Deutsche BankFreshfields and A&O Claim Win in Eight-Year Loan Case for Deutsche Bank
Freshfields has also lost out to Quinn Emmanuel in high-stakes Mastercard dispute, but secured a win for Deutsche Bank
April 17, 2019 at 07:46 AM
3 minute read
Freshfields and Allen & Overy have secured victory for their clients in an eight-year battle over a $300 million-plus loan and interest rate swap.
The victory decided on Monday (April 15) was formed as a joint trial for claimants Deutsche Bank, represented by Freshfields, and a syndicate of Asia-based lenders led by Deutsche Bank, which were represented by A&O.
The claim was against Indian real estate developer Unitech, once valued at $10 billion, which entered a credit and interest rate swap with the German bank in 2007. The money was never paid back to Deutsche Bank, and Unitech defaulted in 2009.
Commercial disputes head Tom Snelling led for Freshfields, and banking and finance partner Andrew Denny led for A&O.
Unitech did not show at Monday's trial, despite having "every opportunity to do so" according to a court document. The London High Court judged in favour of the claimants.
Elsewhere this week, Freshfields has also been wrapped up in a high-stakes class action case against Quinn Emmanuel on behalf of payments company Mastercard.
MasterCard, represented by Freshfields, has been battling against claims that it overcharged customers in UK shops since September 2016. It is the first mass consumer action brought under consumer rights regulations enacted in 2015 and opens the possibility of a £14 billion class action against the payments company.
Freshfields litigation and antitrust partner Mark Sansom, disputes and investigations partner Nick Frey, and commercial litigation partner Jonathan Isted and all led for the firm.
The Court of Appeal has overturned a previous ruling by the Competition Appeal Tribunal, meaning the tribunal must now reconsider the class action case.
Former financial ombudsman Walter Merricks is bringing the class action on behalf of all individuals over the age of 16 who were resident in the UK for three months between May 1992 and June 2008 – estimated to include 46.2 million people.
It has been widely reported that Mastercard has stated that it is prepared to take the case to the Supreme Court.
Quinn Emmanuel partner Boris Bronfentrinker has represented Merricks throughout the case. In a statement, he said the decision is "truly a landmark day for all UK consumers".
Quinn used litigation funder Innsworth to finance the claim.
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