High Court ruling emphasises need to obtain specialist advice when seeking a freezing orderMay 2013
April 2013Apr 2013
March 2013Mar 2013
PCB Litigation has been retained by a substantial property developer in respect of a multi-million dollar dispute with a major European bank.
PCB Litigation has been retained in respect of possible multi-million dollar claims arising from the steps being taken to remove assets from Laiki Bank pursuant to the Cyprus banking rescue package.
PCB Litigation has been retained in respect of a US$300m shareholder dispute involving allegations of fraud and wrongful corporate steps in a network of offshore companies holding underlying assets in Russia.
Steven Philippsohn was interviewed on Voice of Russia regarding possible legal challenges to the Cyprus levy. Click here to read.
Steven Philippsohn was quoted on CyprusMail regarding the recovery of Cyprus deposits. Click here to read.
It has been announced today that Cyprus will be restructuring two of its largest banks, apparently leading to heavy losses to those who have deposited more than €100,000 in those banks. In advance of that decision, Russian President Vladimir Putin denounced proposals to tax deposit holders as "unfair, unprofessional and dangerous", whilst Prime Minister Dmitry Medvedev said that such a move would be "just like a confiscation of someone else's money". Russian interests are set to lose out substantially, and, indeed, it has been reported that the EU was particularly keen to target Russian money. Attention is likely to turn now to the question of whether investors are able to claim compensation for failure by Cyprus to provide fair and equitable treatment. One particular route may be arbitration under any applicable bilateral investment treaty. Claims may also be available to investors through the Cypriot Courts, and other States may seek to take action against Cyprus. PCB Litigation is currently advising a number of banks based in Russia and elsewhere in relation to these claims.
Thomson Reuters have awarded Steven Philippsohn the title of Super Civil Litigation Lawyer in their March 2013 publication.
Financial Fraud, a report produced by the Institute of Chartered Accountants, published an article by Steven Philippsohn on pursuing claims in fraud, particularly relating to finding and freezing assets. Click here to read.
One of PCB Litigation’s cases has featured in the e-commerce law reports. PCB successfully discharged a £100m freezing order and other injunctions because of the failure of the Claimants to provide proper disclosure regarding hacked evidence. Click here to read. Read More
Finding the balance – Norwich Pharmacal ordersMar 2013
Facing the risk of public body injunctionsMar 2013
February 2013Feb 2013
PCB Litigation is advising on several interest rate swaps claims.
PCB Litigation is advising a major European bank that has suffered significant losses on a series of loans.
PCB Litigation is advising as to the rights to seek disclosure in the US concerning transactions involving Russia, Liechtenstein and Switzerland.
PCB Litigation is advising on obtaining orders in Cyprus, Malta and the BVI in aid of foreign proceedings.
PCB Litigation is advising on a shareholder dispute involving BVI and Russia.
On 13th February, Steven Philippsohn gave a presentation on Asset Recovery to the British Bankers Association in London. Read More
Freezing Orders against “Non-Cause of Action Defendants”Feb 2013
He was also satisfied, in accordance with the principles set out in the Privy Council decision in Tasarruf Mevduati Sigorta Fonu v Merrill Lynch Bank and Trust Company (Cayman)Ltd  1WLR 1721 and the decision of Mr Gabriel Moss QC in Blight v Brewster  EWHC 56 (Ch) that the CAD, Mr Skurikhin, had sufficient powers of revocation as a discretionary beneficiary of the trusts that owned the NCAD that he could in equity be regarded as having rights tantamount to ownership to compel him to cause the assets held by the NCAD to be used for the purposes of satisfying a judgment.Please contact PCB Litigation if you require any further advice on freezing and recovering assets from non-cause of action defendants. Read More
Shift Towards Implied Duty Of Good Faith In English LawFeb 2013
The recently-published High Court judgment of Yam Seng Pte Ltd v International Trade Corp indicates a shift towards an implied duty of good faith in long term contracts.
The claimant, a Singaporean company, claimed damages for breach of contract and misrepresentation against the defendant, an English company. The primary issue was whether a duty of good faith was to be implied into the contract.
The judge explained the importance of recognising the doctrine of good faith and fair dealing in all contractual relationships, but especially those involving a longer-term relationship, such as joint venture agreements, franchise agreements and long-term distributorship agreements. Historically, English contract law has not recognised a general duty to perform contracts in good faith, and has drawn “a sharp distinction” between fiduciary relationships containing onerous disclosure obligations, and other contractual relationships in which no duty of disclosure is supposed to operate. (more…)Read More
A Principal’s Proprietary Right Over Agent’s BribeFeb 2013
At the end of January 2013, the Court of Appeal handed down a judgment with important implications in bribery cases. Recent case law had suggested that where an agent had received a bribe or secret commission, the principal could only assert ownership of that payment if it could be shown that it came from the principal’s own assets and at all times remained the principal’s property. However, the Court of Appeal examined numerous previous English cases and concluded the principal may be able to assert a proprietary claim without establishing that chain of ownership. A proprietary claim can be very important as it enables the principal to trace the payment into the hands of third parties or to recover the payment ahead of unsecured creditors where the agent is insolvent.
The ruling was made in the case of FHR European Ventures LLP & Others v Ramsey Neil Mankarious & Others  EWCA Civ 17. Mr Mankarious had acted as the claimants’ agent in respect of the purchase of a hotel. However, unbeknown to the claimants, Mr Mankarious had also entered into an “Exclusive Brokerage Agreement” with the hotel’s vendor under which he would receive a fee of €10 million on completion of the sale to the claimants. The sale duly completed for around €210 million. (more…)Read More
January 2013Jan 2013
PCB Litigation advised a global institution on asset recovery strategies in US, BVI and Cyprus. Read More
December 2012Dec 2012
PCB Litigation obtained judgment for in excess of US$150 million for a financial institution. Read More
Major global bank guilty of fraudDec 2012
This week, UBS became the first global bank in over two decades to have a subsidiary pleading guilty to fraud in the US. UBS announced that its Japanese subsidiary would plead guilty to one count of felony wire fraud as part of a wider settlement deal with the US authorities over its manipulation of Libor rates.
UBS has been fined £940 million by British, American and Swiss regulators including the biggest-ever fine given by the FSA of £160m. The US Justice Department also filed criminal charges against two former UBS traders. (more…)Read More