Financial, Banking & Hedge Fund Disputes
We are one of the few leading London litigation law firms who can sue banks in substantial financial litigation. We have a track record of significant success against banks and the top London land international law firms that advise them. We are free from the conflicts of interest which prevent most top litigation law firms from acting against financial institutions.
Our specialist team acts at the cutting edge of this field, in claims against banks involving a wide variety of financial instruments, including loan agreements and facilities, letters of credit, guarantees, performance bonds, collection facilities, derivatives, total return swaps, credit default swaps, interest rate swaps, repo agreements and various forms of collateralized debt obligations (CDO), including mortgage-backed securities. We also have expertise in acting against banks in claims for mistaken payments procured by third party frauds and in actions where the bank is the fraudulent party. We are well placed to assist and advise those involved in the recent HBOS Reading fraud scandal. We have particular experience in acting in litigation against RBS, Lloyds, Barclays and other banks, relating to the mis-selling of complex financial products and to LIBOR fixing and manipulation and we have acted on some of the leading cases in this field.
What the directories say
The firm is recognised in the legal directories as being one of the top firms of solicitors in this field, having acted successfully in a number of landmark cases. The firm’s partners in our specialist banking litigation team are individually recognised in the directories as being leaders in the field.
The Chambers and Partners Guide (2016 edition) commented that the firm “continues to be an outstanding litigation firm for claimant work“, adding that “they can act as a true litigation expert against anyone, especially in the financial sector“. Earlier editions of that directory said the following about our banking litigation practice:
“Specialist litigation boutique with an outstanding reputation for acting against financial institutions in enormous banking disputes… Individuals within the team are very astute and sharp-minded, and at the same time practical.”
“A quality outfit with a very good track record in winning cases.”
“Achieved success at the Court of Appeal for Texas hedge fund Highland in its high-value and multifaceted dispute with RBS.”
“Acted in the highly publicised Guardian Care Homes litigation against Barclays Bank in relation to LIBOR manipulation and swaps mis-selling.”
The Legal 500 directory (2015 edition) commented that we are “A leading banking litigation claimant firm“. An earlier edition noted that we are
“A conflict-free boutique which acts in big-ticket finance litigation” with “a strong litigation department at both partner and assistant level”.
“A match for the large, well-known firms” in the banking litigation field.
We use litigation, arbitration and alternative dispute resolution (ADR) to help hedge funds, PLCs, borrowers and investors resolve their financial disputes. Much of our practice has an international dimension and we often work in conjunction with leading boutique litigation firms in other jurisdictions such as the United States.
Examples of the cases which our lawyers have dealt with include:
- Acting for Property Alliance Group in its high-profile litigation against RBS, pursuing allegations of fraudulent LIBOR fixing and other claims. For more details see: LIBOR Manipulation Page
- Acting against Barclays Bank in the first LIBOR fixing “test case”. Our client, Graiseley Properties, was successful in every significant interim hearing in that case, culminating in a major victory in the Court of Appeal in November 2013. Clifford Chance acted for Barclays. For more details see: LIBOR Manipulation page
- Acting for funds managed by Highland Capital Management L.P., a major Texas-based hedge fund, in successfully getting a judgment obtained by RBS set aside for the bank’s own fraud (which is thought to be a first in the English courts). Highland also successfully defended RBS’s application for an anti-suit injunction to restrain claims for fraud, valued at more than $100 million, from proceeding against the bank in Texas. RBS’s claims were eventually dismissed and the bank was found to have lied repeatedly both to our client and to the Court. For further details on our press release please click below: press release
- The earlier stage of the Highland/RBS involved a US$52m claim being brought by RBS concerning a purported auction of leveraged loans in a CDO. Highland succeeded in persuading the Court that RBS had deceived it and was in breach of contract as well as its duties of good faith.
- Acting for funds managed by Highland, in a US$70m dispute with Deutsche Bank involving complex derivative securities and repo agreements. Highland prevailed in the Court of Appeal in 2009 in a jurisdiction battle involving anti-suit injunctions and a non-exclusive jurisdiction clause; our unsuccessful opposing law firm in that case was Allen & Overy.
- Acting for the successful claimant in Shinhan Bank Ltd v. Sea Containers Ltd & Anor, the leading English judgment on collections facilities.
- Acting in a leading English Court of Appeal case on bills of exchange and in over-turning on appeal a judgment based on novel points of English guarantee law.
- Representing a major Swiss bank in enforcing pledges in various bills of lading.
Our opponents on these cases have included the English Magic Circle law firms and major International firms, such as Allen & Overy, Linklaters, Hogan Lovells and Herbert Smith Freehills.