February 2017

Posted on: February 3rd, 2017

PCB Litigation are advising on the recovery of $1billion African fraud

Steven Philippsohn has been included in The Thought Leaders section of the Who’s Who Legal website – see here

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New European regime for preserving accounts

Posted on: January 18th, 2017

Today, EU Regulation No 655/2014 of 15 May 2014 (“the Regulation”) takes effect. It establishes a European Account Preservation Order (“EAPO”) procedure with the purpose of facilitating cross-border debt recovery in civil and commercial matters.

It is intended to operate as an alternative to domestic remedies, by allowing certain creditors in one participating Member State to freeze a debtor’s assets located in bank accounts in another participating Member State without first obtaining a court order within that state.

Applications can be made prior to commencing proceedings without notice to the debtor (as well as during proceedings and after judgment) and may give creditors the chance to obtain information about debtors’ bank accounts.

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January 2017

Posted on: January 13th, 2017

PCB Litigation have been retained by a European pension fund who are the alleged victim of a $multimillion investment fraud.

PCB Litigation have been retained by Middle Eastern clients in relation to a major insurance fraud.

Steven Philippsohn was quoted in The Times on “After last year’s dramas, what lies ahead?”

Mr Philippsohn was one of a number of leading lawyers asked by the Times to comment on what to expect in 2017, identifying regulatory compliance as ever more important: “2017 is likely to see increased corporate responsibility ‎for prevention of financial crime.

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December 2016

Posted on: December 6th, 2016

PCB Litigation has been retained to act for the victims of a huge Ponzi scheme. Numerous jurisdictions are involved.

PCB Litigation is advising an Indian national on a pension fraud.

PCB Litigation is advising on a $500m multi jurisdictional Bank Fraud.

Steven Philippsohn will be addressing Shanghai and Beijing litigators later this week on international asset recovery strategies.

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No place safe to hide for Russian debtors

Posted on: November 28th, 2016

Last week, Russian Judgment debtor Andrey Chernyakov was forced to allow bailiffs to enter his London homes to search for and seize his assets. The Bank of Moscow had at the end of October obtained a £195m judgment against Mr Chernyakov. Mr Chernyakov had already been the subject of worldwide freezing orders. When the Bank sought to enforce by sending in the bailiffs, Mr Chernyakov refused them entry to his homes. Urgent relief was obtained within a matter of hours, permitting the bailiffs to use reasonable force to enter the homes that same day.

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Choosing the right specialist fraud lawyer to avoid pursuing a claim with no merit

Posted on: November 7th, 2016

The recent judgment of Mr Justice Mann, sitting in the Chancery Division in the case of Mortgage Agency Services Number One Limited v Cripps Harries LLP [2016] EWHC 2482, highlights the importance of instructing specialist lawyers such as PCB Litigation, who understand the components of – and know what is required to claim and establish – fraud.

The case involved the claimant, the lender, claiming damages for fraud and conspiracy against the defendant, the borrower’s solicitors. During the course of a seven day trial, the claimant’s counsel submitted that a solicitor and legal executive in the defendant firm had deliberately and falsely misled it into lending to the defendant’s client by dishonestly making several misrepresentations.

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PCB Litigation awarded top rankings for civil fraud in legal directories

Posted on: November 3rd, 2016

We would like to thank our clients, referees, fellow professionals and others who have provided their support over the years in helping us top the rankings for civil fraud in both Chambers and Partners and The Legal 500. PCB received a Band 1 ranking for civil fraud in the UK in Chambers and Partners for the first time, while retaining its tier 1 position for civil fraud in London in The Legal 500.
According to Chambers and Partners, the firm assists “high-end clients including banks and corporations in getting to the bottom of sophisticated fraud scenarios.

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November 2016

Posted on: November 3rd, 2016

PCB Litigation has been ranked in the top tier of civil fraud firms in the UK, in which we are said to be known for assisting “high-end clients including banks and corporations in getting to the bottom of sophisticated fraud scenarios. Skilled at obtaining global interim relief and at dealing with jurisdictional issues that arise.” Steven Philippsohn, Anthony Riem and Trevor Mascarenhas are all ranked as leading individuals. Steven is described as “a great strategist” who “is completely driven and spares no effort.” Anthony is noted as “very energetic and active in pursuing his goals”.

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Marathon man forfeits profit share

Posted on: October 19th, 2016

Whilst there are circumstances in which a fiduciary can lose its right to remuneration, a recent case has considered whether that principle extends to the profit share of a partner in a partnership or as a member of a LLP.

In Hosking v Marathon Asset Management LLP, an arbitrator had held that a partner was liable to a LLP for breaches of contractual and fiduciary duties in relation to the potential commencement of a new business. As well as being ordered to pay equitable compensation of £1.38 million, the partner in question was ordered to return 50% of the profit share he received during the relevant period in which the breaches had occurred.

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Hague Convention Enters into Force in Singapore

Posted on: October 6th, 2016

The Hague Convention on Choice of Court Agreements of 30 June 2005 entered into force in Singapore on 1 October 2016. The Convention applies to choice of court agreements in “civil or commercial matters” (subject to certain exclusions, for example, consumer and employment contracts).
The Hague Convention binds all the countries of the European Union (except Denmark) as well as Mexico and, now, Singapore. The US and Ukraine have also signed the Convention but have not ratified it yet.

Post Brexit, the UK may want to ratify the Convention in its own right (not as part of the EU) to ensure that:
i) Jurisdiction clauses in favour of the English courts would remain effective; and
ii) English judgments would continue to be recognised and enforced in other Convention States.

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