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
PCB win crucial victory in Middle East Fraud caseDec 2012
- The claimants breached their duty on the ex parte applications by failing to make full and frank disclosure and misrepresenting matters; and
- The claimants had breached an order for the preservation of certain hard drives (more…)
Civil proceedings – the only route for fraud victims to recover overseas assets?Dec 2012
The Supreme Court have recently ruled that, under English criminal law, the Proceeds of Crime Act 2002 ("POCA"), the English courts cannot impose property freezing orders or civil recovery orders in respect of property situated outside the UK. The Supreme Court also held that, under POCA, the English courts have no power to make disclosure orders relating to persons outside the jurisdiction.
The ruling was made in the case of Perry and others v Serious Organised Crime Agency  UKSC 35. Perry was convicted of a serious criminal fraud in Israel in 2007 and sentenced to 12 years in jail and a large fine. Later, the Serious Organised Crime Agency ("SOCA") discovered that Perry and his family held £14 million in two bank accounts in London, as well as assets and property in other jurisdictions. (more…)Read More
November 2012Nov 2012
PCB Litigation is advising on multi million dollar fraud claims involving US, Caribbean and Asia. Read More
PCB top fraud lawyersNov 2012
Chambers and Partners published its 2013 UK rankings at the end of last week re-affirming PCB Litigation LLP's status as a leading niche fraud practice.
The Chambers guide ranks PCB for civil fraud either above or alongside all of the Magic Circle firms and commends "this outstanding fraud litigation boutique", which is "going from strength to strength" according to market sources, who see the firm consistently "punching well above its weight" when coming up against much larger outfits. (more…)Read More