We are one of the few genuinely conflict-free firms who are willing and able to litigate against the banks and financial institutions that full-service City and US firms count as key clients.
We routinely act for clients in relation to complex disputes involving banks and financial institutions, whether as claimant or defendant. Our clients include hedge funds, private equity investors, corporates, insolvency practitioners and high net worth individuals.
We also have extensive experience of heavyweight group litigation acting against major financial institutions and advise clients on a wide range of disputes relating to structured investments and derivative products, including those with a multi-jurisdictional element.
We have particular expertise advising in relation to allegations of mis-selling, misconduct, misrepresentation, deceit, fraud, breach of duty, contractual interpretation and breach of transactional documentation, as well as contentious restructurings.
We are also experienced in advising in relation to a range of contentious regulatory investigations, including those undertaken by the relevant authorities in the UK, US and elsewhere.
The practice is ranked in Legal 500 which notes that “the banking litigation team at Wallace is getting stronger by the year” and consists of “exceptional thinkers who are detailed, thoughtful, and pragmatic with a focus on their clients”. The directory highlights that members of the team are “experts in their field whose diligence and pragmatism set them apart from the rest”, “outstanding advisors and litigators” and that “the quality of their work is excellent, at both partner and associate level”.
Legal 500 also notes that the team is “an excellent choice for funders/group litigation firms looking to work with a commercial conflict free claimant side group action team” and observes that the “very impressive” team has “real depth and breadth in experience which enables them to take on the big financial institutions” and is ”ambitious and flexible in creating and pursuing potential cases against banks and financial institutions’’.
Notable case references
Acting for thousands of retail investors in the LF Woodford Equity Income Fund in claims against Hargreaves Lansdown valued up to £1 billion following the Fund’s high-profile collapse in June 2019.
Acting for a prominent group of well-known high street retailers in claims against MasterCard and Visa valued in excess of £100 million in relation to the unlawful fixing of multi-lateral interchange fees currently proceeding in the Competition Appeal Tribunal.
Representing a US proprietary trading firm in its defence of multimillion Euro civil fraud proceedings brought by investors based in the Czech Republic relating to a failed joint venture concerning a Euro/Czech Koruna currency trading strategy involving allegations of fraudulent misrepresentation and claims in deceit, breach of contract and conspiracy.
Acting for a proprietary trading firm based in the UAE in relation to claims that it conspired with the outgoing sellers of a multi-national brokerage to artificially inflate revenue so as to trigger a final earn-out payment in excess of US $40 million.
Representing an FCA-regulated prime brokerage in defending multi-million USD claims asserted by Dutch and UK-based clients that used BCS’ brokerage services to trade on stock exchanges by way of arbitrage.
Acting for a private investment vehicle in respect of its dispute with its insolvent lender and its Joint Administrators in relation to the operation of a multi-million pound loan facility.
Successfully acting for an independent equities and derivatives trader based in Dubai in his defence of US proceedings concerning allegations of insider trading relating to the purchase and sale of Fortress Investment Group LLC securities.
Acting for a Russian high net worth individual in a c. US $10 million claim against a leading financial services company concerning the alleged non-payment of introductory fees in respect of two bond issuance projects valued at approximately US $1 billion.