London is the undisputed global centre for banking and capital markets litigation and members of 20 Essex Street Chambers have for many years been involved in some of the most significant cases in this area. These have included: the Bank Charges litigation; assorted "credit crunch" litigation arising out of the collapses of Lehmans, Kaupthing, MF Globaland other financial institutions; the RBS Rights Issue litigation; the Cukurova FINCARs litigation; and leading cases on the duties of banks including Springwell.
As a subset of this expertise, financial derivatives are a particular area of specialism. 20 Essex Street Chambers counsel teams have, for instance, helped to clarify the effect of ISDA clauses in important cases such as Peregrine Fixed Income v Robinson,Lomas v Firth Rixson and LBIE v LBF. The case of CRSM v Barclays, which concerned the sale of AAA CDO2s is a leading case on the selling of complex structured products. Our members have also been involved in a number of disputes over the capacity of European public sector bodies to enter into swaps and other derivative transactions, including Haugesund v Depfa ACS Bank, UBS v Lombardyand Dexia v Ferrara.
Our members can and do act both for and against major financial institutions.