News & Events
News & Events
Stephen recently acted for a high profile master developer in proceedings under the rules of the Dubai International Arbitration Centre (DIAC). The arbitration related to the sale and development of commercial real estate, and the provision of infrastructure by the master developer. Stephen acted as lead counsel over the course of a four day hearing, which heard evidence from a number of expert witnesses, and successfully obtained an award exceeding $14 million on behalf of his client. Stephen has recently returned to chambers following a secondment to the arbitration team of a leading UAE law firm. His UK practice is focused on commercial litigation, particularly within the field of pensions and financial services. Stephen is also a registered advocate before…
News 12 Jul, 2019
Michael Bowes QC has been acting for the Serious Fraud Office (SFO) in relation to the Deferred Prosecution Agreement (DPA) agreed with Serco Geografix Limited (SGL), which was approved by Mr Justice William Davis at Southwark Crown Court on 4 July 2019. The DPA followed SGL self-reporting to the SFO. The undertakings given by Serco Group plc broke new ground in the development of DPAs. Mr Justice William Davis stated in his judgment, “Without the undertakings given by the parent company it is very unlikely that the goals of a DPA could have been achieved in the circumstances of this case. This is the first occasion on which undertakings of the kind made by Serco Group PLC have been by…
News 3 Jul, 2019
Michael Bowes QC is due to speak at a Royal United Services Institute (RUSI) event on 11 June 2019 in Whitehall, London. RUSI is the world’s oldest independent think tank on international defence and security, and has a global presence. Michael, who specialises in business crime, civil fraud, financial services and international sanctions has been invited to take part in a panel discussion on the ‘Paper Launch: A Civil approach to tackling Criminal Finances’, led by Helena Wood, Associate Fellow, RUSI and author of the paper. Mick Creedon, Former Chief Constable and National Police Chiefs Council (NPCC) lead on Proceeds of Crime also makes up the panel. The Paper Launch follows on from the Government’s Serious and Organised Crime Strategy…
News 5 Jun, 2019
We are delighted to announce the successful recruitment of four new barristers to our ranks. As of Monday, 8th April 2019 we extend a warm welcome to: Louis Weston Louis Weston, top-ranked sports law specialist and regulatory law barrister joins us from 3 Paper Buildings as a full Member of Chambers. Louis was the recipient of the 2017 International Advisory Experts Award: Sports Law Lawyer of the Year in England and has a thriving Sports Law practice. He prosecutes before the British Horseracing Authority, the Greyhound Board of Great Britain, the Turf Club, the World Professional Snooker and Billiards Association and before other arbitral bodies. He acts before both courts and regulators in disputes arising from sports contracts and doping…
News 5 Apr, 2019
Outer Temple Chambers’ barristers delivered a ‘quick fire’ seminar to delegates from City firms on ‘The Anatomy of a Financial Services Organisation’ last week at the Law Society. The event was the ideal opportunity to showcase the strength and depth of the OTC Financial Services team – with short segments covering: thematic reviews, criminal and civil investigations under FSMA 2000, the RDC, legal professional privilege and the international elements of investigations in different jurisdictions, plus the impact of Brexit on investigations and enforcement. The team spoke to a high-profile and varied audience made up of solicitors at City firms and is looking forward to running another similar set of seminars in 2019. “…very informative”, “…provided insight and advice, beyond just explanation of…
News 12 Oct, 2018
Alex Haines, barrister, gives presentation on internal justice systems at the annual Conference of Staff Associations of International Financial Institutions (“COSIFI”) in Washington DC. On 18 and 19 September 2018, Alex attended the COSIFI annual conference which took place in Washington DC. Eight International Financial Institutions (“IFIs”) were represented: the World Bank, the International Monetary Fund, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the European Central Bank, the Caribbean Development Bank and the European Bank for Reconstruction and Development. A representative from the Federation of International Civil Servants’ Associations (“FICSA”) was also present. The conference covered current IFI challenges, compensation, the issue of international staff and local staff, and the different models of Staff Association…
News 2 Oct, 2018
David E Grant, Outer Temple Chambers, comments on practical implications for financial advisors and practitioners in light of Alistair Rae Burns vs FCA. Background Mr Burns, the owner of Rae Burns, a financial adviser company, advised clients on transferring occupational or personal pension benefits into a self-invested pension scheme. The FCA fined and prohibited him from performing senior management functions after failing to comply with its requirements. Mr Burns then referred the FCA’s decision to the Upper Tribunal. The Upper Tribunal dismissed the reference but lowered the financial penalty to almost a quarter its quantum. Mr Burns was found personally liable in that he failed to take reasonable steps to ensure that his business complied with the FCA’s relevant requirements.…
Legal Blogs 19 Sep, 2018
H.E. Justice Ali Al Madhani today ordered a full trial of the claims and counterclaims in John Vitalo v Atlas Mara Management Services Limited [2018] CFI 018 (26 June 2018), having dismissed the claimant’s application for immediate judgment of two of his three claims. The claimant, the former CEO of the defendant bank, sued for breach of contract arising out of the termination of his employment, including for unpaid leave and a failure to index link his living allowance. The claims, if successful, will be subject to a considerable penalty under Article 18 of the DIFC Employment Law. His Excellency the Judge accepted the bank’s submissions that there was a serious issue to be tried including as to how much holiday…
News 26 Jun, 2018
The ADGM Court (Judge Sir Andrew Smith) handed down its first judgment in Afkar Capital Limited (C) v Fikry (D). C, an investment firm regulated by the FSRA, applied for an interim declaration that the minutes of a board meeting and resolutions made at the meeting purporting to appoint a new director and CEO were validly made. The ostensible purpose of the interim declaration was to persuade the regulatory authorities to approve the appointments. The application was made in reliance upon the ADGM companies Regulations 2015 (which closely follows the scheme of the 2006 act). D, a director and then CEO of C who had attended the board meeting, challenged the accuracy of the minutes and the validity of the resolutions.…
News 4 Dec, 2017
We are delighted to have been shortlisted in Legal Week’s British Legal Awards 2017 – Chambers of the Year category. The British Legal Awards hosted by Legal Week in association with The City of London Law Society, takes place at the end of the LegalWeek Connect, and is due to be attended by 1,000 lawyers. All 29 categories have been carefully chosen to reflect the ever-complex and challenging work of business lawyers at law firms, within legal departments and at the Bar. Key awards this year include The City of London Law Society Lifetime Achievement Award, Chambers of the Year, Law Firm of the Year, General Counsel of the Year, Editor’s Award: Law Firm Leader of the Year and the Legal…
News 20 Oct, 2017
Stephen Butler responds to LexisNexis’ interview on Shurbanova v Forex Capital Markets, by exploring the court’s decision. Stephen emphasises that ‘the most helpful element of the judgment is the clarification of the circumstances in which a Braganza Duty will apply’. He suggests to practitioners that they should ‘take note of the court’s willingness to uphold a more stringent express duty to act fairly when exercising a contractual power. Serious consideration should be given to whether to include such an express fetter within the contract, rather than leaving it to the courts to imply a narrower Braganza Duty.’ Click here for the written interview published by LexisNexis.
External Publications 20 Sep, 2017
HHJ Waksman QC (sitting as a Judge of the High Court) handed down judgment this morning in Shurbanova v Forex Capital Markets Limited. FXCM had exercised a contractual right under its Terms of Business to revoke profitable Gold and USD CFD trades placed on the Claimant’s trading account in an “abusive” manner. The Judge comprehensively dismissed a breach of contract claim. In so doing, he held that FXCM’s ToB gave it a bare contractual right to revoke abusive trades and held that the relevant term was not subject to an implied duty of good faith (the ‘Braganza Duty’). The Judge also accepted FXCM’s case that the Claimant was a “cipher” for her husband or son, who had previously been prohibited…
News 22 Aug, 2017
