Raymond Cox QC
Call date
1982
Silk date
2002
Practice Areas
“a terrific advocate” Chambers Guide to the UK Legal Profession
- Arbitration
- Banking and financial services
- Civil Fraud
- Commercial
- Conflicts of Law
- Insurance and reinsurance
- Professional negligence
- Regulation
SUMMARY
(for a more detailed CV please use print/email/download links above)
Recommendations (Practitioners' Guides)
Recommended as leading silk in Commercial, Banking and Finance, and Insurance and Reinsurance, Legal 500, 2011; and Banking and Finance, and Insurance, Chambers 2012.
"a 'pure joy to work with' and earns particular praise for his commerciality" and "talented" Chambers 2012
"one of those barristers who make all seem terribly easy" Chambers 2011.
"pleases due to his "outstanding grasp of detail" and "extremely calm and measured approach." Chambers 2011.
"possesses a fantastic ability to grapple with the legal issues arising from many of the trading platforms used in the City". "Particularly user-friendly silk", Legal 500, 2010.
"For those searching for a professional who is "clever, able to reduce problems to accessible solutions and ultra-accessible," Raymond Cox QC is an ideal choice" Chambers 2010.
Recent practice is summarised below. A more detailed CV is available by using the print/email/download CV links above. Further details can be provided on request.
Recent Practice
Banking and financial services
Raymond’s practice covers the whole breadth of banking and financial services law and practice, including:
- investment banking securities, sovereign notes, corporate bonds, loan notes and sukuk
- commercial banking and corporate finance; syndicated lending; acquisition, asset, property, and project finance; certificates of deposit.
- securitised lending, structured finance.
- derivatives: forwards, options, synthetic bonds, ISDA credit default and interest rate swaps, CDOs, CFDs and other derivatives.
- administration and insolvency, domestic and foreign, including debentures, set-off and netting.
- share trading, CREST, over the counter bonds, certificates of deposit.
- payment: technical disputes under most international and domestic mechanisms, including SWIFT, Clearstream, Euroclear, TARGET, CHAPS, bills of exchange and cheques.
- regulation; all aspects of regulation and control of finance, including FSA regulation (see further below), OFT, and Competition Commission investigations; misselling; bank charges; Unfair Terms in Consumer Contracts regulation; money laundering; POCA; and the Consumer Credit Acts.
- much of this work is international.
Recent highlights include:
- Bank Leumi v Wachner [2011] EWHC 656 (Comm) acted for claimant in claim for sums owed under FX options trading - claims that the client had been misclassified under COB/COBS, that personal recommendations or misrepresentations had been made, and that a general advisory duty was owed.
- RBS v Highland [2010] EWCA Civ 809 (CA), [2010] EWHC 194 (Comm), acted for hedge fund - issue of notes and subordinated securities in CDOs terminated early – dispute with RBS acting as warehouse providers.
- Awal Bank and Al-Gosaibi and others – acting for the global administrators of Awal Bank in relation to claims involving Saad Group - proceedings for fraud, freezing order proceedings and asset recovery in Cayman, UK, USA, Bahrain, and Saudi Arabia.
- Enka v Banca Popolare [2009] EWHC 2410 (Comm) acted for claimants on advance payment and performance bonds – proceedings in UK, Italy and Russia.
- Icelandic banks – acted in various matters relating to deposits in Landsbanki, Kaupthing and Glitnir Icelandic banks, loan facilities and recovery of CHAPS payments.
- Depfa Bank plc – acting for Depfa in proceedings relating to validity of CDS, amortising swap and interest rate swap under ISDA Master agreement (multicurrency – cross border).
- Marex Financial Limited v Creative Finance Ltd. (BVI) – rolling spot and forward FX transactions in euro and NZ dollar carry trade – acting in proceedings relating to close out of over US$800m positions.
- Sovereign medium term €10bn issue of notes – acting in freezing application in respect of interest payments under the notes.
- Payments via Clearstream – advising in relation to making and stopping payments.
- Raymond is the co-editor of the leading textbook, Law of Bank Payments (4th ed., 2010, Sweet and Maxwell).
Arbitration
Raymond has acted in commercial, banking and insurance and reinsurance arbitrations. Recent experience includes:
- Arbitration proceedings against East European state – enforcement and freezing proceedings in many different jurisdictions – issues of State Immunity.
- LCIA arbitration of issues relating to interest rate swaps and currency options – ISDA Master Agreement.
Commercial
Raymond’s experience covers the spectrum of commercial disputes. He has acted in relation to, joint ventures; share sales and transfers of business; commodity, currency and other trading disputes; distribution and agency agreements; partnerships and private equity finance. He has acted in relation to commercial freezing orders, injunctions and conflict of law disputes. Recent highlights include:
- Sovereign medium term €10bn issue of notes – acting in freezing application in respect of interest payments under the notes.
- Societe Generale v Goldas missing US$500m consignments of gold – freezing orders.
- Calyon v Awal Bank freezing order.
- Acting in relation to break up of international hotel joint venture.
- Acting in relation to break up of UK/US solicitors firm.
Civil Fraud
Raymond acts in relation to claims for conspiracy, breach of trust, breach of fiduciary duty, restitution and tracing. Recent highlights include:
- Awal Bank and Al-Gosaibi and others – international proceedings for fraud, freezing order proceedings and asset recovery.
- missing shipment of mobile phones – claims for conspiracy, breach of trust and damages.
- Gemini Investments v Botolph – freezing order proceedings arising from fraudulent rent guarantees.
- R v Leaf, advising on civil law aspects of criminal proceedings for tax fraud – fraudulent reclaim of corporation tax.
- Cronos Containers NV v Palatin, international fraud and constructive trust claim against a bank.
- Serious Fraud Office: Queen’s Counsel list (2009).
Conflicts of Law
Choice of law and jurisdiction disputes occupy much of Raymond’s practice. He frequently acts in disputes relating to jurisdiction involving the Brussels Regulation or non EU jurisdictions. Much of his experience involves a foreign law or laws, and the Rome regulation. Raymond regularly advises in cases from Singapore, and was admitted to the Cayman Bar. Recent highlights include:
- East European arbitration – acting for claimant in enforcement of award by judgment – issues re state immunity.
- Awal Bank and Al-Gosaibi and others – acting in proceedings in Cayman, UK, USA, Bahrain, and Saudi Arabia.
- Enka v Banca Popolare [2009] EWHC 2410 (Comm) jurisdiction and choice of law disputes - proceedings in UK, Italy and arbitration in Russia.
- British Sugar v Babbini [2005] 1 Lloyd's Rep. 332, jurisdiction under Brussels Convention relating to third party proceedings.
- Raymond is the co-author of Private International Law of Reinsurance and Insurance (December 2006, Informa LLP, and the author of "Choice of Law: New York and English Approaches to Insurance and Reinsurance Contracts" in Lloyd's Research Handbook on International Insurance Law & Regulation (forthcoming, December 2011).
Insurance and Reinsurance
Raymond’s reinsurance experience covers most of the recent reinsurance market losses including the Kuwait and Exxon recoveries, the split capital investment market, spiral and PA LMX spiral business, film finance, and the ERAS EIL pollution scheme. In relation to insurance, Raymond’s experience includes all manner of primary and excess layer coverage disputes. Third party claims against brokers and claims managers in relation to reinsurance and insurance business are part of this experience. Much of the work is arbitration. Recent highlights include:
- Business interruption cover – acted in arbitration proceedings re reinsurance claims of over £150m arising from nuclear plant shutdown.
- Exxon and Kuwait recoveries – acted in arbitration proceedings.
- Sphere Drake v Stirling Cooke Brown [2003] 1 Lloyd's Law Reports IR 525, PA LMX spiral.
- Film Finance v RBS [2007] 1 Lloyd's Law Reports 382 arbitration agreement relating to film finance gap cover.
- Banker’s blanket bond claim for $850m – acted in claims co-operation dispute.
- WorldCom share issue – advising re coverage of bankers’ liability for arranging and underwriting share issue.
- Split Capital Investment Trusts (zeros) – advising on various brokers insurance claims arising from the collapse of the zeros market and regulation.
- Film finance litigation and arbitration proceedings – acting in proceedings relating to “gap” insurance policies covering losses made in financing films.
- Raymond is the co-author of Private International Law of Reinsurance and Insurance (December 2006, Informa LLP; contributor to Encyclopaedia of Insurance Law (Sweet and Maxwell, 2006); and the author of "Choice of Law: New York and English Approaches to Insurance and Reinsurance Contracts" in Lloyd's Research Handbook on International Insurance Law & Regulation (forthcoming, December 2011).
Professional Negligence
Raymond’s experience of professional negligence cases includes in particular professionals in the areas of financial services (e.g. brokers, bankers and IFAs), construction and real property, and the legal professions. Recent highlights include:
- IFA – advising on liability in respect of contracts for differences.
- Commercial bank, architects and engineers – advising re liability in relation to property subsidence and lack of insurance.
- Comunica v BDO Binder Hamlyn acting for claimant in an audit negligence case.
- John Mowlem Construction plc v NF Jones & Co [2003] EWHC 2894 (TCC) solicitors’ negligence action relating to advice about professional indemnity insurance.
- Raymond is a contributor to Professional Negligence and Liability (LLP).
Regulation of financial services
Raymond’s experience of the regulation of financial services covers the whole spectrum of advisory and advocacy work:
- authorisation.
- conduct of business, and client assets rules.
- financial promotions.
- FSA investigations and enforcement proceedings, including s.45 notices and s.166 reviews.
- market abuse and insider dealing.
- money laundering and POCA requirements, and compliance with the Unfair Terms in Consumer Contracts regulation.
- litigation and investigations in relation to claims for damages for breach of regulatory duties in relation to misselling of products such as pensions, bonds, derivatives, CFDs and swaps, as well as “boiler rooms”.
Recent highlights include:
- Bank Leumi v Wachner [2011] EWHC 656 (Comm) Flaux J. rejected the Defendant’s claims that the client had been misclassified under COB/COBS, that personal recommendations or misrepresentations had been made, and that a general advisory duty was owed.
- Nakheel sukuk (Dubai) – advising re insider dealing, market abuse, misleading statements and financial promotions in relation to restructuring.
- Structured collar interest rate swap – advising on application of COB rules and contractual estoppel.
- 15 billion euro loan note programme – advised Merrill Lynch in relation to terms and regulation.
- FSA investigation of credit card charges – advised HSBC in relation to investigation.
- Lloyd’s brokers – advised in relation to regulation of mortgage intermediary business.
- LCH.Clearnet – advised in relation to regulation of £200m insurance/guarantee cover.
- Raymond is a contributor to the regulatory section of Encyclopaedia of Insurance Law (Sweet and Maxwell, 2006).
Education and appointments
BA Jurisprudence (1st class) and Eldon Scholar, Oxford University; Arden Scholar Gray’s Inn.
Serious Fraud Office: Queen’s Counsel List (2009)
Bencher of Gray's Inn, 2008
Admitted to Cayman Bar