Oliver Assersohn

Call date: 2003

Email: Oliver Assersohn

Areas of Law:	Commercial Litigation, Financial Services

Practice summary

Oliver Assersohn is a commercial barrister specialising in banking and financial services and is recommended by the foremost independent legal directories:

Chambers and Partners 2012 (financial services) write that "Oliver Assersohn has fast forged an enviable reputation as a leading junior in financial services law..."

The Legal 500 2011(banking and finance) state he has “an invaluable knowledge of the FSA disciplinary process”;

Chambers and Partners 2011(financial services) describe him as ““highly diligent”” and as having “appeared for and against the FSA in a wide range of criminal and civil investigations and enforcement actions. Having been seconded to the Regulatory Decisions Committee of the FSA, he “understands how the regulator lives and breathes””.

Recent and current areas of practice

Financial services

Acted for the FSA as junior counsel in the first FSA initiated prosecution for insider trading (both defendants were convicted) and subsequently acted as junior counsel for one of the defendants in the first FSA initiated prosecution for insider trading to end in acquittals.

After his secondment to the Regulatory Decisions Committee, continued to advise the Committee in a variety of cases. For example, he advised the Committee in FSA v (1) Visser (2) Fagbulu in which a ban and £2.1m fine were imposed on a hedge fund chief executive and chief financial officer for deceiving investors and market abuse (the decision was recently upheld by the Upper Tribunal).

Acted for parties before the Committee. For example, he recently succeeded in persuading the Committee to allow a trader to perform a controlled function when he had been previously dismissed for gross misconduct for alleged dishonesty from his previous firm.

Acted in commercial cases concerned with financial services issues such as mis-selling, professional negligence and breach of contract.

Wider commercial and employment work

Successfully argued at first instance and before the Court of Appeal that a property vendor was not liable to pay commission to an estate agent allegedly instructed as a sole agent because the terms of engagement did not comply with requirements imposed by the Estate Agents Act (1979).

Is currently acting for a major foreign organisation, which faces a $20m claim in this country and is disputing jurisdiction.

Employment work includes acting for both claimants and respondents across a range of areas and particularly cases with a financial services angle. For example, he recently successfully defended an investment bank and its named Respondent owner from a £700,000 discrimination and whistleblowing claim.

Qualifications

Called in 2003 having been educated at Charterhouse, Warwick University (1^stClass BA Classical Civilisation), City University and BPP Law School. Awarded the Queen Mother Fund Scholarship by the Honourable Society of the Middle Temple in 2001 and 2002 and the Blackstone Entrance Exhibition in 2002.

Publications

Written on a range of financial services issues and been published in New Law Journal, a LexisNexis special report, Journal of International Banking & Finance and Employment Lawyers Association Briefing. Oliver is in demand to give talks to solicitors and clients and has spoken at, for example, Slaughter & May, Clifford Chance, Allen & Overy, MacFarlanes and Berwin Leighton Paisner.

A selection of recent cases

Financial Services
FSA v Y (2011): Acted for a trader who had been dismissed from a major investment bank for gross misconduct arising from alleged dishonesty. The FSA refused to grant the trader approval to begin work in a controlled function at his new firm. Oliver successfully persuaded the Regulatory Decisions Committee to allow the trader to perform a controlled function. As a result the trader was able to start work again and resume his career in the City.
R v (1) King (2) McFall (3) Rimmington (2010):Oliver acted as junior counsel for Mr Rimmington in the first FSA initiated prosecution trading to end in acquittals. The defendants persuaded the trial judge to stop the case at the close of the prosecution case but the Court of Appeal ruled that the case should continue. In the event the jury returned verdicts of “not guilty” in less than two hours. Several new and difficult arguments were run which may be of relevance to future cases, including civil market abuse cases.
R v (1) McQuoid (2) Melbourne (2009): Oliver was instructed as junior counsel for the FSA in the first ever FSA initiated prosecution for insider trading. Both defendants were convicted.
Secondment to the Regulatory Decisions Committee of the FSA: Oliver is the only barrister in private practice to have been seconded to the Regulatory Decisions Committee of the FSA. His appointment was reported in The Times and whilst he was there he advised on numerous (and subsequently) high-profile cases.
Continued instruction by the RDC after his secondment: Oliver was instructed to advise the RDC in numerous important cases. These are ongoing and so the details must remain confidential. The cases concern, among other things, a major City institution and mortgage fraud. A recent example of a case on which he advised was FSA v (1) Visser (2) Fagbulu in which a ban and £2.1m fine were imposed on a hedge fund chief executive and chief financial officer for deceiving investors and market abuse (the decision was recently upheld by the Upper Tribunal).
FSA v (1) Media & Entertainment (2) Paul Cable: Oliver advised and acted for Mr Cable and his company in the action taken by the FSA against them. Oliver appeared before the RDC of the FSA to argue his clients’ cases and also acted for them in relation to a preliminary point in the Upper Tribunal (formerly the Financial Services and Markets Tribunal).
Joint Disciplinary Scheme v (1) KPMG (2) Sayers- Oliver was led by Paul Garlick QC in the Accountants' Joint Disciplinary Scheme's action against KPMG and a partner in respect of the audit of Independent Insurance (represented by Guy Phillips QC). KPMG were ordered to pay a £½ million fine and £1.15 million costs.
Splits investigation: Oliver advised the FSA in relation to the pursuit of certain individuals and companies investigated as part of the FSA's investigation into the splits scandal.

Commercial
The Great Estates Group Limited v Digby [2011] EWCA Civ 1120, [2011] 43 EG 104(CS): Oliver acted for the vendor of a private home who was sued by an estate agent who claimed that he was instructed as a sole agent and that he was entitled to damages for loss of the chance of earning commission when the sale of the property was not arranged through him. Oliver successfully argued at first instance that the contract could not be enforced because the agreement did not comply with the Estate Agents Act (1979). The Claimant appealed to the Court of Appeal, who by a majority (Lord Justice Lloyd dissenting) upheld the first instance decision.
Y v Z(ongoing): Oliver acts for a large foreign organisation being sued in this country for $20m. X alleges that Z obtained a judgment abroad by fraud. The matter is currently listed for a hearing on jurisdiction and service.

Employment
X v a French Investment Bank (2011):Acted for a French investment bank before Central London Employment Tribunal which was accused of nationality discrimination, victimisation on the grounds of the Claimant having made protected disclosures and unfair dismissal. The owner of the Bank was a named Respondent. The Employment Tribunal concluded that no link to any alleged disclosure and detriment could be sustained and that the Claimant had not been discriminated against.
X v Y (High Court)- Sought and obtained an interim injunction enforcing a restrictive covenant.
Harris v Towergate London Market (Employment Appeal Tribunal)- Successfully appealed decision of Employment Tribunal that the Claimant was not entitled to an extension of time under the Employment Act 2002 (Dispute Resolution) Regulations 2004.

Fraud
R v Stubbs- Junior Counsel for the Crown in the prosecution and eventual conviction of an individual accused of defrauding HSBC of £12 million.
R v (1) Kainth (2) Addy - Junior Counsel for the Crown in the prosecution and eventual conviction of two individuals accused of money-laundering c.£6 million.