Banking and finance

Members of Chambers have substantial experience in banking and finance and in the related field of financial services regulation.  A number of our members are recognised in the legal directories as “leaders of their field” in this area.  Our banking and finance work is complemented by our experience ‘offshore’ and our expertise in the related areas of insolvency, professional liability, civil fraud and trusts.

Typical work includes:

  • Breach of mandate
  • Claims for breach of duty of care
  • Claims for poor investment advice, “mis-selling” or benchmark (eg LIBOR) manipulation
  • Professional negligence claims against advisers (eg. valuers, lawyers or other professionals advising banks)
  • Consumer Credit Act
  • The Financial Ombudsman Service and the Financial Services Compensation Scheme
  • Advice on the Financial Services and Markets Act 2000 and the FCA Handbook
  • Capital adequacy
  • Fraud and money laundering
  • Regulatory investigations
  • Investment Banking
  • Syndicated lending
  • Disputes arising out of the enforcement of guarantees, charges, bills of sale or other securities
  • Securitisation
  • Disputes regarding cheques, promissory notes or other negotiable instruments
  • Dispute relating to payments eg payments made by mistake, EFT and phishing
  • Asset tracing, preservation and recovery
  • Islamic Finance

Notable cases

Kirtanlal International DMCC v State Bank Of India (DIFC Branch) [2023]

Judgment has been handed down in the Court of First Instance of the DIFC by Justice Sir Jeremy Cooke.

Kirtanlal International DMCC, a steel trading company, brought a claim for damages of USD 18.51m in relation to what it said was the unlawful termination of its facility agreement with the Defendant bank. Kirtanlal claimed that the Bank acted in breach of a duty of good faith and/or a Braganza duty, alleging malice on the part of the Bank. Kirtanlal also alleged that there were breaches of tortious, fiduciary and regulatory duties by the Bank.

The Court rejected the $18.5 million damages claim.

Read the Kirtanlal International DMCC v State Bank Of India (DIFC Branch) judgment here.


Invest Bank v El-Husseini [2023]

In a judgment handed down on 20 September 2023 following the trial of preliminary issues, the Deputy Judge of the Commercial Court held that it is not a rule of private international law that a final and binding foreign judgment on the merits must be enforceable in the foreign jurisdiction before it could be the subject of an application to ‘enforce’ the foreign judgment in this jurisdiction by a claim at common law, and dismissed the sixth defendant’s application to set aside a default judgment the claimant had obtained against the first defendant, as (i) there was accordingly no arguable defence, and (ii) the sixth defendant had not satisfied the Denton criteria.

Read the Invest Bank v El-Husseini judgment here.

Abu Dhabi Commercial Bank PJSC v Shetty & others [2022]

A US$1 Billion damages claim, which arose out of the collapse of NMC PLC, a former FTSE 100 company, and its operating subsidiaries in the UAE, all of which are now in administration in England and Wales and the UAE. The claimant is an Abu Dhabi-based bank, and the first to third defendants are the former private shareholders in NMC PLC. The Bank alleged that the defendants are responsible, with others, for a serious fraud that appears to have taken place within the NMC Group of companies. The defendants all deny involvement in the fraud.

Manoukian v Société Générale Banque Liban and Bank Audi [2022]

One of The Lawyer’s ‘Top 20 Cases of 2022’: successfully acted for Mr Manoukian in obtaining an order for payment of international transfers from his bank accounts held with the defendants, who are two of the largest banks in Lebanon. Since the onset of the Lebanese economic crisis, Lebanese banks, including the defendants, have refused to make international transfers of the sums held with them in foreign currency by their customers.

Read the Manoukian v Société Générale Banque Liban and Bank Audi judgment here.

In the matter of Lehman Brothers Holdings PLC [2021]

High value, multi-party appeal arising out of the Lehman Brothers’ collapse concerned with the ranking of different tranches of subordinated debt totalling several billions – important case on construction of subordinated debt.

Read the In the matter of Lehman Brothers Holdings PLC judgment here.

The Libyan Investment Authority v Credit Suisse and others [2021]

Acting for one of the successful defendants in his jurisdiction challenge  – a Libyan businessman against whom a claim had been brought by the Libyan Investment Authority alleging fraud and corruption in relation to transactions valued at US$200 million that it had entered into with Credit Suisse bank in 2008 and 2009.

Read The Libyan Investment Authority v Credit Suisse and others judgment here.

Acting for JP Morgan Chase in relation to possible default under $300m floating rate note.

Litigation arising from the collapse of Northern Rock, Lehman Brothers and the Icelandic bank, Kaupthing.

Representing the liquidator of Lehman Bros International Europe Ltd in relation to the distribution of US $19bn of assets.

Aquarelle Etoile II SA v Etoile Developpement I SA & Ors SA

The repayment of €148m of Islamic finance provided by a Qatari bank to finance the redevelopment of the Place de l’Etoile in Luxembourg.


Acting for the bank in Shah v HSBC Private Bank

The leading case on the conflict between a bank’s contractual duties and its duties under POCA.

Acting for liquidator of Isis v Kaupthing 

In proceedings in which the English Courts interpreted the Credit Institutions (Reorganisation and Winding up) Regulations 2004 concerning cross border cooperation on the liquidation of banks and the ability to counterclaim in proceedings.

To read the Isis v Kaupthing judgment click here.

In Dextra v Bank of Jamaica

Acted for claimant in Privy Council appeal seeking restitution and damages for conversion of bill of exchange in decision which established limits of good faith challenge to change of position defence.

To read Dextra v Bank of Jamaica judgment click here.

Insights View all thought leadership

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    Recent Cases

    DIFC Court rejects $18.5 million damages claim in Kirtanlal International DMCC v State Bank Of India (DIFC Branch)

    Banking and financial services, Commercial disputes, International / offshore

    Bobby Friedman
    Tuesday 17 October 2023

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    Recent Cases

    Judgment handed down in CPF One Limited & anor v Ortus Secured Finance I Limited

    Banking and financial services, Property, Trusts, probate and estates: contentious

    Zoë Barton KC | Jia Wei Lee
    Thursday 5 October 2023

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    Recent Cases

    Judgment handed down: Invest Bank v El Husseini

    Commercial disputes, Banking and financial services, International / offshore

    Tim Penny KC
    Friday 22 September 2023

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    Recent Cases

    No obstacles to enforcement of an English costs order in the UAE

    Commercial disputes, Banking and financial services, Civil fraud and asset recovery, International / offshore

    Alan Gourgey KC
    Tuesday 20 December 2022

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