- Tidal Energy v Bank of Scotland [2014] EWCA Civ 1107 (Court of Appeal) – misdirected CHAPS payment – acting for defendant bank on appeal. Also [2014] EWCA Civ 847 in relation to cost capping.
- Alexander v West Bromwich Mortgage Company Limited [2015] EWHC 135 (Comm) and [2016] EWCA Civ 496 – Defendant mortgage company entitled to increase margin payable by buy-to-let mortgagors over Bank of England Base Rate, relying on its terms and conditions, in response to market conditions and the need to run its business prudently, efficiently and competitively – and to terminate mortgages on 1 month’s notice.
- Lloyds Bank – acting for the Bank in defence of claims relating to vishing and cyber attacks on customers of the bank (2016) – Payment Services Regulation 2009 and Directive.
- Cheque clearing system – advised Cheque and Credit Clearing Company Limited for UK banks re proposed new system for clearing images of cheques, and alterations Bills of Exchange Act 1992 and Cheques Act. 1957. In March 2014 the Treasury issued public consultation about the proposed changes to statute to allow clearing of images of cheques.
- Secure Capital SA v Credit Suisse AG [2015] EWHC 388 (Comm) – contingent longevity bearer notes cleared through Clearstream – claim for breach of the terms of the notes – law applicable to the claim.
- Haider Abdullah v Credit Suisse acting for claimants in claims for misselling of equity linked derivatives (2016).
- Deutsche Bank (Suisse) SA v Khan [2013] EWHC 482 (Comm) acted for claimant bank and Deutsche Bank AG in claim for facilities owing – defences based on fraud and misrepresentation – disputes relating to condition precedent, breach of warranty, security shortfall, and no set off clause.
- LIBOR (2013) – global investigations of financial institution in relation to setting of LIBOR rates – advising financial institution.
- Marex Financial Ltd v Creative Finance Ltd [2013] EWHC 2155 (Comm) – US$850m carry trade position closed out – acted for defendant in dispute relating to sums recoverable on close out – profits made by broker on close out not recoverable.
- Bank Leumi v Wachner [2011] EWHC 656 (Comm) acted for claimant in claim for sums owed under FX options trading – claims that the client had been misclassified under COB/COBS, that personal recommendations or misrepresentations had been made, and that a general advisory duty was owed.
- RBS v Highland [2010] EWCA Civ 809 (CA), [2010] EWHC 194 (Comm), acted for hedge fund – issue of notes and subordinated securities in CDOs terminated early – dispute with RBS acting as warehouse providers.
- Awal Bank and Al-Gosaibi and others – acting for the global administrators of Awal Bank in relation to claims involving Saad Group – proceedings for fraud, freezing order proceedings and asset recovery in Cayman, UK, USA, Bahrain, and Saudi Arabia.
- Enka v Banca Popolare [2009] EWHC 2410 (Comm) acted for claimants on advance payment and performance bonds – proceedings in UK, Italy and Russia.
Structured finance
- Qatar Islamic Bank (2015) – advising bank in relation to issues arising from intercreditor agreement, and appointment of administrator.
- State Street (2015) – advising bank in relation to suties of Collateral Administrator under CDO – asset backed notes – combination notes – interest rate protection and waterfall.
- Structured finance – senior lenders exercising power to vary the finance documents – issues relating to oppression, application of non- cash proceeds of sale, change of control and release of guarantors – advising senior lenders.
- Senior Facilities Agreement – advising whether or not unanimous lender support required for grant of new facility – or majority support only.
- Eurodollar Noteholders – restructuring through enforcement of share pledges – advising on whether or not unanimous consent of noteholders required to release notes and securities and to credit bid.
- Dubai Sukuk – advised in relation to restructuring of Nakheel debt
- Gartmore Financial Services – advised re break fee payments on disposal of the company.
- Securitised loans to Bulgarian telecoms group – advised re options for restructuring open to senior and mezzanine lenders and equity holders.
- Senior, mezzanine and third ranking lenders – advised re priority issues.
- Senior Credit Agreement – advised re application to inducement fee paid to acquirer in relation to share acquisition.
- Ancillary Bank set off rights – advised re set off rights (pre and post insolvency) where there is a syndicated loan, intercreditor agreement, flawed asset account, debenture and set-off and netting agreement.
Derivatives, notes and bonds
- Credit Support Annex – ISDA 2014 Collateral Agreement Negative Interest Rate Protocol – negative EONIA rates – advising UK Pension Fund in relation to collateral and negative Eurozone interest rates (2016).
- Thamesview v RBS – LIBOR manipulation – claims for rescission of swaps and restitution of £446m – acting for claimants (2016).
- TMT Co Limited v RBS (Singapore) – Freight Forwarding Agreements – claims relating to margin requirements – providing expert evidence (2016).
- Depfa Bank plc – acting for Depfa in proceedings relating to validity of CDS, amortising swap and interest rate swap under ISDA Master agreement (multicurrency – cross border).
- Parmalat Brasil and Credit Suisse (2013) – purchase of convertible US$500m euro bond by Credit Suisse and sale of Forward Sale Agreement for partial conversion – advising Parmalat.
- Senior Notes issued by Hong Kong public company – advising in relation to whether the intended mechanism for privatisation of the company was prohibited by the terms of Senior Notes issued by the Company, or would require the approval of noteholders.
- Callable Bullish Notes – sold in Kuwait – advising in relation to misselling.
- Credit Suisse Callable Return Notes and Discount Reverse Convertibles – acting in relation to misselling.
- Floating Rate Notes for over US$400m – advising in relation to claims by purchaser against bank issuer relating to prospectus liability and misrepresentation.
- Foreign Currency Convertible Bonds issued by Indian company (FCCBs) – ISDA interest rate swap, target profit forward swap with knock out, structured FX transactions – law of India regulating derivatives – acting in dispute between issuer and customer.
- Greek sovereign bonds – changes in relation to private bondholders – advising in relation to compliance with European Convention on Human Rights.
- Sovereign medium term €10bn issue of notes – acting in freezing application in respect of interest payments under the notes.
- Secure Capital SA v Credit Suisse – bearer notes issued by Credit Suisse –acting in dispute in relation to breach of terms of notes by issuer – notes in Permanent Global Note form and transferred through Clearstream.
- Merrill Lynch 15 billion euro loan note programme – advised Merrill Lynch in relation to terms and regulation.
- ISDA Swaps related to shipbuilding loan facilities – impact of breaking swap contracts on loan facilities – acting in claims against bank.
- Target Forward Redemption contracts (TARFs) – misselling in Saudi Arabia – over US$400m loss – acting in relation to arbitration.
- 30 year total return swaps – issues relating to misrepresentation, frustration, regulation and competition issues
- 15 year interest rate swap – breach of COB/COBS rules – contractual estoppel.
- Floating rate credit facility – indemnity to bank for break costs – did indemnity extend to costs of breaking a swap contract entered by bank to fix the interest.
- Interest rate swaps – advised re potential bank liability for misselling.
- Structured collar interest rate swap – advising on misrepresentation and contractual estoppel.
Other
- Icelandic banks – acted in various matters relating to deposits in Landsbanki, Kaupthing and Glitnir Icelandic banks, loan facilities and recovery of CHAPS payments.
- Jersey Fund management– investments by the Fund – alleged failings by Manager, Custodian and Directors –investing and monitoring breaches – breaches of net asset value limits – Jersey proceedings – acting for Bank defendants and advising Directors.
- MF Global– margin under ICE exchange Rules and Regulations – the application of client money under CASS – advising the counterparty.
- Tradition London Clearing (2015) – advice on English law in relation to time of trade of securities settled through Euroclear.
- Permitted Financial Indebtedness (2015) – advising in relation to operation of a long term Loan Facility.
- Cheque fraud –advising Agency Bank (2015) in relation to fraudulent cheques paid by a cheque clearing bank on behalf of the Agency Bank – dispute between paying bank, collecting bank and Agency Bank.
- Payments via Clearstream – advising in relation to making and stopping payments.
- LCH. Clearnet – advised re regulation of £200m insurance/guarantee cover.
- CREST payments – advised re dispute in relation to payments for eligible debt securities involving Kaupthing Singer and Friedlander.
- LSE and CREST rules – advising corporate finance house re dispute with execution agent re settlement for certificated and uncertificated shares.
- Acting for PwC as administrators of an airline in relation to processing of credit card payments and chargebacks by Deutsche Bank as merchant acquirers under the European VISA and MasterCard rules.
- Landsbanki, Kaupthing and Glitnir Icelandic banks – acted in various matters re loan facilities with Kaupthing in administration, and recovery of CHAPS payment made to Kaupthing.
- Standard Chartered Insurance Limited v Standard Chartered Bank – acted in dispute re collapse of Bombay Stock Exchange concerned with the market in India in loan certificates. The issues related to an English law bankers blanket bond, but depended in part on the enforceability in India of the trades.
- Dexia Bank – advised re forged transfers.
- RBS – dealing with joint account funds – advising Bank.
Raymond is the co-editor of the leading textbook, Law of Bank Payments (4th ed., 2010, Sweet and Maxwell).