Experience

Banking & Financial Markets – Group Action

• Representing over 200 institutional claimants with respect to over 1,000 different funds/portfolios in a c.GBP 1.5bn group claim against Standard Chartered Bank regarding allegations of breach of statutory obligations under s.90 and s.90A FSMA 2000. The claim relates to alleged omissions and/or misleading statements in published information arising from alleged misconduct, including breaches of Iranian sanctions. The matter generated significant Court rulings, including from the Court of Appeal, and has settled.

Banking & Financial Markets

• Representing a large group of institutional and retail claimants in complex group litigation against a UK bank and its former directors in relation to allegations of breach of statutory obligations under s.90 FSMA with respect to alleged omissions and/or misleading statements in a prospectus relating to GBP12bn rights issue in 2008. The areas of complaint included liquidity, capital, credit market exposures, risk management, VAR and LIBOR. Following this group claim a large number of other s.90 and 90A FSMA claims have since been issued in this ever growing and developing area of litigation.
• Negotiating ISDA Schedules for interest rates swaps with various banking counterparties on behalf of corporate and pension fund clients.
• Drafting and negotiating LMA standard loan and security documentation as well as Islamic murabaha and associated transactional documentation in Dubai on behalf of both corporate and banking clients

Commercial Litigation

• Representing partners in a UK private equity firm, along with associated global entities, in a Commercial Court claim alleging diversion of the business opportunity to conduct an asset recovery process on behalf of the Family and Estate of the late Badri Patarkatsishvili, a Russian oligarch. The proceedings were split between establishing liability for breach of fiduciary duty and subsequently an account of profits. It is one of the largest and most complex account of profits addressed by the English Courts, with an account of c. USD130m. Rory represented the Defendants throughout the account of profits phase (including a trial of six weeks with over 20 factual and expert witnesses), in the Court of Appeal and the Supreme Court (heard by seven Justices of the Supreme Court).
• Representing an investment bank in a number of claims brought in the Commercial Court and subsequent proceedings in the Court of Appeal against an AIM listed mining entity in relation to investment banking fee arrangements worth over USD100m and the construction of particular terms within M&A engagement agreements.
• Advising a large UK corporate in relation to a significant post-M&A dispute with a leading global financial institution, including negotiating a final settlement agreement and amendments to underlying transactional documents.
• Advising a group of institutional investors, in their capacity as both minority noteholders and shareholders in a private group holding company, in relation to potential claims, including unfair prejudice, arising from the conduct of the company and its majority shareholders and noteholders.
• Advising a large corporate in relation to complex claims against an international banking group for alleged irregularities in the sale of various foreign exchange derivatives transactions with the total value of claims in the region of USD 150m.
• Representing the owners of substantial worldwide investments and various trusts, investment funds and other investment vehicles in multiple separate and inter-connected disputes with the total value in excess of USD 500m involving worldwide proceedings, including multiple interlocutory proceedings, involving claims relating to trusts, joint ventures, misappropriation and fraud.

Investigations and White-Collar Crime

• Representing an authorised person in relation to high profile investigations by both US and UK regulatory and criminal authorities into events in the credit derivatives market, including mark to market of indices, tranches and bespoke positions relating to the reported USD6.2bn JP Morgan London Whale losses.
• Representing an authorised person with respect to s.393 FSMA reference proceedings in the Upper Tribunal and in the context of wider Court of Appeal and Supreme Court proceedings relating to the reported USD 6.2bn JP Morgan London Whale losses.
• Advising an authorised person with respect to the judicial review of the decision of the Financial Conduct Authority to close its regulatory investigation.