Chambers has been involved in some of the leading banking cases of recent years, including those arising from the recent “credit crunch” involving Lehman Brothers and the Icelandic banking sector, and stretching back to the collapse of Bank of Credit and Commerce International (BCCI) and earlier scandals. Members of Chambers have also been instructed in interest rate swaps misselling litigation, and in cases concerning the LIBOR manipulation scandal, as well as regulatory-based litigation such as the Bank charges case.
Banking law is crucial at all stages of its existence. First, in its promotion, formation and management, the importance of sound financing is paramount: in raising loan or share capital, making investments, and hedging liabilities, banks usually play the most prominent role in a company’s existence. Secondly, if the company faces financial difficulties, relations with its bankers are among the most important issues in its struggle for survival. Finally, if the company collapses (particularly if it collapses as a result of fraud), unsecured creditors will often try tracing its money through the recipients’ bank accounts, while the banks are usually seeking to establish their own priority as debenture-holders. Chambers has accordingly developed a wealth of experience in banking law. We also have particular expertise in banking business transfer schemes under FSMA 2000.