Bank's Legal 'Dream Team'

[EXC]

High street banks have assembled a dream team of top-ranked QCs to fight a test case this week that could determine the future of retail bank fees.

http://business.timesonline.co.uk/to...cle3182120.ece

[TANZARELLI]

Re: Bank's Legal 'Dream Team'

Ali Malek QC http://www.3vb.com/pgs-members/m_amalek.shtml

Iain Milligan QC http://www.20essexst.com/bar/q_milligan_i/1_mil.htm

Laurence Rabinowitz QC (he was on sempra metals case) http://www.thelawyer.com/hot100/2007...owitz_bar.html

Geoffrey Vos QC http://www.3sb.co.uk/barristers/profile/gvos

[Amethyst]

Re: Bank's Legal 'Dream Team'

High street banks have assembled a dream team of top-ranked QCs to fight a test case this week that could determine the future of retail bank fees.
The Office of Fair Trading will argue in the High Court that fees levied by seven banks and one building society against customers who exceeded overdraft limits were illegal under contract regulations introduced in 1999.
The case, which starts on Wednesday and could end as the biggest commercial case in 20 years, will affect tens of thousands of claims before the county courts that have been stayed pending the outcome. It is estimated that the banks have paid up to £1 billion in total to settle out of court claims from individual customers, but they stand to lose billions more if they are defeated in court.
Losing could force the banks to change their business model, since the retail fees generate profits of £10 million a day, according to OFT estimates. However, defeat for the banks could also be bad news for consumers, because it would almost certainly mean the end of “free” current accounts.

[Amethyst]

Re: Bank's Legal 'Dream Team'

Laurence Rabinowitz QC

Interesting

[TANZARELLI]

Re: Bank's Legal 'Dream Team'

And representing the OFT (In the Blue Corner LMAO) its Brian Doctor QC http://www.fountaincourt.co.uk/people/profile/25/

[Amethyst]

Re: Bank's Legal 'Dream Team'

A clutch of major UK law firms have bagged advisory roles on the case. Simmons & Simmons is advising Barclays, with Iain Milligan QC of 20 Essex Street instructed as counsel. Slaughter and May is advising Nationwide, alongside 3 Stone Buildings’ Geoffrey Vos QC.
Addleshaw Goddard has been instructed by Clydesdale, with Richard Salter QC of 3 Verulam Buildings (3VB) instructed as counsel.
Ashurst is advising Abbey National alongside 3VB’s Ali Malek QC, while Linklaters and One Essex Court’s Laurence Rabinowitz QC advising the Royal Bank of Scotland.
Freshfields Bruckhaus Deringer and Erskine Chambers’ Richard Snowden QC are advising HSBC, with Lloyds TSB turning to Lovells and Fountain Court’s Bankim Thanki QC.
The banks are thought to have each spent approximately £1m in pre-trial costs.
The OFT has instructed Fountain Court Chambers’ Brian Doctor QC.
Lovells litigation partner Andrea Monks, who is advising Lloyds TSB, commented: “This is a great case to be working on. It will potentially be one of the most significant banking litigation cases of the year so it is good to be involved.”