News & Events
News & Events
Outer Temple Chambers is pleased to announce that it will play a significant role in the St Petersburg International Legal Forum which is being held between 18 and 21 May 2016 in Russia. The initiative is spearheaded by Alexey Karpenko, an Outer Temple Professional Associate, who is the senior partner at Forward Legal, in Moscow. Joint Heads of Chambers, Michael Bowes QC and Andrew Spink QC, together with David Russell QC, Fiona Scolding and Miranda de Savorgnani will give talks on Trusts, Regulation of Company Groups, International Tax rules, Public Procurement, Banking Regulation and International Arbitration to an audience of Russian government representatives, the judiciary, international organisations, General Counsel of Russian corporations and the international media. The official programme will cover topics as Private…
News 18 May, 2016
David Smith, founder of Legal Harmony and co-founder of Fiscal Harmony for the banking and finance sector, tells the story of the Legal Harmony Choir in an article for Counsel Magazine. David says that he wanted to combine his passion for music with his work, and this is how the Legal Harmony initiative took life in 2013. The most recent performances included diverse music, choreographed dance routines and costume changes. It was made up of choirs from more than 25 law firms and chambers, and more than £25,000 was raised for charity. A charity music gala is expected to take place on 8 June 2016, at Central Hall. “Choir members will come from over 20 law firms’ choirs, sets of chambers…
News 28 Apr, 2016
Asplin J sitting as a Judge in the Financial List today handed down judgment in Hockin Ors v RBS Plc or [2016] EWHC 925 (Ch). The Judge held that it was arguable that a power or discretion of assignment in the hands of the bank within a £55million loan facility agreement was attended by an implied duty of good faith as to the manner in which it was exercised. The Judge also considered the proper construction of a Deed of Assignment by which the administrators assigned certain causes of action to the claimants. The matter is due to go to trial in January 2017. Farhaz Khan (who was brought in to act on the applications) led by David Reade QC acted…
News 26 Apr, 2016
In December 2015, Tim Green was successful in his application to have a high value cash forfeiture heard in the Isle of Man before a related criminal investigation being undertaken in the UK and other jurisdictions had concluded. At the heart of the case was an argument over whether related civil proceedings (the cash forfeiture) could fairly be heard whilst a related criminal was continuing. In the absence of clear authority on the question, the Court of Summary Jurisdiction in the Isle of Man reviewed analogous English and Manx authorities. The Court then found in a full and published judgement that civil court had a discretion to proceed where there were concurrent civil and criminal proceedings. The Judgement concluded that…
News 29 Feb, 2016
Banking & Finance analysis: There is a move to transaction-based benchmarks for calculating LIBOR rates. Saaman Pourghadiri was interviewed by LexisPSL, on questions whether this change in methodology is likely to lead to frustration in current contracts. He specialises in commercial litigation and financial services. His current and recent financial services work includes acting for a number of individuals in relation to the global investigations into the FOREX market, claims arising out of the mis-selling of interest rate hedging products and assisting the Bank of England in developing and implementing its approach to regulating CCPs.
News 24 Feb, 2016
The Upper Tribunal today published a decision giving reasons for refusing the Authority’s application for a “split trial” of the conjoined references of Stewart Ford (the former CEO), Mark Owen (the former FD) and Peter Johnson (the former compliance officer) arising out of the failure of Keydata Investment Services Limited (“Keydata”). Keydata was involved with certain investment products underpinned by bonds issued by two special purpose vehicles incorporated in Luxembourg, SLS Capital SA and Lifemark SA (“Lifemark”). The Luxembourg regulator (the CSSF) closed Lifemark to new business in mid-2009, and it was put into liquidation on 11 May 2012. Keydata ceased trading in June 2009 and went into administration. The Decision Notices, which are now the subject of these references,…
News 1 Feb, 2016
Following the successful seminar co-organised by Outer Temple Chambers and FSLA on Global Investigations and Judicial Oversight, held on 17th November 2015, feedback has shown that there is high interest. By way of a summary, our expert panel was chaired by Richard Lissack QC of Outer Temple Chambers, with speakers Mark Steward, the new Executive Director of Enforcement and Market Oversight at the FCA; Stephanie Pagni, the Global Head of Litigation at Barclays Bank; Dorian Drew, a Partner at Clifford Chance; Judge Timothy Herrington of the Upper Tribunal (Tax and Chancery Chamber); and Richard Hitchcock QC of Outer Temple Chambers. Four key issues were highlighted by our speakers, namely: Seeking the truth versus settlement. The position of third parties. Follow-on…
News 28 Jan, 2016
Following the biggest trial of its kind ever bought by the enforcement arm of the Department of Transport, a jury has just returned a verdict acquitting the directors and senior management of a subsidiary of a bank involved in providing finance to the transport industry on charges of conspiracy to defraud the transport regulator (the Traffic Commissioners of Great Britain). The trial involved allegations that the directors and managers had developed a business model aimed at subverting the regulatory system, and involved extensive evidence from several senior judicial figures within the system. Tim acted for two of the senior managers charged. At the conclusion of a trial which lasted 4 months the jury took 6 hours to return a unanimous…
News 6 Mar, 2015
The doctrine of contractual estoppel looms large in cases where a counterparty to a bank alleges that the bank is liable to make good losses suffered as a result of entering into a financial transaction that has turned out to be unfavourable to the counterparty. A formidable body of banking cases shows that parties to a transaction may agree that a particular state of affairs is to be the basis on which they are contracting, regardless of whether or not that state of affairs is true, and that such an agreement may give rise to a contractual estoppel, precluding the assertion of facts inconsistent with those that have been agreed to form the basis of the contract: see the archaeology…
News 26 Jun, 2013
Graiseley Properties Limited & Ors (“Guardian Care Homes”) v Barclays Bank Plc [2012] EWHC 3093 (Comm) On 29th October 2012 The Hon Mr Justice Flaux gave the claimants permission to amend their claim to plead fraudulent misrepresentations arising from Barclays admitted involvement in Libor fixing (Tim Lord QC and Farhaz Khan acted for the Claimants). On 2nd April 2013 Barclays sought permission to appeal the Order of Flaux J. Lord Justice More-Bick gave Barclays permission to appeal on 22 April 2013. The matter will be heard by the Court of Appeal with the appeal from the judgment of The Hon Mr justice Cooke in Unitech Holdings Limited v Deutsche Bank. The test case will now be heard by Flaux J…
News 30 Apr, 2013
Settlement was reached today of a substantial investment mis-selling claim involving the marketing of an unregulated Collective Investment Scheme (CIS). Providing an overview, Richard said: “A likely inequality of resources is an understandable concern for individuals wishing to sue a defendant bank under section 150 of the Financial Services and Markets Act 2000. The early settlement of this case after Particulars of Claim were served demonstrates the value of intense early work on a claim to ensure it is made as strong as possible. This included obtaining expert evidence on the key issue of suitability and enabled a detailed, strongly pleaded claim which fully referenced the Conduct of Business Sourcebook to be presented to the bank from the outset. The…
News 15 Feb, 2013
Judgment has been handed down in Stone Consultants Ltd v NatWest [2013] EWHC 208 (Ch) in which the claimants alleged that NatWest and one of its bankers was complicit in a £300m Ponzi scheme. Nicholas Medcroft, instructed by Berwin Leighton Paisner, acted for NatWest which successfully defeated claims for conspiracy, dishonest assistance, deceit, unjust enrichment and negligence. After a 4 week trial Mr Justice Sales dismissed all claims against the bank.
News 12 Feb, 2013
