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November 2016

Nov 2016
PCB news
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”. Trevor is described as “incredibly hard-working, a very good thinker and has a great attachment to the details”. Read More

October 2016

Oct 2016
PCB news
PCB Litigation advised on a $multimillion investment fraud involving multiple jurisdictions including the Middle East and Africa as well as the UK.
PCB Litigation has been instructed to act for the Claimant in a LCIA arbitration claim for approximately US$25 million in connection with the misappropriation of a shareholding in an overseas retail development.
PCB Litigation has obtained in the High Court, a judgment of approximately US$15million together with significant costs orders for a private businessman against his former business partner on claims for misappropriation of investment funds which the former business partner used for his own benefit rather than agreed investment projects.
PCB Litigation has been instructed in relation to a high value cross-border shareholder dispute. Read More

Making economic crimes pay

Sep 2016
Fraud updates
As specialist fraud and asset recovery lawyers, we regularly successfully pursue those behind the commission of economic wrongdoing as well as those who have assisted in such wrongdoing. However, whilst there are various available methods of pursuing perpetrators on a civil basis (with which we are well versed), moves are again afoot to seek to plug gaps in the criminal sphere. In July 2014, we reported upon the Head of the SFO’s proposal to extend the ambit of section 7 of the Bribery Act 2010 for corporates “failing to prevent” acts of employees (see http://www.pcblitigation.com/media/potential-corporate-fraud-amendment-to-bribery-act-2010/). With the new British Prime Minister, Theresa May, prioritising the promotion of responsible actions through effective corporate governance, the extension of Section 7 is once again back on the agenda, targeting economic crimes such as fraud, money laundering, and false accounting. The introduction of the proposed new offence is designed to make it easier to attribute liability to corporates of all sizes for the acts of those who act on their behalf. Read More

September 2016

Sep 2016
PCB news
PCB Litigation is delighted to be rated once again as a tier 1 firm for civil fraud and perhaps “the pre-eminent boutique” in London’s civil fraud arena, with The Legal 500 in particular focussing on our successful defence of a $1bn claim arising out of Saudi Arabia and the firm’s extending reach to some of the world’s emerging markets. Steven Philippsohn and Anthony Riem are both recognised as leading individuals for civil fraud. Steven is described as a “guru”, a “strategic thinker” and a “master strategist”, Anthony as “brilliant”, “wonderful with clients” and with “wide range of knowledge”, whilst Trevor is also described as “brilliant” as well as “an excellent litigator”. The firm has also been highly ranked for its work in the fields of commercial and banking litigation, and recognised for our work both for and against banks.
Jon Felce was quoted in an article on the rise of litigation boutiques (https://www.linkedin.com/pulse/rise-litigation-boutiques-jonny-quinlivan): “In my experience, flourishing specialist dispute resolution practices such as PCB Litigation offer a lean, flexible, dynamic and innovative alternative to the traditional law firm model, providing bespoke and cost-effective solutions for clients, many of whom are clients of domestic or international law firms who for various reasons may not be considered suitable for the case. The quality, significance, and value of the work undertaken is on a par with top firms - as reflected by rankings in legal commentaries – as is the work’s international dimension (in our case in particular by being part of a specialist ICC-endorsed network of fraud experts called FraudNet). To name but a few highlights of the type of matters pursued, in my two and a half years at PCB Litigation we have been involved in a billion dollar cross-border case ranked in The Lawyer’s Top 20 for the year, succeeded in the Privy Council, and obtained ground-breaking new orders.” Read More

August 2016

Aug 2016
PCB news
PCB Litigation has been instructed to defend a claim for a springboard injunction arising out of an employment dispute.   Read More

New statistics highlight prevalence of fraud

Jul 2016
Fraud updates
In figures published on 21 July 2016, the Office for National Statistics has estimated that there were 3.8 million instances of fraud in England and Wales in the 12 months to the end of March. This highlights the extent to which fraud has permeated all levels of society. However, and notwithstanding the options available to victims of fraud, it would appear that only a low proportion of victims report such incidents. In the absence of specialist assistance, victims are often left with no redress and fraudsters can get away with their ill-gotten gains. At PCB Litigation, we consider that seeking expert advice at an early stage is crucial in the fight against fraud. There are a wealth of options potentially available, and by taking steps in a timely manner victims can seek to preserve the proceeds of fraud so that they may ultimately be recovered. The English Courts are renowned for their powers in this regard, and coupled with our colleagues in the ICC’s specialist fraud taskforce (FraudNet), we regularly create innovative and dynamic strategies designed to secure and recover assets both domestically and internationally. It is why we are proud to be continuously recognised for our excellence in combatting fraud. Whilst today’s statistics may seem unhappy reading, victims of fraud need not despair. Read More

July 2016

Jul 2016
Latest news
Anthony Riem has been selected as one of the five most highly regarded individuals in Europe in Asset Recovery in the Whos Who 2016 Asset Recovery Analysis released today. It provided the following analysis of PCB: London-based fraud boutique PCB Litigation is a “prominent firm in the UK market”. Founding partner Steven Philippsohn is renowned for being “a true visionary in the field” whose “strategic acumen and long-standing experience” has seen his small firm compete with the likes of the international heavyweights. The highly regarded Anthony Riem is also singled out as a “stellar practitioner” who “navigates complex structures and transactions with ease”. Clients were effusive in their praise of Riem, describing him as a “wonderful operator with particular expertise dealing with, and against, offshore firms”. Additionally, peers and clients alike commend Trevor Mascarenhas for his “intelligent handling of complex cases”. One source described him as a “formidable opponent” who is “rigorous, insightful and full of conviction”. See here
PCB Litigation has been instructed by a major international company on a worldwide fraud investigation
PCB have been retained to pursue a $ billion claim in 7 jurisdictions
PCB Litigation successfully resisted an application to set aside a default judgment: see transcript of judgment of Master Matthews. Read More

Steven Philippsohn quoted in the Times on the immediate impact of Brexit vote on litigation

Jun 2016
PCB news
Steven Philippsohn was one of a number of leading lawyers asked by the Times to comment on how the transition period leading to Brexit would impact on their specialist practice area. Steven pointed out the desirability of bringing litigation sooner rather than later: “Uncertain economic times increase the risk that any opponent may suffer financial difficulties, making enforcement of a judgment more difficult, if not impossible. Taking action earlier may result in settlement or enforcement before the defendant becomes insolvent and the presence of other creditors results in a reduced recovery.” The same applies if the claimant is facing financial strictures. “If those financial difficulties get worse before a claimant takes action, there may be an increased possibility that the claimant will need to provide security for costs or might otherwise be unable to afford to litigate.” Those contemplating litigation may also wish to get to judgment quickly, given that the regime for enforcement of an English judgment in EU jurisdictions may change in the future, making enforcement more difficult. Read More

Corporate Transparency

Jun 2016
Fraud updates
As from April 2016 there is a mandatory obligation on UK companies to maintain a register of the individual(s) who ultimately owns or controls more than 25% of a company's shares or voting rights. From June 2016 details contained on the register (known as the Register of People with Significant Control (“PSC”)) are to be filed at Companies House and shall thereafter be made public. The register must detail the full name, date of birth, nationality, country of residence, residential address and service address of the individual(s) concerned, along with the date on which the interest was acquired and details of how it is held. Breach of these rules by the company or the relevant beneficial owner is a criminal offence punishable by fine and/or imprisonment. In a move similar to the Register of PSCs, the Government announced on 12 May 2016 that any foreign company that wishes to buy UK property or bid for a central government contract will have to join a new public register of beneficial ownership information before they can do so. This register will apply to both commercial and residential property and to foreign companies who already own property in the UK. The register is designed to curb corruption and whilst there are concerns over the impact it may have on a property owner’s privacy, the availability of the information is likely to have a positive impact on those persons looking to locate assets in the jurisdiction for the purpose of enforcing court judgments.   Read More

June 2016

Jun 2016
PCB news
PCB Litigation has been instructed by a major international company on a multi-million dollar fraud procurement investigation
Partnership Appointment We are delighted to announce that Nick Ractliff joined the partnership on 1 June. Nick has worked for PCB Litigation since September 2009 having previously worked for two “Top 100” City of London firms. He has a wealth of experience in complex, high value, domestic and international commercial litigation, fraud and asset recovery work which will strengthen and provide added value to the service that the partnership offers to clients. Read More

May 2016

May 2016
PCB news
PCB Litigation successfully settled a multimillion pound contractual dispute.
Steven Philippsohn was quoted in City AM and The Times in relation to the further crucial wave of Panama Papers disclosures. Read More

April 2016

Apr 2016
PCB news
PCB Litigation is acting for the Ritz Club in its case against billionaire Safa Al Geabury which has been widely reported in the national press. Having successfully obtained judgment for £2 million, interest and costs on behalf of the Ritz Club last summer, on 7 April 2016 it secured an order for Mr Al Geabury’s committal to prison for his failure to comply with worldwide freezing orders aimed at enforcing the judgment and costs order.
Anthony Riem and Julia Alaverdashvili’s article on “Recovery of assets abroad: legal remedies” was published in Supplement to the Legal Insight Magazine. For a translation read here.
Steven Philippsohn was quoted in The Times in relation to the Panama Papers disclosures. Read here   Read More