sachs International in complex multi-party, multi-jurisdictional proceedings arising out of the transfer of assets and liabilities of Banco Espirito Santo in Portugal to a ‘bridge’ bank, Novo Banco SA.
- Defending VTB Capital in a €300m claim brought by Vivacom, which alleges a conspiracy of lenders (including VTB Capital) to sell Vivacom at an undervalue. This dispute involves related LCIA arbitration in London, and spin-off litigation in Luxembourg, Bulgaria and the USA.
- Successfully defended Salamanca Capital Limited (as the first defendant) in factually complex deceit claim brought by an investor, which alleged that Salamanca and one of its then directors (the second defendant) had induced it to invest several million dollars (which was lost) on the basis of knowingly false statements about the sums already raised and about due diligence undertaken by Salamanca on the target company.
Akin Gump LLP's 'very commercial' and 'client-focused' banking litigation team has positioned itself as a popular choice for creditors in disputes. It is particularly well-regarded for its representation of hedge funds in bondholder disputes, as well as in handling contentious restructuring matters. 'Very experienced litigator' Mark Dawkins leads a team which also includes Richard Hornshaw, senior counsel Sheena Buddhdev and 'up and coming star' Tom Laidler . The group is able to work seamlessly with colleagues in its financial regulatory and restructuring teams and its international network in cross-border matters.
‘In financial services, this firm is stellar – its litigation teams are extraordinarily capable.’
‘They have great experience in this area of dispute resolution, and are very highly regarded in the field.’
‘A very client focused litigation team that understands the client’s objectives and develops a range of legal options to achieve those.‘
‘Mark Dawkins and Sheena Buddhdev are brilliant, experienced high quality litigators who are head and shoulders above their peers.‘
‘Richard Hornshaw is wonderfully knowledgeable about the sector, with great clients and a great team.‘
‘Tom Laidler has a great work ethic and very capable. He is an up and coming star.‘
‘Mark Dawkins is a very experienced litigator. He’s patient,has a dry wit and a fine legal mind. His grip of complex financing structure and the commercial issues arising out of it in a litigation context are first class.‘
‘The team is very commercial and very nice to work with for the Bar. We had a stunning success for the clients killing a claim at a relatively early stage. They compare favourably with any other City firm.‘
Oceanwood Capital Management
Deloitte as administrators of African Minerals Limited
Fairhold Securitisation Limited
Ad Hoc Group of Creditors of Noble Group
Creditors of Interserve
Cornwall Luxembourg SARL
- Acted for Oceanwood Capital Management in multiple disputes arising out of the financial restructuring of the Norske Skog group, a Norwegian-headquartered paper business and defended Oceanwood in a claim brought by another creditor alleging Oceanwood’s failure to to comply with its obligations under a put option agreement concerning certain Norske Skog debts.
- Acted for Robert Foresman, vice chairman at UBS, as one of the co-defendants in Commercial Court litigation brought by Yukos Finance and others against five individuals who were alleged to have behaved unlawfully in the conduct of an auction for the sale of Yukos assets in 2007.
- Representing Fairhold Securitisation (the issuer of £400m of notes as part of a complex securitisation structure and the counterparty to certain interest rate, inflation, and other swaps) in disputes with its two principal classes of creditors, the noteholders, and the swap counterparties, which include issues relating to Fairhold’s right to rescind the swaps on the basis of misrepresentations made by the swap counterparties concerning, amongst other things, the manipulation of LIBOR.
Baker McKenzie's financial institutions disputes team attracts praise for being 'commercially and tactically savvy, well-resourced and with excellent international contacts'. The group handles a range of large scale and often cross-border disputes, enforcement actions and regulatory investigations for its impressive client roster, which includes multinational financial institutions. Hugh Lyons has experience in disputes arising from financing transactions, restructuring and insolvency, fraud and financial misconduct and leads the team alongside financial regulatory and crime expert Jonathan Peddie. Marc Florent combines 'excellent legal and litigation judgement and strategy' and 'real financial expertise' particularly in disputes relating to structured products, financial derivatives and restructuring.
‘A high-quality outfit, commercially and tactically savvy, well-resourced and with excellent international contacts’
Hugh Lyons leads an excellent team. He is unflappable, good at client management, tactically astute, gets on well with everyone, and achieves excellent results’
‘Jack Secunda is indefatigable. He gets an encyclopaedic knowledge of the details of the case, and ensures that nothing is forgotten – something which is always reassuring’
‘Francesca Richmond has a lovely manner and is very well-organised and sensible’
‘Marc Florent is a stand-out partner: he brings excellent legal and litigation judgement and strategy to any case, as well as real financial expertise. His instincts on difficult points always prove right, and he brings real value to clients by leading a well thought through litigation strategy from the outset. He also builds an excellent team dynamic, commands real respect from his associates and is a joy to work with’
Official Receiver of the Bangkok Bank of Commerce Public Company Limited
ICICI Bank Limited (Singapore Branch)
Dubai Islamic Bank PJSC
National Asset Loan Management D.A.C. and IBRC Asset Finance Limited
JP Morgan International Bank Limited
TMF Structured Finance B.V.
Tradition Financial Services Limited
- Representing Official Receiver of the Bangkok Bank of Commerce Public Company Limited in an enforcement action in England and Wales relating to a debt arising out of judgments in Thailand against three individuals who perpetrated a fraud against a Thai bank.
- Acted for ICICI Bank Limited (Singapore Branch) in seeking the enforcement of a New York judgment (worth $600m) in England against the multinational conglomerate Essar Group.
- Acting for Global Loan Agency Services as the security agent in the expedited trial of an application to set aside a controversial creditors’ voluntary arrangement (CVA) regarding the Debenhams Group.
CMS has a breadth of litigation experience across the financial services sector and counts challenger and retail banks, investment banks and private banks among its impressive client roster. 'Excellent litigator' Tom Dane leads the financial disputes team which fields litigators and contentious regulatory experts across the London and Bristol offices, while Jonathan Warne, who 'is brilliant in coming up with strategies', heads the wider litigation and arbitration practice. Recently promoted partners Vanessa Whitman and Kushal Gandhi have been focusing on developing a fintech disputes practice, with experience in the cryptocurrency and electronic payment space. The group also has a strong contentious insolvency offering.
‘Very experienced, commercial and user friendly’
‘Jonathan Warne is a delight to work with and an excellent lawyer’
‘This team is absolutely unique in their excellent ability to juggle practical thinking and catering for the client’s needs. They produce top quality work and are a pleasure to work with and this is not a very common combination’
‘I have worked with many law firms from a number of jurisdictions, but this team really stands out, particularly in their unbelievably quick thinking. I would recommend them to anyone in a heartbeat’
Lloyds Banking Group
Metro Bank Plc
Allied Irish Bank
Royal Bank of Scotland
Natixis Investment Managers UK Limited
National Westminster Bank plc
Halifax Bank of Scotland plc
- Acted for Stoneriver Aircraft Designated Activity Company in a dispute relating to breaches of a facility agreement with Canadian state-owned bank, Export Development Canada and attempted recovery of a jet aircraft leased to an entity called Westdawn Investments Proprietary
- Acting for one of Turkey’s largest construction companies, Yuksel Group, and 5 individual directors of Yuksel that are facing claims from 11 hedge funds alleging fraudulent misrepresentation in relation to a $200m bond issued in 2010.
As 'a boutique able to take on cases the big practices can't', Cooke, Young & Keidan LLP has developed a reputation for bringing claims against leading financial institutions. Key names of note include the 'extremely bright' name partner Philip Young, who counts LIBOR manipulation and fraud disputes among his areas of experience; Sinead O’Callaghan, who has experience in bringing mis-selling claims and acting for receivers in structured finance disputes and Stephen Elam who 'makes good use of his in-house experience' in banking litigation and contentious regulatory matters. 'Exceptional senior associate' Sam Roberts is highlighted for fintech disputes. Former name partner Marc Keidan left to set up corporate, insolvency and banking disputes boutique Keidan Harrison.
‘A boutique able to take on cases the big practices can’t and bring a punchy style to the big disputes’
‘Sam Roberts has that sought after (and very hard to find) combination of technical skill, client care, and case management. He is an exceptional commercial disputes lawyer’
‘Stephen Elam makes good use of his in-house experience to bring a client plus counsel perspective’
‘Real specialism in the area. Refuse to be fobbed off by banks and other institutions, who accordingly know they have to respect the firm’
‘Philip Young is extremely bright with great vision. Lydia Danon puts in the hours and has great relationships with clients. Rosie Wild is super efficient, the match of many a partner in other firms’
‘They have an extremely good knowledge of the sector and are able to give practicable guidance marrying both legal and market experience’
The financial and commercial disputes group at Dentons offers 'a wealth of experience of banking litigation', spanning the investment and retail sectors. Practice head Felicity Ewing (who handles banking litigation and contentious regulatory matters) heads up the team. Key contacts to note in London include the 'highly experienced' Richard Caird, who attracts praise for his 'excellent judgement', white-collar crime and investigations expert Daren Allen and recently promoted Natalia Fludra who is recommended for multi-jurisdictional finance disputes, civil fraud and contentious insolvency matters. Thomas Leyland moved to Walkers in Dublin.
‘The team has been immaculately created to have real strength from top to bottom. There really isn’t a weak link and the business is available at a far more competitive price than flashier rivals’
‘Felicity Ewing is charming, determined, clear-sighted and brilliant’
‘Natalia Fludra represents a very compelling future for the practice. Fiendishly intelligent and great to work with, Natalia is a real feather in the cap for this top team’
‘Excellent and very long-established retail banking litigation team’
‘Richard Caird is a highly experienced practitioner with excellent judgement, who is particularly active in advising and litigating in the financial services regulatory arena’
‘Any banking client would do well to put Daren Allen as a “go-to” solicitor for any banking disputes’
Financial Conduct Authority (“FCA”)
Barings (U.K.) Limited
- Acting for The Royal Bank of Scotland in a £470m LIBOR claim brought against it by London Bridge Holdings Limited and others.
- Acting for Barings in its role as collateral manager of a CLO transaction in Part 8 Proceedings.
- Defending The Royal Bank of Scotland in a damages claim arising from RBS freezing and then closing a customer’s accounts following suspicions
Offering 'magic circle expertise without magic circle prices', DLA Piper is well-placed to handle cross-border banking disputes involving emerging markets, and counts fraud, asset tracing, contentious regulatory and insolvency disputes among its areas of specialism. The team is jointly led by 'well-respected strategist' Jean-Pierre Douglas-Henry, the 'brilliant all-rounder' Jamie Curle (who is also a name to note for third party funding advice) and the 'hugely experienced' Jeremy Andrews. Contentious regulatory expert Tony Katz and recently promoted partner Jeremy Sher, who is strong for class actions, are other names to note. The London team benefits from the ability to leverage its international and national network and frequently works closely with its 'experienced and cost-effective service' Leeds-based team.
‘Magic Circle expertise without magic circle prices.‘
‘The team at DLA Piper comprising Jamie Curle, Jeremy Sher and James Carter is exceptional. What makes them exceptional is the lengths to which they will go to bring their clients with them at every stage of the litigation process. They do not make the mistake of slavishly following every interest and whim of the client, rather they make sure that they explain to the client and discuss with the client every key step in the litigation process, pointing out what is important, and why, and what is not important and why.’
‘JP Douglas-Henry is very smooth; hugely experienced with enormous litigation and offers great strategic advice.’
‘Jamie Curle is just a brilliant all-rounder; able to keep all the balls in the air; incisive; very commercial’
‘Jeremy Andrews is charming, clever, hugely experienced and a very safe pair of hands.’
‘JP Douglas-Henry, Jeremy Andrews and Jamie Curle lead the charge. They have attention to detail and provide excellent client management on a variety of different and difficult cases. JP is a well-respected strategist and Jeremy Andrews is a class act. Jamie Curle knows the banking and fraud sectors and gives clients confidence. They have recruited well at the associate level and have a strong cadre at the leadership level.‘
Solutus Advisors Limited
Gulf Finance House
Khaleeji Commercial Bank G.S.C.
Cyprus Popular Bank Public Co Ltd (in Special Administration)
- Successfully defended former Barclays executive Thomas Kalaris in the Serious Fraud Office’s prosecution of events relating to capital raisings worth £12.8bn by Barclays in June and October 2008.
- Acted for Solutus Advisors in a claim brought by Debussy DTC Plc and US Bank Trustees Limited which alleged an abuse of Solutus Advisors’ position as special servicer of the £263m Debussy DTC Plc CMBS notes made in respect of the Toys R Us Properties property portfolio.
Enyo Law LLP
Conflict-free, specialist disputes firm Enyo Law LLP attracts praise for its 'expert knowledge in both financial services and fraud'. Simon Twigden has a breadth of experience, including in acting for hedge funds and in the insurance sector, and is increasingly active in disputes relating to the CIS, Middle East and North African regions. The 'very experienced, strategic thinker' Pietro Marino, the 'extremely smart' Edward Allen and Nick Jones are strong for disputes with a fraud element, while recently promoted partner Lucinda Orr has particular expertise in disclosure-heavy cases in foreign languages.
Other key lawyers:
‘Outstanding litigation team, with real expertise in hard-core banking litigation – they understand the financial markets and they understand the courts.‘
‘Enyo has immense experience in some of the highest-profile banking litigation cases and has achieved some remarkable results. Their expert knowledge in both financial services and fraud sets them apart from their peers.‘
‘Enyo have an extraordinary strength and breadth of talent and experience in commercial litigation, particularly fraud, banking and oligarch work.‘
‘Edward Allen is extremely smart, expert in his field and a fine tactician. His work has been greatly appreciated.’
‘Pietro Marino is one of the founders of the practice and is rightly viewed as one of the most well-regarded litigators in the City.‘
‘Edward Allen has superb judgement and will fight his client’s case with tremendous effectiveness every inch of the way.’
‘Pietro Marino is a very experienced, strategic thinker yet hands-on litigator.‘
Mr Gennadiy Bogolyubov
Sheikh Walid Bin Ibrahim al Ibrahim
The Libyan Investment Authority (the “LIA”)
Nordsee Offshore MEG1 Gmbh
Mr Dmitri Merinson
AMC III Purple B.V.
Pan African Minerals Limited
Thamesview Investments Limited
- Representing Mr Gennadiy Bogolyubov (one of Privatbank’s former owners) in defending a £1.9bn claim brought by PrivatBank, a Ukrainian state-owned bank, against its former owners, who allegedly procured the misappropriation of that sum from the Bank with the unlawful intention of injuring the Bank and benefiting themselves.
- Acting for The Libyan Investment Authority in coordinating proceedings in France and Luxembourg to lift attachments over LIA assets, conducting bribery proceedings against JP Morgan and Credit Suisse and others.
- Acting for French reinsurer SCOR in a breach of confidence claim through disclosure of confidential information claim against Barclays Bank plc relating to a potential takeover bid by Covéa in 2018 and successfully defended an application brought by Barclays Bank to stay proceedings in England under Article 30 of the Recast Brussels Regulation, while related proceedings in France are ongoing.
Macfarlanes LLP' financial services and markets dispute resolution team handles domestic and cross-border litigation, regulatory disputes, enforcement actions and investigations. The group attracts praise for providing 'solid practical advice' and counts major banks, asset managers, inter-dealer brokers and trading exchanges among its diverse client base. Barry Donnelly, a 'very experienced litigator in the banking field' with experience in transatlantic disputes, leads the team alongside Dan Lavender and head of dispute resolution, Matt McCahearty, who handles commercial litigation, investigations and regulatory enforcement.
‘Solid practical advice that is tailored to the client and provided efficiently.’
‘Barry Donnelly – old world charm but extremely tough underneath it. He brings a wealth of knowledge to his cases’
‘Good profile in the field’
Royal Bank of Scotland (RBS)
FICC Markets Standards Board (FMSB)
British Bankers’ Association (BBA)
Libyan Investment Authority (LIA)
Firth Rixson group
- Defending Royal Bank of Scotland in competition law private damages claims and opt out class actions in relation to alleged manipulation of foreign exchange markets.
- Advising the British Bankers’ Association, the non-profit organisation that acts as a trade association for the UK banking and financial services sector, on multiple ongoing litigation and investigations relating to manipulation of LIBOR interest rates during the financial crisis.
- Representing companies in the Firth Rixson group in a $100m plus claim relating to interest rate swaps with Lehman Brothers International Europe (the Lehman entity in UK administration).
The litigation team at Milbank acts for banking and financial service institutions in high profile disputes. It benefits from strong transatlantic capabilities and frequently leverages cross-office teams seamlessly working across New York and London. Practice head Julian Stait has particular expertise in banking disputes with a competition element and 'runs a top-class team with authority and a light touch'. Tom Canning specialises in international disputes, while Mona Vaswani (who recently joined from Allen & Overy LLP ) and Charles Evans both have a breadth of banking and contentious regulatory experience. Other names to note include recently promoted partner William Charles and special counsel Emma Hogwood who 'is always on top of the detail'.
‘Julian Stait runs a top class team with authority and a light touch’
‘Emma Hogwood is a name to watch – she is always on top of the detail and clients and opponents listen to her’
Visa International Service Association,
Visa Europe Limited,
Visa Europe Services LLC
Visa UK Limited
- Defending Rabobank in competition and fraud claims brought by the Federal Deposit Insurance Corporation on behalf of 39 failed US banks against Rabobank, Barclays, Bank of Scotland, the BBA, Deutsche Bank, Lloyds, Royal Bank of Scotland and UBS.
- Defending Visa entities in multiple sets of proceedings which allege infringements of English, Irish and European competition law in relation to the setting and implementation of multilateral interchange fees associated with the use of Visa branded debit and credit cards.
Reed Smith LLP
Reed Smith LLP has 'a very strong practice in banking litigation' and acts for large banks and financial institutions in defending claims. With the ability to leverage its global network and strong non-contentious banking teams, it attracts praise for handling 'complex, high-value disputes often with an international element'. The practice is jointly led by Nick Brocklesby and Richard Spafford and includes Robert Falkner (who according to one client 'has unparalleled knowledge of financial regulatory matters, complex financial products and City practices'); Charles Hewetson, who handles a breadth of financial services litigation and contentious regulation matters, and Tom Webley, who counts financial services litigation, fintech disputes and cybersecurity issues among his areas of expertise. Recently promoted partners Eleanor Chapman and George Hoare are other names to note.
‘Reed Smith have a very strong practice in banking litigation, including complex, high value disputes often with an international element. They have a particular specialism in disputes with a financial regulatory element.’
‘A sound litigation team that does not promise the moon, nor shrink from challenges.’
‘Robert Falkner has unparalleled knowledge of financial regulatory matters, complex financial products and City practices which gives him a unique insight when advising on commercial banking and fraud disputes.’
‘George Hoare and Tom Webley have extensive commercial litigation and banking experience and are very user-friendly and a pleasure to work with.’
Signature Litigation LLP is 'unusually well placed in the market as a boutique firm that has experience of big ticket banking litigation'. It has 'the agility to deal with matters of all kinds' and has particular experience in multiparty and multijurisdictional disputes. Practice head Graham Huntley is 'hugely experienced' in acting for banks, fund managers and life assurers in M&A, shareholder disputes, economic tort claims and contentious regulatory matters, while Abdulali Jiwaji, who is 'a steady hand during turbulent times', focuses on contentious regulatory matters. Julian Connerty has particular experience handlings group claims, while Tom Snelling, who recently joined from Freshfields Bruckhaus Deringer LLP, also has a breadth of litigation and contentious regulatory experience including in the banking and financial services sector. Senior associates of note include the 'excellent' Rory Spillman and the 'exceptional' Becca Hogan who is praised for her 'good instincts and a commercial approach'.
‘Professional and respectful of client interests are words that come to mind. They know the law; understand their capabilities; and recognise that a client of some experience can contribute useful insights in crafting a case.‘
‘A growing firm that retains the feel of a boutique firm, with the agility to deal with matters of all kinds.’
‘The Signature team is unusually well placed in the market as a boutique firm that has experience of big ticket banking litigation – the RBS Rights Litigation foremost amongst that. There is real depth of experience in the banking litigation team.‘
‘Extremely bright and dedicated team. A willingness to go the extra mile and find a solution to whatever problem comes along however simple or complex.‘
‘Abdulali Jiwaji has proved to be a steady hand during turbulent times. He has always provided sound and very considered advice and has pushed back on any hot-headed ideas. His participation in the team is essential.‘
‘Becca Hogan is an exceptional associate: totally on top of the detail, with good instincts and a commercial approach.‘
‘Graham Huntley is a very well known name in the litigation space – hugely experienced. Rory Spillman is an excellent senior associate.‘
‘Signature have helped coordinate between law firms in over 5 jurisdictions and have proved essential to keeping costs down and overall strategy in sight.‘
RBS Rights Issue litigation: a group of approximately 80 corporations and platforms and thousands of smaller companies and individuals known as the SG Group Claimants
The ECU Group PLC: privately-owned investment manager
IQOption Europe Ltd: CDF and Cryptocurrency trading platform
Georgian Co Investment Fund, owned by Bidzina Ivanishvili and immediate family
Mr Dimitris Marinopoulos, Mr George Marinopoulos and Mr Leonidas Marinopoulos: key members of the Greek family behind Marinopoulos SA, a Greece-based multinational company with diverse interests
BTA Bank: one of the leading and most important banks in Kazakhstan
- Acting for one of the three lead groups of RBS shareholders who brought unprecedented claims under Section 90 of FSMA against RBS with respect to its failed 2008 rights issue.
- Acted for the Ivanishvili family and their corporate funds and investment vehicles in a claim against Credit Suisse Group for losses arising out of breach of mandate, breach of duty, breach of agency investment obligations and more generally for negligent or dishonest investment and fund practices carried out by employees of the bank and its sister companies.
- Representing a Kazakh bank, BTA Bank, in pursuing recovery of substantial funds allegedly siphoned out of the bank by one of its previous executives through various unlawful means. This matter includes tracing assets across multiple jurisdictions, entities and parties, enforcing a number of outstanding judgments in different jurisdictions and commencing new proceedings against various individuals and entities connected with the original fraud.
Stephenson Harwood's finance litigation team excels in multijurisdictional banking disputes and counts mis-selling litigation, international regulatory investigations, bank insolvencies and professional negligence disputes among its areas of expertise. The group works closely with the firm's financial services and regulation team to provide integrated advice to its client roster of global and state banks, hedge funds, investment companies and sovereign wealth funds. Sue Millar (who specialises in financial disputes involving corporate trustees and on financial sanctions) leads the group alongside Edward Davis, who is particularly strong for banking disputes with fraud elements. John Fordham, Richard Gwynne, Richard Garcia and of counsel Donna Newman all have a breadth of experience in financial services litigation, while Justin McClelland focuses on contentious regulatory issues.
Other key lawyers:
‘Particularly strong in areas where other firms do not invest effort. Makes the firm applicable to smaller foreign banks in the UK.’
‘We have worked with Stephenson Harwood for over 20 years and that is not through complacency but because our relationship is never taken for granted and we are always provided with a level and quality of service and expertise that means we would not contemplate going elsewhere.’
‘In John Fordham we have a legal advisor who tells it the way it is and his advice is always, balanced and forthright. More importantly we have come to trust John’s judgement over the years and that trust is the most important factor of all. We feel privileged as a business to be working with John Fordham.’
‘Genevieve Quierin is a top performer, providing exceptional client service and dynamic, commercial advice.‘
IBRC Asset Finance Limited
Bank of America Merrill Lynch
Cyprus Popular Bank Public Co Limited
The Bank of New York Mellon
Bank Sepah International Plc
Melli Bank Plc
ICICI UK PLC
Link Trustees Limited
Raiffeisen Bank International AG
Oversea-Chinese Banking Corporation Ltd
GLAS Trust Corporation
- Defending Merrill Lynch International in a £2m claim brought by CFH Trading Limited regarding the price of trades.
- Acted for Natixis in a claim against Marex Financial relating to five spot purchase contracts for the sale of nickel
- Acting for Raiffeisen Bank International AG in claims arising out of the sale of shares and loans to an Indonesian oligarch group.
The conflict-free dispute resolution practice at Brown Rudnick LLP frequently brings claims against leading global financial institutions. It has particular expertise in disputes relating to the management of investment funds, derivatives and structured products, as well as litigation with civil fraud elements and cross-border asset-tracing. Neill Shrimpton heads the international litigation and arbitration practice which includes Neil Micklethwaite (who counts international corporations, asset managers, hedge funds and ultra-high net worth individuals among his clients) and Jane Colston and Olga Bischof, who have particular civil fraud expertise. Christian Toms and counsel Gerald Byrne are other names to note.
Bryan Cave Leighton Paisner LLP
The banking litigation team at Bryan Cave Leighton Paisner LLP has 'a depth of financial services knowledge' that it combines with an ability to work closely with colleagues in its financial regulatory, white-collar and transactional finance teams on both sides of the Atlantic. Following the departure of former practice head Oliver Glynn-Jones to Goodwin, key contacts to note include office managing partner Segun Osuntokun, who has particular experience advising Africa-based financial institutions, and Oran Gelb who is strong for contentious regulatory matters. Praised as 'a master of litigation strategy', Andrew Tuson is another 'excellent choice for a large banking-related disputes' while senior associates Rebecca Wardle and the 'impressive' Alexandra Kirby are highlighted for regulatory investigations and contentious insolvency work respectively.
‘A top quality banking and financial services litigation team’
‘Unparalleled knowledge of financial services law and a real willingness and ability to get on top of the detail’
‘Approach to litigation is thoughtful with real impact – the instincts of the team are on point. It’s our law firm of choice in financial services litigation’
‘Andrew Tuson is an excellent choice for a large banking related disputes. He knows the banking and FS industry well; he’s an extremely bright lawyer; he’s an excellent team leader and he has a superb way with clients. He’s absolutely first-rate
‘Alexandra Kirby is a terrific associate producing excellent work. She has a first-rate legal brain and is a total delight to have as part of a team’
‘BCLP have a depth of financial services knowledge that sets it apart from other firms. The legal advice is informed by industry knowledge, which gives a level of confidence to the client not often found with other firms’
Andrew Tuson is a superior legal mind. He is a master of litigation strategy; very thoughtful in his approach and with a deep respect for the client’s expertise that informs his thinking. His unwavering, calm approach means that his focus holds steady regardless of difficulties that may arise in the litigation Without question a trusted adviser you want in your corner’
Intertrust Management Limited
CBRE Loan Services Limited
Central Bank of Nigeria
- Acting for Samathur Kin Kan Li and his investment vehicle, MMWWVWM Ltd, in a misrepresentation and breach of contract claim relating to a $5bn investment into a complex algorithmic investment fund, which used AI to select investments.
- Defending Intertrust Management Limited, as corporate services provider to two structured finance vehicles, against two attempts to manipulate a position in breach of the transaction documents.
- Acting for the Romanian subsidiary of long-term client, Soletanche Bachy, a global conglomerate, in a guarantee claim against Crown Financial & Merchant Bank.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton's dispute resolution team has a breadth of experience across banking litigation and regulatory enforcement. The group is particularly strong for cross-border matters and counts swap transaction disputes, benchmark investigations, freezing injunctions and insolvency disputes among its areas of specialism. Key contacts Jonathan Kelly, Sunil Gadhia, James Norris-Jones and James Brady all have a breadth of experience acting both for investment banks and other global financial institutions and against them for corporates and sovereign states.
Abraaj Growth Markets Health Fund
Public Institution for Social Security for the State of Kuwait
HSBC (HSBC Bank plc; HSBC Private Bank (UK) Limited; HSBC Bank USA, N.A.; HSBC Holdings plc)
- Acting for Russian Federation in pursuing repayment of the $3bn Eurobond issued by Ukraine and held by Russia’s National Wealth Fund as the sole noteholder through the English High Court.
- Advising Abraaj Growth Markets Health Fund and its Limited Partners Advisory Committee on disputes arising from the collapse of the Dubai-based private equity fund ,The Abraaj Group, and the separation of the $1bn Abraaj Growth Markets Health Fund from The Abraaj Group.
- Representing Natixis in disputes with a state owned oil company concerning a $100m commodities financing issue relating to crude oil.
Dechert LLP acts for banks, financial institutions and regulators in a range of complex domestic and cross-border disputes. The practice, which benefits from the ability to leverage the firm's strong international network and non-contentious finance expertise, has particular experience in litigation relating to emerging and frontier markets. Practice head Dorothy Cory-Wright handles both litigation and contentious regulatory issues, while Adam Silver counts financial litigation, fraud and contentious insolvency among his areas of expertise. Simon Fawell joined from Sidley Austin LLP , bringing a breadth of banking, structured finance and derivatives disputes experience.
VTB Bank (PSJC)
Ad Hoc Committee of Noteholders of PJSC Commercial Bank “PrivatBankâ€
Funds managed by Franklin Templeton Investment Management Limited
The Financial Conduct Authority
Hasim Bora Özerman and Fusun Gonen
- Advising the Ad Hoc Committee of Noteholders of PrivatBank in an English High Court dispute regarding the proper interpretation of complex finance documents used across the capital markets and the treatment of bank ‘bail-ins’.
- Successfully represented funds managed by Franklin Templeton Investment Management Limited in a high profile challenge to the restructuring of US$500m 5.625% Notes due 2019 issued by the International Bank of Azerbaijan.
- Advising Fondazione Enasarco in a long running dispute with Lehman Brothers Finance SA (following the collapse of Lehman Brothers) regarding the close out of a derivative transaction within one of the most complex structured products to be considered by the English courts.
The financial services disputes and investigations practice at Eversheds Sutherland (International) LLP includes 'personable and down to earth experienced lawyers' who offer 'pragmatic and user-friendly' representation. With a full service, cross-border offering, the team fields 'a range of specialist practitioners who are able to work together'. The 'highly client-centric' David Flack - who is highlighted by one client as 'a doyen of the legal banking world' - leads the team alongside contentious regulatory expert Gregory Brandman. Andrew Legg 'is highly experienced with great judgement', Jennifer Miles is noted for her specialisms in pensions litigation and financial services disputes involving offshore jurisdictions and trusts-relates aspects, while Jamie Leader focuses on contentious insolvency issues and recently promoted partner Mark Cooper has experience in a breadth of disputes in the sector.
‘A highly regarded and influential presence in the sector – very personable and down to earth experienced lawyers.‘
‘Andrew Legg and Mark Cooper are running a long standing and complicated multi-party dispute very well. Andrew is highly experienced with great judgement.‘
‘Very pragmatic and user-friendly. Also have a keen eye on the need to be cost conscious given that the decision to proceed down an adversarial route will be heavily driven by economic considerations for any client.‘
‘The team is comprised of a range of specialist practitioners who are able to work together according to the specific issue presented by the nature of the dispute.’
‘Mark Cooper – highly intelligent and go-getting partner – will leave no turn unturned to achieve client success. David Flack – a doyen of the legal banking world – comes with enormous presence and a list of impressive clients – Mr Reliable‘
‘David Flack is unafraid to give a firm view and is highly client-centric.‘
Julius Baer International Limited
Law Debenture Trust Corporation p.l.c.
- Acting for Julius Baer International in responding to a disclosure order as well as related freezing orders, arising out of a $300m fraud.
- Representing Law Debenture Trust Corporation in long-running litigation stemming from the collapse of the Bell Group in aspects arising from Debenture Trust’s involvement as a Bond Trustee in five sets of bonds issued in the 1980’s by various Bell Group companies.
- Acting for the fifth defendant in a claim brought by PIFSS (the pension fund of the State of Kuwait) which alleges that the former head of PIFSS placed funds belonging to PIFSS with various financial institutions (including Pictet Bank and VP Bank) in return for receiving bribes.
Fieldfisher's banking litigation team attracts praise for its 'agility, tenacity and flexibility of thinking'. The team has 'a great deal of regional knowledge'; it is particularly strong in bringing claims against banks in Russia and the CIS and has a growing practice focusing on the Middle East and North Africa, which is led by Aymen Khoury and Vivien Davies. The wider is led by experienced litigator Andrew Lafferty and includes Duncan Black — who handles disputes and investigations in the sector and counts money laundering and market abuse issues among his specialisms— and Kit Jarvis, whose experience spans banking litigation, contentious insolvency, fraud and asset tracing matters. Tracey Wright and James Lewis were recently promoted to the partnership.
Other key lawyers:
‘The practice is very much result driven with a particular regional focus on the CIS region clients.‘
‘I worked with a team consisting of litigators and retail lending specialists on a complex piece of litigation in a novel area, facing an opponent with a track record of underhand tactics. All involved stepped up to the challenge extremely well. It has required considerable agility, tenacity and flexibility of thinking, all of which qualities have been amply displayed by the team. These qualities have set them apart from many other litigators in this area.‘
‘Extremely competent, both in terms of legal knowledge and strategic thinking. Very responsive and always offer the optimal solutions’
‘Duncan Black and Carly Schiff are extremely thorough and add a great deal of value to all aspects of litigation’
- Acting for Mr Igor Kolomoisky, the first defendant, in a $1.9bn claim brought by PrivatBank (the largest commercial bank in Ukraine)
- Defending a peer-to-peer lending platform in a dispute brought by a claimant who took out multiple loans via the platform and sued for damages for misleading actions.
- Acting for David Standish and Mr James Bennett of KPMG as Joint Liquidators of Argyle UAE in potential claims relating to director misfeasance in the context of a major fraud covering an $18m loan for a hotel, residential and retail development in Bermuda.
Hausfeld & Co LLP is 'one of the go-to firms if you are an investor seeking to make a high-value claim against the big banks'. Its 'uniqueness lies in the “David and Goliath' nature of the litigation, in which Hausfeld is always acting for David'. Practice head Lianne Craig (who is 'very bright and absolutely incredible at strategic thinking') has a breadth of experience acting against banks including in manipulation of LIBOR and FX financial benchmarks claims, for which the 'charming, sensible, astute' Anthony Maton is also a key contact. Other names to note include the 'very experienced' John McElroy ; Lucy Pert, whose 'invaluable' sector insight extends to litigation funding; recently promoted partner David Lawne ; and ' extremely bright' senior associate Simon Bishop who 'has fantastic knowledge of financial products and banking processes'.
‘This team takes on litigation, often for individuals, against large corporations. This is notoriously difficult due to the disparity in resource and asymmetry of information. Its uniqueness lies in the “David and Goliath’ nature of the litigation in which Hausfeld is always acting for David, with a commitment and skill for that role that is unrivaled in the London market.‘
‘Hausfeld are one of the go-to firms if you are an investor seeking to make a high-value claim against the big banks.‘
‘Lianne Craig is an excellent lawyer and person of great integrity and clarity of vision – an absolute pleasure to work with. John McElroy is a very experienced litigator who is nevertheless, gentle, composed and measured. Simon Bishop is a great thinker and strategist. Each of these is unusually easy to deal with and always works hard.‘
‘They stand out as being some of the most personable people I have encountered in the legal sector. They are obviously extremely bright, hardworking and knowledgeable but they are also a real pleasure to work with.‘
‘Lianne Craig is excellent at taking the lead on cases. She balances strategy and bigger-picture thinking with being on top of the details perfectly and is well-liked by her juniors. She is very bright and absolutely incredible at strategic thinking and getting cases over the line.‘
‘Lucy Pert’s management of very complex group litigation involving multiple fee-earners, experts and QCs has been very impressive. Her sector insight has been invaluable and she is very available and personable.’
‘Anthony Maton is statesman-like – the guiding spirit of the London office. Charming, sensible, astute.‘
‘Senior associate Simon Bishop is extremely bright and has an exceptional eye for detail. He remains calm under pressure and is a real team player. He has consistently impressed me with his legal analysis and is probably the best non-partner solicitor I have ever worked with.‘
Andrew Hosking and Sean Bucknall of Quantuma LLP as liquidators of Ventra Investments Ltd
Leeds City Council
Greater Manchester Combined Authority
North East Lincolnshire Council
Newcastle City Council
Nottingham City Council
Sheffield City Council
Phillip Evans, former Inquiry Chair at the Competition and Markets Authority (Re: Foreign Exchange)
Deutsche Bahn AG
Industria de Diseño Textil, S.A. (Inditex Group)
Hertz Europe Ltd
Enterprise Rent-A-Car UK Limited
- Advising the joint liquidator of an insolvent property company in £80m claims against the Bank of Scotland relating to the sale of certain interest rate hedging products; and the conduct of the bank and its agents in disposing of the claimant’s property portfolio at an alleged undervalue.
- Acting for 7 local authorities, including Leeds City Council, in complex high value claims against Barclays Bank plc arising out of LIBOR manipulation in relation to ‘LOBO’ loans.
- Acting for claimants in a collective action in the Competition Appeal Tribunal which combines follow-on damages claims against six banking groups (Barclays, Citigroup, MUFG Bank, JP Morgan, RBS and UBS) in respect of unlawful forex cartels.
Jones Day's financial markets disputes team has experience in domestic and cross-border litigation. Sion Richards (who counts fraud and asset tracing issues and regulatory investigations among his areas of expertise) leads the practice, which includes Adam Brown and Harriet Territt , who focus on multijurisdictional and fintech disputes respectively.
Collyer Bristow LLP has a strong claimant banking litigation practice and counts disputes relating to benchmark manipulation, investments, structured finance, derivatives, loans, guarantees and other forms of security among its areas of expertise. Stephen Rosen leads the banking and financial disputes practice and has experience in contractual disputes, fraud, bank and financial market disputes and investor disputes. Other names to note include Robin Henry and Richard Viegas, who respectively head the dispute resolution group and commercial litigation team, while Janine Alexander focuses on financial markets disputes.
Gowling WLG acts for and against large banking institutions in a range of contentious matters, including regulatory, structured finance, restructuring and fraud disputes. James Sidwell, who has a breadth of experience spanning banking litigation and contentious regulatory matters, leads the team. Recently promoted partner Catherine Naylor and principle associate Verity Barker are other names to note.
First Peninsula Trustees Limited and Port of Hercules Trustees Limited
Grant Thornton LLP
Kevin Hellard and Marcus Wide as liquidators of Durant International Corp and Kildare Finance Limited and MacDoel Investment Limited
J.P. Morgan Chase Bank, N.A.
RSM Restructuring Advisory LLP
- Acted for two corporate trustees in high-value, multi-jurisdictional litigation arising out of the Madoff Ponzi scheme fraud.
- Advising Grant Thornton LLP as liquidator of Stanford Bank, including in seeking the release of a restraint order obtained in 2009 by the Serious Fraud Office on behalf of the US Department of Justice, which involved proceedings before the UK Supreme Court and the Central Criminal Court.
- Acted for J.P. Morgan in successfully setting aside a final third party debt order against JP Morgan and advising on potential further relief relating to monies owed by the Republic of Iraq Ministry of Oil to UKCAT Ltd.
Humphries Kerstetter LLP
Conflict-free disputes boutique Humphries Kerstetter LLP acts for investment banks, private equity houses and fund management companies in claims against multinational banks. Named partners Kristopher Kerstetter (who is dual-qualified in New York and England and Wales) and Mark Humphries both have an impressive breadth of experience in domestic and cross-border disputes. Kerstetter and Humphries lead the practice alongside Christopher Braithwaite, who advises on banking litigation and contentious regulatory issues; James Russell , who frequently handles finance disputes involving trust and company law issues and professional negligence claims, and Toby Starr , who has experience in a range of financial markets and finance litigation.
Groups of claimants, including Co-operative Group Limited, JD Wetherspoons, Coral Racing Limited, Harvey Nichols Group Limited, Associated Independent Stores Limited and 96 local government authorities.
One Blackfriars Limited (in liquidation)
Marfin Investment Group
- Representing a groups of merchants (including Co-operative Group Limited, JD Wetherspoons, Coral Racing Limited, Harvey Nichols Group Limited, Associated Independent Stores Limited and 96 local government authorities) in their claims against MasterCard and Visa for overcharging on interchange fees.
- Acting for investment group, Marfin Investment Group, and three individuals in an appeal against a worldwide freezing order.
- Acted for Brisegroup SRL, a Romanian distributor of agricultural products and services, in a dispute against English commodities trader, Amius, relating to negative balances resulting from the closure of commodities hedging products under a brokerage agreement.
The 'lean and efficient' banking litigation team at Kingsley Napley LLP acts for individuals and corporate entities making claims against banks, financial advisers and other investment bodies. The group has particular expertise in investor and misselling claims and fraudulent misrepresentation litigation. Practice head Richard Foss has a breadth of experience in misselling claims, while Sue Thackeray specialises in multi-jurisdictional matters, often involving criminal, restraint or regulatory proceedings. Civil fraud and asset recover expert William Christopher 'has great strategic instincts' while Jemma Brimblecombe is 'excellent'.
‘Well connected with Gulf banks, lean and efficient, responsive, committed and dedicated team. Excellent client management. Compares very favourably to other firms of a similar size.‘
‘A really user-friendly team which is easy to work with.‘
‘Will Christopher stands out. He’s very experienced and knowledgeable and a very tough litigator. He has great strategic instincts, is hands-on and is all-around a great partner to work with.’
‘Jemma Brimblecombe is excellent. She is very sensible, firm, calm and measured, keeping her cool and composure even in difficult situations.’
Mishcon de Reya LLP has 'good depth and wide-ranging experience in all aspects of financial litigation'. The group counts corporate finance disputes, private equity sector issues and retail banking claims among its areas of specialism. The practice is led by Derval Walsh, who has broad expertise spanning finance and investment and retail banking disputes. Samantha Kakati and Henry Farris, who focus on banking and private equity litigation respectively, were recently promoted to legal director. James Oldnall left to set up class action firm Milberg Phillips Grossman LLP's London practice and Genevieve Quierin joined Stephenson Harwood.
‘Quickly sort the wheat from the chaff to acquire a fast understanding of the issues in each case. This demonstrates a high competence but also gives prospective clients confidence that the team is technically capable and understands their problems at an early stage‘
‘Good depth and wide-ranging experience in all aspects of financial litigation.‘
The ECU Group plc
Tradition Financial Services Limited
Tradition (UK) Limited
European Independent Purchasing Company;
Kew Green Hotels;
De Vere 2 Limited
Duet Group Limited
Core Communication Investments Ltd
L.K. Bennett Limited and Cavendish Holdco
- Defending client in claims of fraud, conspiracy and collusion brought by LIC Telecommunications Sarl & Empreno Ventures in relation to the sale of a controlling stake in the largest Bulgarian telecommunications network, Vivacom, by VTB Capital following defaults on a loan.
- Acting for The ECU Group Plc in a claim against various HSBC entities for unlawful foreign exchange trading practices, specifically front running and misuse of confidential client information.
- Representing several claimants (including Bet365, European Independent Purchasing Company (on behalf of 719 franchisees of the Subway fast food chain), hundreds of hotels led by Kew Green Hotels Limited, World Remit, Welcome Break and others, and De Vere 2 Limited and others) in interchange claims (competition private enforcement litigation) against Visa and Mastercard.
Morgan, Lewis & Bockius UK LLP's litigation, regulation and investigations practice has a 'depth of experience in banking disputes with a big cross-referral network from the US'. It is distinguished by its international reach and 'ability to draw on the strengths of all the partners in its worldwide operation'. Melanie Ryan — who combines experience acting for global financial institutions in claims arising from investments with contentious financial services regulatory and investigations expertise — leads the practice alongside Chris Warren-Smith (who is praised for his 'wealth of experience and good judgement') and Peter Sharp who is 'a very reassuring presence in hard and challenging litigation'. 'Top drawer' senior associate Paul Mesquitta also 'has a lot of banking experience'.
Other key lawyers:
‘The team has the ability to draw on the strengths of all the partners in the firm’s worldwide operation.‘
‘Morgan Lewis & Bockius well deserves its very high reputation for banking and services and dispute resolution. The legal analysis is excellent, they are all over the detail and most importantly they have very good judgment.‘
‘Lots of depth of experience in banking disputes with a big cross-referral network from the US.‘
‘Peter Sharp is a strategic and tactical genius.’
‘Melanie Ryan is totally focused on asking the right questions, appraising the nuance of the answer and advising the client without sugar-coating it. She really tests the arguments.‘
‘Chris Warren-Smith is at the top of his game professionally – he has a great intellect, a great sense of what will play in court and a wealth of experience and good judgement.‘
‘Peter Sharp is a doyen of banking litigation. Has seen it all before. Real gravitas and prescient judgment of a case. A very reassuring presence in hard and challenging litigation.‘
‘Paul Mesquitta is a senior associate and top drawer. He is an excellent all-rounder; extremely efficient in organising a team, a very thorough lawyer not afraid of difficult technical points and very responsive (he never forgets an email). An ambitious guy who has a lot of banking experience.‘
Investor Group in Serco Group plc
Investor Group in G4S plc
LGT Vestra LLP
Mallow 3 Limited
East-West United Bank S.A.
Constant Capital Markets & Securities Ltd
Bank of China Aviation
The Infrastructure Growth & Capital Fund
- Representing Manning & Napier Fund Inc. and Exeter Trust Co. in a claim brought under the Financial Services and Markets Act 2000 against Tesco and successfully defended Tesco’s application to strikeout the claim.
Morrison & Foerster LLP's litigation department has experience advising financial institutions, funds, and senior executives in banking disputes and excels in cross-border litigation. Practice head Jonathan Wheeler counts international fraud, asset tracing and contentious insolvency issues among his areas of specialism, while Gemma Anderson has particular contractual and financial disputes expertise. Other names to note include Gareth Rees QC and Hayley Ichilcik who joined from King & Spalding LLP , adding white-collar, contentious regulatory and financial crime expertise. Richard Jerman has experience in claims involving complex financial products.
Grant Thornton: Bankruptcy of Muhamad Al-Ansari
Liquidators of Saad Investments Company Limited
- Representing Saad Investments Company Limited and liquidators in a $400m damages claim against Samba Financial Group, a Saudi Arabian bank.
- Acting for trustees in the bankruptcy of Muhamad Al-Ansari in a large fraud/insolvency matter following his conviction on charges of money laundering.
PCB Byrne's banking litigation practice is made up of 'a small, but nimble and effective team who punch above their weight'. It is particularly effective in cases where civil fraud overlaps with banking and insolvency. Anthony Riem, who has 'remarkable expertise in litigation', with notable experience acting for Russian banks, leads the team alongside 'rising star' Jon Felce. Other names to note include Trevor Mascarenhas (who 'is frighteningly clever and an excellent strategist'), Nick Ractliff and recently promoted Natalie Todd. The group also offers clients access to innovative litigation funding solutions through its relationship with Burford Capital, which both finances a portfolio of claims and recently acquired an equity stake in the firm.
‘PCB are a boutique who punch above their weight. You routinely see them engaged in the biggest and highest-profile commercial cases, even though they are still a c. 20 lawyer firm. Much of the reason is down to high calibre senior partners Anthony Reim and Trevor Mascarenhas’
‘PCB has many years’ experience dealing with international banking litigation, particularly on behalf of Russian banks and other banks in former CIS countries.‘
‘A small, but nimble and effective team who punch above their weight.‘
‘Jon Felce is a rising star. He is technically excellent, tactically savvy and hard-working. Anthony Riem, one of the senior partners, is another who I must single out for praise: he sits on top and is an excellent strategist and a very experienced litigator.‘
‘Natalie Todd is creative in approach and has excellent client communication’
‘Jon Felce has outstanding analytical skills and adds a sprinkling of tactical gold-dust where necessary. He is a bright young gun with a shrewd mind and calm approach.’
‘Trevor Mascarenhas is frighteningly clever and an excellent strategist. He is very sophisticated and intellectual and at the top of his field’
‘ Nick Ractliff is experienced, diligent and able litigator’
JSC VTB Bank
IFT Offshore SAL
ACON Equity Management LLC
- Successfully challenged jurisdiction for Walid Giahmi in a $100m claim in the latest chapter of the Libyan Investment Authority litigation.
- Successfully advising Russia’s second largest state bank, VTB, in a £20m receivership order.
- Representing BMW in groundbreaking claims against HSBC concerning how banks hold monies for their customers.
The 'brilliant' business and financial disputes team at Penningtons Manches Cooper LLP benefits from experience acting for and against banks in litigation, with particular expertise in swaps litigation. Practice head Rustam Dubash has significant experience representing Indian companies; Alexander Fox handles both traditional banking and fintech disputes, including cryptocurrency claims, while Phillip D’Costa is noted for contentious regulatory matters. Other names to note include Michael Brown, who joined from Bird & Bird LLP , bringing misselling of investment products claims, LIBOR and card payment services disputes expertise. Recently promoted partner Emma Davies (who splits her time between Oxford and London) and 'tenacious litigator' Charlotte Hill are other names to note.
Other key lawyers:
‘The Penningtons team is a really top-drawer outfit. I would not hesitate to recommend them . For claimant-side work, Penngingtons are up there with the very best financial services lawyers.‘
‘They are brilliant – Hungry for work, engaged and always willing to go the extra mile for us. I have the feeling they are punching above their weight in terms of the mandates they win. Clients love them.‘
‘A varied client base: financial institutions and high net worth individuals, particularly with links to India. Very responsive to the needs of individual clients.’
‘Phillip D’Costa is reassuring, unflappable, commercially savvy and immensely hard-working. James Harrison never misses a beat, is commercially astute and a great tactician.‘
‘Alex Fox is both charming and effective. He excels at seeing both the big picture, but is also a hands-on partner with a good grip of the detail. He is extremely calm and thoughtful in a crisis, and adept at getting the best out of his team.’
‘Charlotte Hill is a tenacious litigator, and a real force of nature. She is brilliant at case management and marshalling evidence. She has a particular talent for sniffing out the best pieces of evidence in a case. She is clearly going places and is an asset to any legal team!’
‘Alex Fox is a whirlwind of energetic intellect; constantly driving on the team by example and direction. Emma Davies is unusually hard-working and determined and will leave no stone unturned to achieve the result intended’
Scarborough Group Developments Limited (and 53 others)
Munroe K Limited and Munroe K Luxembourg SA
Syndicate Bank Limited
- Acting for Scarborough Group Developments Limited and 53 others in a LIBOR manipulation claim against against the Bank of Scotland and Uberior Investments Limited, the commercial lending arm of the Bank.
- Represented Munroe K Limited and Munroe K Luxembourg in a LIBOR manipualtion claim against Bank of Scotland Plc.
- Successfully represented Syndicate Bank (an undertaking of the Government of India) in two claims against the joint directors of a client company under guarantees and a mortgage. This also included a complex counterclaim against the bank.
Pinsent Masons LLP
Pinsent Masons LLP ' banking and finance litigation team attracts praise for its 'in-depth knowledge' and 'excellent value for money' and counts derivatives litigation and LIBOR disputes among its areas of specialism. The London-based team functions as part of the national banking litigation group, which is led by the 'extremely talented' Stuart McNeill and Jim Cormack , who are based in London and Edinburgh respectively. It also leverages the firm's white-collar, regulatory and tax practices. Legal director Mike Hawthorne is noted as 'a banking litigation star'.
Other key lawyers:
‘Extremely reliable and flexible. Absolutely the same level or better than magic circle firms.‘
‘Pinsents has a very strong set of lawyers across the board in this space. They have in-depth knowledge and are excellent value for money ‘
‘Mike Hawthorne is a banking litigation star. He is top drawer when it comes to banking law knowledge, litigation experience and judgement. He is one of the few London City solicitors that you can be confident can deal with any form of banking dispute.‘
‘Stuart McNeill is extremely talented and practical in his approach. He is an excellent lawyer, and an excellent litigator, a pleasure to work for and with’
LLB Verwaltung (Schweiz) AG (“LLB”)
NatWest Markets Plc
Novo Banco SA
Collyer Limited (and other defendants in Privatbank case)
SpA Banca Intesa Sanpaolo
- Acting for NatWest Markets Plc in a claim by 27 claimants (10 companies in liquidation and 17 liquidators) alleging that the bank dishonestly participated in transactions involving the sale and purchase of European Union Allowances in June and July 2009 that resulted in the claimant companies incurring VAT liabilities that they were unable to pay.
- Representing Dexia Crediop in litigation against Italian local authorities concerning interest rate hedging from the pre-2008 period.
- Acting for Dexia and Banca Intesa Sanpaolo in a claim against the city of Venice relating to the enforceability of certain interest rate hedging products, which it entered into in 2007.
Squire Patton Boggs is 'well-able to handle high value, complex and fast-moving disputes against well-armed opponents' and counts structured finance litigation, private equity disputes and international fraud and asset tracing claims among its areas of specialism. The group also has particular experience acting for asset-based lenders — for which Gareth Timms (who also handles Islamic finance and fraud-related issues) is a key name to note — and crypto-asset disputes, in which Chris Webber, Ian Debbage and Kate Wakeham have particular expertise. Stephen Sampson and Manchester-based Anthony Taylor lead the London and national litigation teams respectively. Nicola Phillips joined Crowell & Moring.
‘A a tight-knit and very capable team, well-able to handle high value, complex and fast-moving disputes against well-armed opponents.‘
‘The difference is direct partner contact and access to specialist lawyers. The team are not only able to provide constructive legal advice but also provide commercial solutions, which mitigates risk & exposure in respect to the situation that has arisen.‘
‘Strong black letter lawyers with good commercial acumen.‘
‘Lili Yip is fantastically tenacious, pragmatic and cost aware, with credit control debtor litigation.‘
‘Gareth Timms is a ‘fighting general’ – up to speed on the detail, not afraid to get his hands dirty, and willing to lead the charge. Very commercial, and a pleasure to work with.‘
‘Knowledgeable and always able to deliver on what has been requested, no matter how tight the time-frame or complicated the matter. Always willing to go the extra mile’
Close Brothers Invoice Finance
ABN Amro Commercial Finance
EPIC Private Equity
Taylor Wessing LLP's disputes and investigations team counts financial disputes arising from insolvency and financial fraud litigation among its areas of specialism. It also handles disputes relating to derivative, funds and structured products and mis-selling claims. Laurence Lieberman — who has particular expertise in private banking and wealth management, structured products and derivatives and financial frauds — leads the team alongside Andrew Howell (who specialises in claims and regulatory investigations involving the accountancy profession). Other names to note include managing partner Shane Gleghorn, corporate crime and fraud specialist Tim Strong and David De Ferrars, who also focuses on international fraud and asset tracing issues.
‘Andrew Howell is highly intelligent, very hard working, and with brilliant client skills he makes a great ally and a formidable foe.’
‘Fantastic strength in depth, the team is endowed with massive experience.’
Professor Russel Griggs
Maschio Holdings SpA
- Defending boutique investment bank Arundel Group Limited in claims brought by European Real Estate Debt Fund (Cayman) Limited (in liquidation) which allege unlawful means conspiracy and fraudulent misrepresentation relating to Arundel Group’s role as placing agent series of loan notes issued by companies in the European Care Group, which was at the time one of the UK’s most prominent care home groups.
- Representing Professor Russel Griggs OBE in his role as the Independent Reviewer of a redress scheme set up by Lloyds Banking Group in relation to SME customers impacted by the criminal fraud that took place in the Impaired Assets Office of the Reading branch of Halifax Bank of Scotland.
- Acting for Joint Official Liquidators of Saad Investment Company in claims against Bahraini bank, Awal Bank BSC and JP Morgan International Limited.
Wallace LLP's banking and financial services litigation team is 'very impressive, especially during a high-pressured and complex legal dispute'. The group benefits from being conflict-free and attracts praise for being 'ambitious and flexible in creating and pursuing potential cases' against banks and financial institutions. Alexander Weinberg has experience acting for and against financial institutions and hedge funds, including in mis-selling, misconduct, fraud, breach of duty and breach of transactional documentation disputes. Oli Goldman is particularly strong for bank fraud disputes and litigation concerning interest rate hedging products.
‘The team at Wallace are always well prepared. They ask the difficult questions and understand complex answers.‘
‘Alexander Weinberg is a creative, commercially-minded professional who commands respect. He is a whip-smart commercial lawyer with very good judgement and fun to work with too.’
‘Ambitious and flexible in creating and pursuing potential cases.‘
‘Philip Blyghton has impressed me with his client management skills and legal analysis. Definitely one to watch.’
‘The professionalism, advice, organisation and communication of the Wallace LLP legal team was very impressive, especially during a high-pressured and complex legal dispute.‘
Withers LLP's banking litigation team 'deals with high-value, complex litigation with a sure and personable touch'. It is known for acting for funds, brokers, investment managers, small businesses and high net worth individuals in claims against major banks and institutions. Practice head Andrew Wass (who 'understands the sector, terminology and jargon in a way many other lawyers just do not') has particular expertise in financial mis-selling claims, while Harvey Knight specialises in contentious regulatory issues. Peter Wood, Roberto Moruzzi and Eleni Polycarpou are particularly active in cross-border matters involving Italy and the UK.
Other key lawyers:
‘An excellent commercial litigation practice; all-round expertise in high-value banking and finance litigation.‘
‘The firm deals with high-value, complex litigation with a sure and personable touch.’
‘A banking team which finds particular favour with Italian clients and is headed by – unusually – someone who actually worked for many years in banking.‘
‘Delightful to deal with; they provide a very smooth service, are very communicative, and nothing is too much trouble.There is something of the old-school Bentley about this firm: very comfortable, stylish and unruffled’
‘Andrew Wass is a charming partner able to diffuse high tension situations but equally capable of bringing the hammer down when needed. Banking clients could not find a safer pair of hands. He understands the sector, terminology and jargon in a way which many other lawyers just do not – in short, ‘the man to have’‘
‘Giulia Trojano is a very able and diligent lawyer. She is still gaining experience but is very hard-working and quick to respond’
- Acted for 79 private individuals, based in Russia, in a claim against ten defendants (including the former owners of a Russian bank and their associated companies) for damages resulting from allegations that the claimants were induced by the owners of the bank, their associates and/or associated companies to give up secure deposits held at the bank in return for loan notes issued by companies associated with the bank’s owners.
- Represented an individual in a claim against Clydesdale Bank for alleged mis-selling of a fixed rate loan with the bank during the 2008 financial crisis.
Bristol-based Burges Salmon LLP acts for an impressive roster of domestic and international retail and investment banks as well as an increasing number of peer-to-peer lenders, debt funds and challenger banks. It has expertise in a full range of disputes including those relating to facilities, derivatives and hedging, securitisations, acquisition finance, investment management and professional negligence. Practice head David Hall handles domestic and international disputes for banks and alternative lending providers while Andrew Burnette assists banking clients with recoveries, professional negligence and fraud claims. The team also includes senior associates Caroline Brown — who acts for financial institutions in professional negligence, insolvency and fraud cases — and Hannah Miller , who specialises in multi-party disputes and financial services regulatory litigation.
Nationwide Building Society
The Co-operative Bank
Royal Bank of Scotland
National Westminster Bank
Financial Services Compensation Scheme Limited
- Acting for FSCS in its long-running recoveries action relating to PPI mis-selling and unfair relationships under the CCA, which has involved making significant recoveries from seven major lenders in respect of money paid out to thousands of consumers.
- Handling a large portfolio of complex claims for Nationwide, arising from debts in its commercial lending book, including professional negligence, breach of trust, breach of fiduciary duty and fraud. Total recoveries amounted to in excess of £35m.
DAC Beachcroft LLP
DAC Beachcroft LLP has experience acting for and against financial institutions in disputes often with a cross-border element. Practice head John Bramhall and Jonathan Brogden both have experience in mis-selling of complex financial products claims, fraud and contentious regulatory matters. Richard Highley is particularly active in professional negligence claims.
The 'small but very highly effective boutique' DaySparkes represents individuals and SMEs in claims against large banks and financial institutions. The conflict-free practice has particular expertise in bringing fraud, mis-selling and cryptocurrency-related claims against banks and attracts praise for its 'sophisticated use of litigation funding'. Founding directors Michael Sparkes (who has 'excellent judgement and tactical nous') and John Day (who is 'never phased by the complexity of a matter') have a breadth of experience in the space. They are ably supported by the 'very bright and diligent associate' Gopi Binning and Liina Tulk who joined as an associate from Wallace LLP.
‘DaySparkes Limited is a small and intimate practice. The practice offers a personal touch. And because of this they were able to provide detailed attention to me as a client. I felt valued. As a practice I felt that they were knowledgeable, passionate and full of conviction. At all times DaySparkes acted with integrity.‘
‘A very small but very highly effective boutique. Partners always hands-on. They get very close to their clients and ensure an effective and decent result. Sophisticated use of litigation funding. Excellent associates.‘
‘John Day is never phased by the complexity of a matter and is instinctively able to find a navigable route in challenging circumstances.‘
‘Michael Sparkes has an encyclopaedic knowledge of client and litigation issues. He is totally committed to his clients; Liina Tulk has the ability to grasp complex cases with immense speed.‘
‘Michael Sparkes is tenacious and savvy. He has excellent judgement and tactical nous and will fight hard for his clients.‘
‘Gopi Binning is a very bright and diligent associate who is always on top of the detail.‘
‘Committed to finding sensible commercial solutions without the need to run up unnecessary legal bills’
- Acting for the former Managing Director of Cotton Bottoms Limited in relation to her fraud claim against Lloyds Banking Group arising out of the now infamous HBOS Reading/Quayside Corporate Services fraud.
- Representingthe former Managing Director of Kangaroo Poo Limited (a successful manufacturer of surf and leisurewear based in Devon) in relation to the HBOS Reading fraud.
- Acting for the founder and majority shareholder of Remnant Media Limited in a fraud claim against against HBOS and its parent, Lloyds Banking Group as one of the principal victims of the HBOS Reading fraud.
The banking and financial litigation team at Fladgate LLP counts recovery, insolvency and fraud-related litigation as well as mis-selling and payment services disputes among its areas of experience. Practice head Steven Mash has experience in bringing a range of claims against banks (including group actions), Bree Taylor has particular expertise in fraud claims, while Simon Ekins and Alexander Wildschütz focus on professional negligence and cross-border issues (including jurisdiction challenges and enforcement of foreign judgements) respectively.
Foot Anstey's dispute resolution team acts for major banks and national teams of receivers in a range of disputes. It counts litigation relating to agricultural receiverships, enforcement of Sharia-compliant finance agreements, business finance contracts for national peer-to-peer platforms and constructive trust issues among its niche areas of specialism. Bristol-based Mark Rhys-Jones leads the group, which fields a cross-office team including Steven Richards, James Gliddon and legal director Nick Loewendahl who are based in Exeter, Bristol and Plymouth respectively.
- Advised a bank in a complex, high value recovery of a shortfall of £1m+ following the disposal of a buy to let portfolio.
- Successfully defended a bank in a £13m claim relating to the interpretation of a facility agreement, allegations of economic duress, the propriety of the disposal of the bank’s security in a novel multi-customer property portfolio. Also acted for the bank in a €8m counterclaim.
- Acted for a bank in a £1.9m claim against an independent financial adviser for recovery of sums outstanding under three personal guarantees where the bank had no security.
Jenner & Block LLP
Jenner & Block LLP's financial services litigation team is adept at handling complex disputes with cross-border enforcement and jurisdictional issues. It 'knows the industry extremely well' and frequently handles litigation relating to challenging jurisdictions including Russia, Turkey, Ukraine, Sub-Saharan Africa, the Middle East and India. Led by Christian Tuddenham, the team benefits from 'very strong lawyers at all levels' including the 'exceptional' Jason Yardley and 'excellent' Elizabeth Shimmin , who was recently promoted to the partnership.
‘The Jenner team in London is small, but its members have excellent pedigrees, joining the firm after serious stints at major firms. The depth of experience is much broader than you would think but the firm is focused on key areas and doesn’t try to be all things to all clients. A tight team means excellent client focus’
‘Christian Tuddenham’s calm and controlled manner is coupled with razor sharp litigation instinct and a fantastic commitment to delivering what the client needs’
‘It is easy to see your advisers through rose coloured spectacles when a case turns out well but regardless of the outcome, these are people I want to work with again’
‘The Jenner & Block banking litigation team is fantastic – it knows the industry extremely well and has been involved in some of the most high-profile cases in this area. It has very strong lawyers at all levels’
‘Jason Yardley is an exceptional lawyer in this field – he leaves no stone unturned, has a deep knowledge of the law, and is extremely committed to meeting his client’s needs. Elizabeth Shimmin is also a brilliant partner. She has a great client base and her clients rightly rate her opinion very highly’
Cruz City 1 Mauritius Holdings (former Lehman Brothers Real Estate Private Equity Fund)
Singularis Holdings Limited (in Official Liquidation) & Grant Thornton LLP as Liquidators
Redeemer Committee of the Highland Crusader Fund
- Acting for Cruz City 1 Mauritius Holdings (the former Lehman Brothers real-estate private equity fund) in multi-jurisdictional proceedings to enforce a US$500m arbitration award against one of India’s largest real-estate groups.
- Acting for the liquidators of the Saad Group in the landmark ‘Singularis v Daiwa’ banking litigation, securing an award in excess of US$200m before the Supreme Court.
- Acting for the Redeemer Committee of the Highland Crusader Fund to enforce a US$189m arbitration award against Highland Capital Management, the manager of a large hedge-fund group and the former manager of the Crusader Funds.
K&L Gates LLP
K&L Gates LLP offers an integrated approach to banking litigation, with the ability to leverage the firm’s non-contentious finance specialists and colleagues in other jurisdictions including Frankfurt and New York. The group is particularly strong for structured finance disputes and counts white collar and regulatory issues, professional negligence disputes and insurance claims among its areas of experience. John Magnin has a broad practice and jointly leads the team alongside Anne McCarthy who focuses on real estate finance and insolvency litigation. Special counsel Clare Tanner is another name to note.
Other key lawyers:
U.S. Bank Trustees Limited
Joint Receivers of the Axiom Legal Financing Fund
CSC Trustees Limited
Locke Lord LLP
Locke Lord LLP's banking litigation team is 'very client-focused and highly experienced'. Kevin Heath, who acts for asset-based lenders and consumer financiers in a range of disputes, leads a team which also includes experienced litigator and barrister David Herbert , who joined from gunnercooke LLP bringing contentious insolvency and restructuring expertise. Amita Chohan (a barrister with asset tracing and recovery, bankruptcy and debtor-creditor disputes experience) and associate Nicole Fry are also 'excellent'.
‘The whole team is very client-focused, and highly experienced. They are all, without exception, talented, responsive lawyers who work collaboratively and complement each others’ skills. They get very good results for their clients’
‘Kevin Heath is an excellent litigator – highly experienced, great tactician. He is very tough when justified, but also pragmatic, hard working and extremely responsive. He would be my first choice of banking or asset finance litigator.’
‘Nicole Fry is very quick and responsive, provides invaluable support, excellent litigation-handler.
‘Amita Chohan is an excellent lawyer who interrogates everything and doesn’t just go along with partners/counsel! Provides superb value’
Close Brothers Asset Finance
ING Lease (UK) ltd
- Representing Close Brothers in an asset recovery claim relating to the financing of 6 excavators against the hirer who defaulted and the supplier for misrepresentation in respect of the deposit purportedly paid for the goods.
Teacher Stern LLP is a popular choice for claimants in mis-selling disputes against banks and is considered 'especially good at coordinating and managing complex, high-value group claims'. Practice head Philip Rubens is ably supported by 'impressive' senior associate David Bowman , who is 'masterful in coordinating complex group actions'.
Other key lawyers:
‘The team are efficient and get things done. They won’t leave a stone unturned to get to the right answer with a firm eye on the commercials.’
‘The dispute resolution team at Teacher Stern have an array of high quality work and individuals. A particular recent trend is group claims against financial institutions and professionals. The team is especially good at coordinating and managing complex, high value group claims, which often involve steering committees of clients, insurers and difficult opponents.’
‘David Bowman is a creative mind who looks for solutions to problems outside the straightforward and then works to make those ideas fly.’
‘The individuals are professional, thorough and a delight to work with’
‘David Bowman is very impressive. He is masterful in coordinating complex group actions – something he makes looks very easy. He’s also an excellent communicator and a calming presence.’
Shared Appreciation Mortgages Claimant Group
Bavaria Industries AG
Excis Limited v Milfix Real Estate SARL
- Acting for approximately 135 Claimants in a multi-party mis-selling claim against Bank of Scotland / Lloyds Banking Group relating to a shared appreciation mortgage product sold in 1997 and 1998.
- Instructed in a multi-party litigation on behalf of approximately 40 Claimants against Barclays relating to a mis-sold Shared Appreciation Mortgage product.
- Acted for Bavaria Industries AG (Bavaria) in relation to this complex takeover by Realm where the Court’s sanction was sought by Realm and opposed by Bavaria.
TLT's financial services disputes and investigations team attracts praise for its 'ability to really get under the skin of their clients business'. Practice head Andrew Lyon's experience spans professional negligence and fraud claims, business and corporate recovery, product mis-selling claims and bank security issues. Other names to note include Paul Gair, for his broad expertise, and Peter Richards-Gaskin , who frequently advises financial institutions in disputes involving SMEs. Russell Kelsall and Michael Ruck are highlighted for financial regulatory disputes and investigations.
Other key lawyers:
‘They have the ability to really get under the skin of their clients’ business and are creative in their solutions offering. A team of dedicated, personable individuals’
‘Peter Richards-Gaskin has excellent commercial understanding, an ability to cut through complexity and arrive at simple well thought through commercially viable solutions. Extremely personable, dedicated and always looking to go the extra mile. A pleasure to work with’
Royal Bank of Scotland
Punjab National Bank
FCE Bank plc
Bank of Baroda
Bank of India
State Bank of India
- Acting for a consortium of 13 Indian banks relating to the registration of an Indian Judgment in England & Wales
- Acted for IDBI Bank in proceedings against Axcel Sunshine Limited (a BVI company) for its default under a loan agreement.
- Pursuing recovery of US$27m relating to various facilities provided by Bank of India to two Panamanian registered borrowers which were used to assist with the purchase of two ships.
Watson Farley & Williams LLP brings and defends claims against investment banks in disputes over matters such as derivatives, capital markets, bondholder disputes, trade finance disputes and other complex financial products. It counts asset and trade finance disputes in the maritime, aviation and energy sectors among its areas of specialism and has the ability to coordinate cross-jurisdictional cases. Andrew Ward and Rebecca Williams jointly lead the London dispute resolution team.
Arab Banking Corporation (B.S.C.)
NatWest Markets plc & The Royal Bank of Scotland plc
- Instructed by a security agent for a number of US noteholders to apply for the judicial sale of a high value ultra deepwater drillship that is currently laid up under arrest at Tilbury.
- Acting for Bank ABC, an international bank with headquarters in Bahrain, in a claim under a back-to-back demand guarantee for the financing of an underlying construction project.
- Acting for the lender, agent and security trustee under a loan agreement to a single-ship company for the purchase of the vessel the M/V “ALKYON”.
Zaiwalla & Co 'understands the complexities of working with international institutional clients in UK litigation'. The group is frequently instructed by clients based in high-growth economies such as India, Russia and across the Middle East in banking litigation, and has 'particular expertise in dealing with sanctions issues'. Sarosh Zaiwalla leads the team, in which the 'outstanding' recently promoted partner Kartik Mittal and senior associate Rohit Ralleigh are key members.
‘Particular expertise in working with international clients, particularly Indian / CIS. Diverse international team who understands the complexities (and sometimes tensions) of working with international institutional clients in UK litigation. Particular expertise also in dealing with sanctions issues, both for individuals and institutions.’
‘Determined and imaginative. A unique firm.‘
‘Zaiwalla & Co have a unique client base – they act for a remarkable range of overseas claims, bringing creative thought to everything they are involved with.‘
‘Rohit Ralleigh was knowledgeable, approachable, had a hands-on approach to the matter and was a wonderful person to work with.‘
‘Kartik Mittal has a laser-like focus on the key issues and works extraordinarily hard on behalf of his clients‘
‘Sarosh Zaiwalla: an éminence grise with the most fantastic touch.‘
‘Kartik Mittal is outstanding; very bright and hard-working, and with good judgement. No case is too large for him to handle.‘
‘Leigh Crestohl offers legally sophisticated advice.‘
Pesco Beam Environmental Solutions Pvt Ltd
Trishe Resources Inc
- Acted for Iranian private Bank, Bank Mellat in a USD$1.3bn claim pursuant to a Supreme Court 2013 ruling that the Treasury had unlawfully imposed sanctions on the bank.
- Acted for seven of eight defendants in a successful jurisdiction challenge to a USD$40m Commercial Court claim brought by India’s Punjab National Bank in relation to breach of loan agreements.