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Banking & finance


7KBW is a leading set of chambers in the banking and financial services sector.  We act for many of the largest retail and investment banks and financial institutions, in the UK and internationally, in high profile, industry-relevant cases, as well as for directors and senior managers working in this sector. Our cases often involve reputational issues, as well as regulatory consequences.

Previous clients include major retail banks like HSBC, Royal Bank of Scotland, and National Westminster Bank, as well as banks like Northern Rock Asset Management (now Virgin Money) that were affected by the post-2008 global financial crisis.

Members of 7KBW were heavily involved in litigation arising out of the global financial crisis. Jonathan Gaisman QC advised the directors of RBS in the now-settled £4 billion Rights Issue litigation, while Alistair Schaff QC handled a £100 million mis-selling case.  Andrew Wales QC acted in a £100 million claim relating to Standard Life’s £2 billion retail cash fund – which lost 5% of its value in one day in 2009.

We also act for leading international banks such as Arab Bank, Bank of Cyprus, Citigroup, Pictet Bank, Nomura Bank, Piraeus Bank, Bank of Tokyo, Sumitomo Bank, Sanwa Bank, and Ukrsibbank, both in the UK and in cases with an offshore or international dimension.

Members of 7KBW act in contractual disputes, including derivatives mis-selling, EURIBOR and LIBOR manipulation claims, as well as in cases where companies seek clarification of the law in discussions with their lenders. We have also acted in cases of particular interest to the factoring and invoice discounting industry.

We also act in broader litigation involving the management and supervision of banks, including professional negligence claims, including those involving breaches of statutory duty and relevant financial services rules. Members have experience in cases in the Financial List and the Shorter and Faster Trials Schemes of the Business and Property Courts.

Our financial services clients include hedge funds, pension funds, investment managers, independent financial advisers, a worldwide forfaiting company, IFAs and numerous insurers and reinsurers. Due to the large amount of shipping and commodities work done in Chambers, most of our members also have extensive experience in trade finance.

Areas covered include the following:

  • Bills of exchange, contracts of guarantee, and letters of credit
  • Bonds, promissory notes and documentary credits
  • Syndicated loans
  • Asset backed securitisation and CDOs
  • Interest rate 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
  • Restitution and appropriate forms of equitable relief

Leading and recent cases include:

  • HSBC Bank Plc v Pearl Corp & Ors
  • Stavrinides & Others v Bank of Cyprus
  • National Bank of Kazakhstan / Republic of Kazakhstan v Bank of New York Mellon
  • Bilta (UK) Ltd v Royal Bank of Scotland
  • BHL v Leumi ABL Ltd
  • The ‘RBS Rights Issue Litigation’
  • Orb v Ruhan
  • DF Deutsche Forfait S.R.O. v Nasser Alaghband
  • Clarks v In Focus Asset Management
  • Anglo Irish Bank Corporation v DTZ Debenham Tie Leung
  • Standard Life v Ace Credit Agricole v IKB
  • Highland Crusader Offshore Partners v Deutsche Bank

 

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