Financial Services & Banking Disputes
Carter-Ruck has extensive experience of representing clients in high-value claims against financial institutions, particularly UK and international banks.
The 2016 edition of Chambers and Partners notes that the team is known for its “conflict-free practice” and “receiving mandates from claimants in high-profile banking disputes”. It states that the firm is “well versed in issues arising across financial products and derivatives, as well as related fraud matters.” It lists Stevie Loughrey as a “Notable Practitioner” who combines “absolutely brilliant business acumen” with “fantastic interpersonal skills.”
The 2016 edition of the Legal 500 states that Carter-Ruck’s lawyers “‘have genuine expertise in banking issues’. The litigation practice is experienced in derivatives, interest rate hedging products and FX products, and is recommended for cases involving manipulation of underlying benchmark rates. Alasdair Pepper is ‘exceptionally intelligent’, and Stevie Loughrey is ‘an excellent tactician’. Adam Tudor is also recommended.”
As a specialist and primarily Claimant focussed practice we do not act for any of the major retail banks and so, unlike most City firms, we are not conflicted from acting against them.
We have particular expertise in pursuing large and complex claims relating to various derivatives, including interest rate and foreign exchange (Forex) hedging products.
For several years Carter-Ruck has been at the forefront of efforts to help businesses recover losses from banks in claims arising out of interest rate hedging products (“IRHPs”) such as swaps, collars and structured collars. Our work in this area has been featured by the BBC and ITN as well as other national media including the Daily Telegraph.
Notable case highlights include:
- Advising a large multinational on claims against two international banks in relation to FX transactions where the losses suffered by the client were in excess of £100m.
- Acting for an ultra-high net worth individual in relation to a complaint brought in relation to investment and borrowing advice given by the private wealth division of a leading bank. The matter settled in our client’s favour.
- Representing a firm of solicitors in a substantial claim against Barclays relating to fraud by an unrelated third party. The claim was successful, with Barclays agreeing to repay the entirety of the amount claimed, as well as legal costs.
- Acting for various high-net worth individuals in claims against Coutts involving AIG premier enhanced fund bonds, securing substantial settlements in each instance.
- Stevie Loughrey and Charles Enderby Smith examine the potential causes of action available to investors in dark pools that consider they may have suffered loss at the hands of HFT firms. This article was first published in Financial Regulation International.
- Stevie Loughrey and Charles Enderby Smith examine the potential changes in the legal landscape which may make it easier for companies to bring claims against banks in relation to mis-sold products and investments. This article was first published in the Butterworths’ Journal or International Banking and Financial Law.
- Stevie Loughrey and Charles Enderby Smith review potentially helpful disclosure decisions on a claim involving LIBOR manipulation.
- Charles Enderby Smith explains the potential for a claim in tort against a bank for failure to carry out the FCA instigated review into interest rate swap mis-selling in accordance with the terms agreed with the FCA. This article was published in the Law Society Gazette.
- Charles Enderby Smith examines the role of the Independent reviewer in the FCA ordered IRHP review and the potential for judicial review of the Independent Reviewer’s role on individual cases. This article was published in the New Law Journal.