Legal Business Awards 2010

As far as major public interest litigation goes, there are few cases as crucial as this. Elizabeth Barrett and her team have consistently attracted plaudits for their role in litigating in the eye of the credit crunch, particularly in representing HM Treasury in the very public and highly emotive judicial review proceedings after Northern Rock went into temporary public ownership in 2008. This was a fierce battle against two hedge funds and large shareholder groups, all claiming that the Treasury’s valuation assumption of Northern Rock’s shares was flawed and that the government had sought to turn a profit at their expense.

The case was made all the more difficult as it involved new, untested legislation: the Banking (Special Provisions) Act 2008 and the subordinate legislation made under it, and raised issues of public and private law going to the heart of the UK’s financial system and the government’s response to the most severe financial crisis for 80 years. Victory came in the Administrative Court and then the Court of Appeal, all under intense media and parliamentary scrutiny.

HIGHLY COMMENDED

BARLOW LYDE & GILBERT

Julian Randall

In a landmark victory at the end of a five-year battle, Randall represented accounting firm Moore Stephens in defeating the $173.6m claim brought by the liquidators of Stone & Rolls in one of the last judgments to be handed down by the House of Lords. As well as examining the critical issue of when a company can sue its auditors for undiscovered fraud, it was also a high-profile defeat for third-party-funded claimants.

DORSEY & WHITNEY

Simon Whitehead

Whitehead’s considerable tax litigation expertise came to the fore as he led in the remarkable Thin Cap Group Litigation, the first case in which taxpayers have succeeded in an action for Francovich damages against the UK. It was also the first time a judge has concluded that HMRC deliberately misled the public, Parliament and the European Court of Justice.

HERBERT SMITH

Ted Greeno

Greeno was instrumental in securing a successful outcome for Chevron Corporation in proceedings arising from the explosion at the Buncefield Oil Refinery in 2005, the largest fire in post-war Europe. The eagerly awaited judgment found Total responsible for the cause of the explosion and therefore liable for the gargantuan financial consequences.

JONES DAY

Craig Shuttleworth

In what is believed to be the second-largest fraud ever perpetrated against an AIM-listed company, Shuttleworth represented Sibir Energy over the misappropriation of over $400m by two former directors. The firm has recovered $120m, won security over a French villa worth $270m, and secured various other judgments, all totalling more than $350m.

QUINN EMANUEL URQUHART OLIVER & HEDGES

Richard East; Sue Prevezer QC; Marc Becker

In a highly accomplished year since launching in London, Quinn Emanuel has hit the ground running, establishing a reputation as a ‘go-to’ firm for complex financial disputes. It hit the headlines in 2009 on two major credit crunch-related disputes: Re Sigma Finance Corporation and UBS v Nordbank.

REED SMITH

Belinda Paisley

Paisley led a multijurisdictional team representing Singapore-listed GP Noble in pursuing international fraud claims following the activities of two rogue senior traders in the aluminium industry that cost the client $40m. Following a high-profile, five-week trial, the firm recovered all losses in damages and indemnity costs.

Award sponsored by Navigant Consulting