Raymond Cox QC
Call date
1982
Silk date
2002
Practice Areas
Raymond Cox has a wide practice focused on commercial disputes and regulation, with an emphasis on:
- banking and financial services
- reinsurance and insurance
- regulation relating to insurance and financial services
- professional negligence
Recommendations (Practitioners' Guides)
“a terrific advocate” with “finely balanced judgment”: Chambers Guide to the UK Legal Profession 2008.
“continues to impress the market” and “[s]sources remark that his evident expertise is added to by the fact that he is “extremely easy to get on with”: Chambers, 2009.
“achieves results in an easy way”, Chambers 2006.
“knows the financial regulatory arena well”, Legal 500, 2009.
“is seen as having great acumen in retail banking issues, such as overdraft and credit card fees, and is not flashy, but very, very clever” Legal 500, 2007.
Recommended in banking and finance, and insurance, Chambers 2009, and banking and finance, insurance and reinsurance Legal 500, 2009.
Education
Mansfield College, Oxford University 1978-1981: BA Hons. Jurisprudence, First Class
Eldon Scholar, Oxford University
Arden Scholar, Gray's Inn
Appointments
Bencher of Gray's Inn, 2008
Serious Fraud Office: Queen’s Counsel List (2009)
Professional Experience
Recent banking experience includes the administration of Awal Bank BSC, Icelandic bank deposits, the OFT credit card inquiry, the bank charges litigation, disputes relating to split capital bonds, and structured finance. Regulatory work spans all financial services, in particular banking and insurance (including s. 45 orders and s. 166 reviews), money laundering, POCA, documentary credits and bills. Insurance and reinsurance experience includes, the Kuwait Airways and Exxon recoveries, split capital investment trust market, the PA LMX market, film finance, the ERAS EIL pollution scheme, the Stetzel Thompson pool and the Weavers stamp companies. Professional negligence work ranges over all professions, including in particular bankers, barristers, solicitors, and construction professionals. Raymond Cox advises on matters in Singapore and has acted as an expert there.
Recent Practice
Banking and Financial Services
Recent practice includes:
- RBS v Highland, 2010, acting in dispute re CDO issue. Proposed issue of notes and subordinated securities in CDOs (euro loans). Issue never closed, and dispute between warehouse providers on the one hand and the SPV, guarantors and proposed investors on the other, [2010] EWHC 194 (Comm).
- acting for the global administrators of Awal Bank in relation to recognition of the Bahrain administration in England under the Cross-Border Insolvency Regulations 2006. Advising in relation to asset protection, recovery and freezing order proceedings in USA, Cayman, Guernsey, Saudi Arabia, UK and elsewhere, relating to Awal Bank, Saad Group. Al Gosaibi, and Al Sanea.
- acted for claimants on advance payment and performance bonds: Enka Insaat Ve Sanayi AS v Banca Popolare dell'Alto Adige SPA [2009] EWHC 2410 (Comm);
- advising in relation to UK regulation of a 15 billion euro loan note programme.
- advising in relation to FSA regulation of loans containing ‘debt cancellation and suspension’ provisions, and contracts of insurance.
- acting in dispute between UK and US banks re CREST payments for eligible debt securities involving Kaupthing Singer and Friedlander
- advising depositors in relation to deposits in Landsbanki, Kaupthing and Glitnir Icelandic banks.
- advising in relation to operation of loan facilities by Kaupthing in administration.
- advising in relation to recovery of CHAPS payment made to Kaupthing before administration.
- acting for bank in dispute relating to trading in reverse knock-in foreign currency options (FSA classification and conduct of business issues).
- advising in relation to Ancillary Bank set off rights (pre and post insolvency) where there is a syndicated loan, intercreditor agreement, flawed asset account, debenture and set-off and netting agreement.
- advising re UK regulation of securitised mortgage investment vehicle.
- acting for corporate finance house in relation to dispute with execution agent re settlement for certificated and uncertificated shares under the LSE and CREST rules.
- advising financial institution in relation to contracts for differences and establishment, regulated activities and financial promotions under the FSMA.
- advising major exchange in relation to regulation of £200m insurance/guarantee cover.
- acting for a major bank in relation to FSA credit card charge investigation.
- advising investment manager in relation to client and funds handling obligations under FSMA and Handbook.
- advising a building society in relation to an FSA “assets requirement” notice under s.45, and money laundering.
- advising in relation to Regulatory Transactions Committee of the FSA hearing and s.166 review (report by skilled person) for multinational financial institution.
- acting in relation to various default bank charge hearings and regulatory matters.
- advising in relation to breaches of regulation by an IFA in relation to contracts for differences.
- advising European bank re liability for forged transfers from Singapore branch.
Insurance and Reinsurance, including arbitration
Recent practice includes:
- advising insurers in relation to FSA regulation of contracts of insurance and ‘debt cancellation and suspension’ contracts.
- advising on claims co-operation in relation to a banker’s blanket bond negligence claim for up to $850m.
- advising Lloyd’s broker in relation to regulation of mortgage intermediary business and policy wording, and client funds.
- advising on a business interruption and property damage cover - inwards insurance and outwards reinsurance claims of over £150m arising from nuclear plant shutdown.
- acting in relation to arbitration proceedings relating to Exxon and Kuwait spiral recoveries.
- advising on an arbitration in Belgium as to the terms of a retrocession agreement.
- advising major exchange in relation to regulation of £200m insurance/guarantee cover.
- advising re bankers blanket bond coverage of claims arising from dishonest employee.
- Sphere Drake Insurance v Stirling Cooke Brown Reinsurance Brokers – various court and arbitration proceedings in relation to the Personal Accident retrocessional LMX market.
- Split Capital Investment Trusts (zeros) – advising on various insurance claims arising from the collapse of the zeros market and regulation.
- acting in relation to numerous film finance litigation and arbitration proceedings relating to ‘gap’ insurance policies covering losses made in financing films.
- pensions mis-selling claims – advising on various insurance claims.
- advising in relation to title insurance.
Professional Negligence
Recent experience includes:
- advising in relation to the liability of an IFA in respect of contracts for differences.
- acting on a claim against bank advisers, architects and engineers re 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– solicitors’ negligence action relating to advice about professional indemnity insurance.
- AXA v MSL–series of claims against centralised mortgage administrators.
- Astra v Stoy Hayward and Paine Webber – claim of negligence against a merchant bank solicitors and accountants relating to a take-over.
Other commercial
Recent practice includes:
- Freezing orders in UK and Cayman in relation to Awal Bank BSC.
- Societe Generale v Goldas advising on freezing injunction proceedings in relation to missing consignments of gold valued at US$500m.
- ENKA v Banco Popolare: acting in challenge to English court jurisdiction, raising articles 27 and 28, Brussels I Regulation (lis pendens), in relation to London proceedings on demand guarantee and Italian proceedings for order for non payment.
- proceedings to obtain order under European Enforcement Order regulation 2004
- advising on break up of international joint venture for hotels.
- acting on break up of US/UK solicitor partnership.
- acting for a Singapore buyer of a missing shipment of mobile phones, in relation to claims for conspiracy, breach of trust and damages.
- Gemini Investments v Botolph - acting for sellers of property in relation to freezing injunction proceedings arising from apparently fraudulent rent guarantees amounting to over £50m.
- R v Leaf, advising on civil law aspects of criminal proceedings for tax fraud which involved fraudulently reclaiming £55m of corporation tax on the basis of losses made on loans and transactions between a group of companies.
- Cronos Containers NV v Palatin – claim in respect of international fraud and constructive trust against a bank.
- British Sugar v Babbini– jurisdiction under Brussels Convention.
- Knauf (UK) v British Gypsum– major industry-wide dispute relating to defects in plaster or plasterboard.
- Instance v Denny – worldwide injunction against use of without prejudice documents.
Reported Cases
Recent cases include:
Enka Insaat Ve Sanayi AS v Banca Popolare dell'Alto Adige SPA [2009] EWHC 2410 (Comm)
Film Finances Inc v The Royal Bank of Scotland [2007] 1 Lloyd's Rep. 382
British Sugar v Fratelli Babbini [2005] 1 Lloyd’s Law Reports 332
Sphere Drake Insurance v Stirling Cooke Brown Reinsurance Brokers Ltd. and others [2003] Lloyd’s Law Reports IR 525
John Mowlem Construction v Neil F Jones [2003] EWHC 2894 (TCC);
Instance v Denny [2000] FSR 869
DSG Retail v QBE International Insurance [1999] Lloyd’s Rep. IR 263
Publications
Law of Bank Payments (2004, 3rd ed.) joint editor with Michael Brindle QC, (Sweet & Maxwell)
Private International Law of Reinsurance and Insurance, December 2006, Informa (LLP) with Louise Merrett and Marcus Smith
Commercial Court Procedure 2001, general editor with Stephen Moriarty QC, (2000, Sweet & Maxwell)
Contributor to Professional Negligence and Liability (LLP 2000), edited by Mark Simpson QC
Joint editor of Regulatory part of Encyclopaedia of Insurance Law (ed. Prof John Birds, Sweet and Maxwell, 2006)
Recent articles include:
- "Banking and Payment Services regime", In House Lawyer magazine, September 2009
- "The Banking Code 2008", Law Soc. Gazette, 24 April 2008
- “Election Time?”, Insurance & Reinsurance Law Briefing (I. & R.L.B. 2008, 137/138(Apr), 1–5, (Kosmar Villa Holidays v Trustees of Syndicate 1243 [2008] EWCA Civ 147 (CA))