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Banking & Finance

7KBW is one of the leading chambers in the Banking & Finance Services sector.  Members of Chambers have represented many of the largest retail and investment banks and financial institutions, in the UK and internationally, in a series of high profile cases.

Members of 7KBW act both in discrete contractual disputes (involving, for example, bills of exchange, promissory notes and guarantees) and in broader litigation involving the management and supervision of banks.   Due to the large amount of shipping and commodities work done in Chambers, most of our members also have extensive experience of trade finance.

Previous clients include Citigroup, HSBC, RBS (directors), Deutsche Forfait, Pireaus Bank, Northern Rock Asset Management, Pictet Bank, National Westminster Bank, Nomura Bank, Bank of Tokyo, Sumitomo Bank, Sanwa Bank and Arab Bank.

Our financial services clients include hedge funds, pension funds, investment managers, independent financial advisers, a worldwide forfaiting company, IFAs and numerous insurers and reinsurers.

Members of 7KBW have been heavily involved in litigation arising out of the financial crisis of 2008, most notably Jonathan Gaisman QC, who advised the directors of RBS in the £4 billion rights issue litigation; Alistair Schaff QC, who is handling a £100 million mis-selling case; and Andrew Wales QC, who acted in the £100 million claim relating to Standard Life’s £2 billion retail cash fund which lost 5% in one day in 2009.

Areas covered include the following:

  • Bills of exchange, contracts of guarantee, promissory notes and documentary credits
  • Syndicated loans
  • Asset backed securitisation and CDOs
  • Swaps and derivatives
  • Financial services regulation
  • Misleading prospectus litigation
  • Mis-selling of financial products
  • FSA investigations and enforcement
  • Claims before the Financial Ombudsman Service
  • Bank standard terms
  • Fraud and malpractice

Leading and recent cases include:

  • BHL v Leumi ABL Limited [2017] EWHC 1871 (QB): Clive Freedman QC Claim of particular interest to the factoring and invoice discounting industry.
  • John Greenwood v. RBS Directors, The ‘RBS Rights Issue Litgation’: (Jonathan Gaisman QC acted as lead counsel for RBS and four directors, £4 billion shareholder rights claim).
  • Joint Stock Company Ukrsibbank v Vasyl Leonidovich Polyakov [2015] EWCA Civ 67: (Clive Freedman QC, personal guarantee, proceedings in Ukraine, multiple hearings in the High Court and Court of Appeal).
  • Orb arl v Ruhan [2015] EWHC 262 (Comm): (Richard Waller QC, James Drake QC, Tim Jenns and Andrew Pearson, £200 million complex commercial fraud dispute concerning former Thistle hotels redevelopment, issue of trust law, breach of trust and fiduciary duty, knowing receipt and dishonest assistance, conspiracy and following and tracing).
  • DF Deutsche Forfait S.R.O. v Nasser Alaghband (2015): (Tim Jenns acted for the Claimant forfaiting company in a claim for around US$3.5 million under a Promissory Note alleged to be void under German law).
  • Clarks v In Focus Asset Management [2014] EWCA Civ 118: (Alistair Schaff QC, successfully led this very important appeal concerning the application of res judicata and merger principles to claims in excess of the maximum amount awardable under the FOS jurisdiction).
  • Anglo Irish Bank Corporation Ltd v Dtz Debenham Tie Leung Ltd (2013) EWHC 596 QBD (comm): (Clive Freedman QC, successfully resisted security for costs against a bank, impact of parliamentary-imposed liquidation under the Irish Bank Resolution Corporation Act 2013).
  • Standard Life v Ace [2012] EWHC 104 (Comm); [2012] EWCA Civ 1713: (Alistair Schaff QC, led for the London insurance market in this three week £100 million commercial court trial followed by an appeal to the Court of Appeal, mis-selling financial products).
  • Credit Agricole Corporate and Investment Bank v IKB (2011): (Jonathan Gaisman QC, Gavin Kealey QC, Michael Holmes and Tim Jenns acted in a substantial case alleging fraud against the German Bank IKB inducing Credit Agricole and FGIC to enter into, respectively, a put-option and two credit default swaps, and a master financial guarantee policy).
  • Barings v Coopers & Lybrand (2003): Jonathan Gaisman QC, Christopher Butcher QC, David Bailey QC and James Brocklebank were part of the team defending Deloitte & Touche in respect of their role as auditors of Baring Futures Singapore. The claim against D&T, which raised issues of scope of duty, causation, contributory negligence, deceit, and reflective loss, was for more than £1 billion. The claimants achieved judgment for just over £1.5 million.



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