Commercial Litigation: Recent Work

A high street bank has agreed to tear up its swap agreement with disgruntled clients after Carter-Ruck complained that the product had been missold, leading to the complainants having to meet monthly repayments that were crippling their business.

The parties cannot be identified as the settlement terms are confidential. Carter-Ruck partner Claire Gill said that her clients' difficulties were typical of claims that the firm is handling; as interest rates dropped, the swap repayments rose so that, far from providing interest rate protection, the product was totally unsuitable to meet her clients' needs.

Eleven claimants have recovered substantial damages and their costs in relation to a film finance scheme in which they they had invested.  The case settled at a mediation, with the terms being covered by a confidentiality agreement.

Carter-Ruck's financial misselling practice has been featured in a BBC article concerning interest rate swaps.

Adam Tudor and Luke Staiano are acting for Timothy Wright, the former CEO of the Indian Premier League (IPL) Deccan Chargers cricket franchise, in his breach of contract claim against the company.

Carter-Ruck is now receiving new instructions in relation to interest rate swap claims on an almost daily basis. These are mostly from individuals and small to medium sized businesses struggling under the burden of interest payments and/or facing enormous exit payments. The claims are mostly against leading high street banks. Proceedings have now been issued in a number of the claims and others are in the pre-action protocol period.

In May 2011 the Supreme Court handed down a key ruling in relation to tax avoidance schemes, finding in favour of HM Revenue & Customs against Tower MCashback LLP, whose scheme involved making claims for capital allowances in respect of expenditure on software rights. The decision means that  investors in the scheme have lost millions of pounds. We have been approached by an investor, in connection with signficant losses suffered and the advice and assurances he received about the benefits of investment in the scheme.  Other investors are also reported to be considering claims.

Carter-Ruck is acting for the Claimants in a number of negligence claims against solicitors concerning advice on buying commercial property for development purposes.

Carter-Ruck is currently instructed by a variety of individuals and small businesses in relation to claims against leading banks involving the misselling of "interest rate protection" products, such as Structured Collars and Cap and Collars.

Carter-Ruck is acting for a number of claimants suing a large bank in relation to an equity release scheme sold to British nationals with property in Spain.

Carter-Ruck has been instructed by a number of high net worth individuals in relation to advice provided by various investment banks concerning investment in the "AIG Premier Access Bond Enhanced Fund".

Carter-Ruck has recovered seven-figure sums for its clients in a multi-party action brought against a well-known company. The terms of settlement are covered by strict confidentiality provisions and we can therefore say no more.

Carter-Ruck has secured compensation of more than £ 1 million (plus legal costs) in a financial misselling action brought on behalf of an individual investor against a well-known financial institution (the identities of whom are to remain confidential under the terms of settlement).

A businessman, represented by Carter-Ruck, has secured a six-figure sum in damages plus legal costs in a 'loss of opportunity' claim for professional negligence against a firm of solicitors. The successful Claimant was represented on the basis of a Conditional Fee ('no win, no fee') Agreement.

Carter-Ruck has secured a substantial settlement of a High Court claim brought by a leading corporate intelligence consultancy against luxury private jet provider VistaJet International Ltd.

The founding shareholders of Qatar Airways have successfully defended an appeal relating to their multi-million dollar victory in the Commercial Court in Brussels.

Carter-Ruck has been instructed by a very high profile individual against one of the largest Independent Financial Advisers in the UK. The case involves an investment of almost £1m in a risky feeder fund which invested indirectly in traded life policies through an offshore Luxembourg-based fund.

Carter-Ruck is currently instructed by a variety of investors in relation to a number of disputes concerning film finance schemes, including a major Hollywood blockbuster.

Carter-Ruck - "increasingly known for its work in representing Davids in their battles against Goliaths in the financial sector" -  features in The Times' discussion of the debate over access to justice in the commercial sector.

Carter-Ruck is currently instructed in numerous financial mis-selling cases.  The claims total many millions of pounds and include claims of mis-selling to British nationals in other EU countries.

Carter-Ruck is representing a consortium of leading hotel groups in judicial review proceedings against Eastleigh Borough Council.  The consortium, comprising Macdonald Hotels, Meridian Leisure Hotels and Shire Hotels, is challenging a recent decision of Eastleigh Borough Council to finance the construction of a £32m hotel as part of a redevelopment of the Rose Bowl cricket ground, the home of Hampshire CC and a Test venue for the 2011 tour by Sri Lanka.

The firm represented Sports Network in its high profile contractual dispute against Joe Calzaghe, the world champion professional boxer, who retired undefeated earlier this year.

Carter-Ruck represented homebuilders Chartbrook in a House of Lords appeal brought by Persimmon Homes, one of the UK’s largest home building companies, on various issues of rectification and construction of contracts.