Top 20 Cases: What happened to the biggest disputes of 2017?
GFE was involved in all the largest complex financial litigation cases involving banks that took place in the English courts last year.
- RBS Shareholders Action Group v Royal Bank of Scotland (RBS)
This was a mammoth £12 billion dispute between the RBS and 9,000 of its shareholders. GFE was hired by Herbert Smith Freehills to provide experts to support the case in (i) Treasury and Liquidity, (ii) Risk modelling, (iii) Bank debt syndication, (iv) Expert analysis of financial companies, (vi) Regulatory capital charges, (vii) Structured credit, and (viii) Credit derivatives.
- Formula 1 entity v Bayerische Landesbank
This case concerned the controversial sale of Formula 1 to private equity group CVC in 2006. The GFE expert was a seasoned M & A banker with a rare skill-set within his corporate advisory experience that allowed him to assess a unique asset in Formula 1 and the sales process that ensued.
- Libyan Investment Authority (LIA) v Goldman Sachs
This a case centred on Goldman Sachs’ sale of equity derivatives to the LIA. The accusation was one of mis-selling. GFE worked for the LIA and supplied a very senior and experienced equity derivative trader plus a quant who was ex-head of derivative valuation at a major US investment bank as experts to this case.
- Sharp & Ors v Blank & Ors
This was a headline trial in which 6,000 Lloyds Bank investors sued the bank over its merger with Halifax Bank of Scotland. This is set to continue until March 2018. GFE supplied two lead experts, one in Treasury and Liquidity with specific knowledge of Central Bank Liquidity windows and another who was a senior Financial Institutions Group Equity analyst.
- Fortress & Ors v BNP Paribas & Ors, ‘Golden Belt’ litigationIn this case BNP
Paribas was sued by a group of US hedge funds and deal trustee, Golden Belt 1 Sukuk Company, over claims that a $650 million Islamic finance transaction was rendered worthless because the bank failed to get a proper signature from the businessperson behind the deal. GFE supplied an expert in Sharia banking with specific knowledge of Sukuk bonds. This expert also provided insight into the role and responsibilities of a bank that may act as the arranger, sole bookrunner and joint lead manager of a Sukuk.