Richard Power
Call date
2007
Summary of Practice
Richard has a broad commercial litigation and arbitration practice, including: banking and financial services; insurance and reinsurance; professional negligence; civil fraud; and conflict of laws.
He is recommended in the Chambers & Partners Guide as a leading junior for commercial dispute resolution:
“The ‘very able’ Richard Power has ‘a classic Fountain Court practice’ acting as he does on a heady mix of business and financial services disputes. Recent highlights include defending Texas Keystone in its well-publicised petroleum fields dispute with Excalibur Ventures. Sources say he is ‘a complete package’, and that ‘when he makes points, they're inevitably good ones’. ” (Chambers and Partners 2013)
Commercial Litigation and Arbitration
Excalibur Ventures LLC v Texas Keystone & Gulf Keystone
Acting (with Michael Crane QC and Tamara Oppenheimer) for Texas Keystone, a US oil company, in defence of Excalibur’s $1.6 billion claim for an interest in rights to exploit and develop petroleum fields in Iraqi Kurdistan granted to Texas Keystone and one of the Gulf Defendants by the Kurdistan Regional Government. The case has been described by The Lawyer as “one of the biggest trials of the year”. The trial commenced on 8 October 2012 and is due to run until the end of February 2013.
Slocom Trading Limited v Sibir Energy plc [2012] EWHC 3464 (Ch)
Acted (with Ian Mill QC and Andrew Hunter QC) for the Russian energy company Sibir in defence of a €50 million claim arising from Sibir’s acquisition of the Villa Maria Irina in the South of France, owned by the Russian oligarch Chalva Tchigirinsky. The case concerned the validity and effect of a series of loan agreements and whether assignments of assets to Slocom could be set aside under s. 423 of the Insolvency Act 1986. The 12 day trial took place in February/ March 2012 before Mr Justice Roth.
Haugesund Kommune v Depfa [2012] 2 W.L.R. 199 (Court of Appeal), Depfa v Wikborg Rein [2011] 3 All E.R. 655 (Court of Appeal)
Acted (with David Railton QC) for Depfa Bank in the Norwegian “swaps” case. The case raised important issues in the law of restitution, (the change of position defence), conflict of laws (the application of Rule 162 of Dicey & Morris: capacity of a foreign corporation) and contractual damages, all of which went to the Court of Appeal.
Acted (with Murray Rosen QC) in an early neutral evaluation concerning the construction of a share purchase agreement.
Investec Asset Finance plc v Owens & Associates and others - acted as sole counsel for Investec in relation to a series of claims (totalling approx. £1 million) brought pursuant to an assignment of a number of hire agreements with accountancy firms.
Acted as sole counsel for UK company in its claim in the High Court against a former finance director for breach of contract and fiduciary duty. Successfully obtained (and held at the return date) a freezing injunction against the Defendant.
Acted as sole counsel for a UK company in a claim in the High Court against a former director for breach of contract and breach of fiduciary duty and a former employee for dishonest assistance. Successfully obtained (and held at the return date) a freezing injunction against both Defendants.
Banking & Finance
UBS Limited v Depfa Bank plc , Depfa Bank plc v Kommunale Wasserwerke Leipzig (KWL)
Acting (with David Railton QC) for Depfa in defence of a $80 million claim brought against it by UBS for payment under two credit default swaps, and in Depfa’s claim against KWL, a state owned German water company, for payment of approximately $130 million under two swaps (on back to back terms with the Depfa/ UBS swaps). The 14 week Commercial Court trial is due to commence in April 2014.
Dexia Crediop SpA v Provincia di Pisa/ Comune di Firenze
Acting (with Richard Handyside QC) for Dexia in Commercial Court proceedings against the authorities of Pisa and Florence concerning the enforceability of interest rate swap agreements. The 4-6 week trial of the Florence case is listed for October 2013.
Deutsche Bank AG v Regione Toscana
Acted (with Tim Howe QC) for Deutsche Bank in Commercial Court proceedings against the Region of Tuscany concerning the enforceability of an interest rate swap agreement.
Haugesund Kommune v Depfa [2012] 2 W.L.R. 199 (Court of Appeal). See Commercial Litigation above.
Lloyds Bank plc v Groome (Recorder Cotter QC)- acted as sole counsel for Lloyds in a 4 day multi-track trial in Bristol County Court. The case concerned allegations of mis-selling of PPI and the application of the unfair relationship provisions of the Consumer Credit Act 1974 (as amended)). The case settled after trial.
Saleslease Purchase Ltd v Complete Vehicle Management Ltd & The Funding Corporation (2011) Slough County Court (HHJ Elly) - acted for the successful Claimant in a two-day trial of a claim arising out of the refinancing of and transfer of title to a number of vehicles.
Insurance
Acting (with Mark Simpson QC) for a local authority in its claims against its insurer and its insurance brokers.
Instructed as sole counsel for a major firm of insurance brokers in defence of a claim brought against it in the Commercial Court for alleged breach of contract/ negligence in the broking of the Claimant’s professional indemnity insurance.
Competition and European Law
Instructed (with Sir Francis Jacobs QC) to advise a national competition authority on a number of questions regarding the interpretation of Article 82.
Instructed (with Sir Francis Jacobs QC) to advise a major trade association on the meaning and likely effect of a proposed amendment to an EC Directive.
Instructed (with Sir Francis Jacobs QC) to advise a major trade association on the meaning and likely effect of an article of the Lisbon Treaty.
Conflicts of Law and Jurisdiction
Haugesund Kommune v Depfa [2012] 2 W.L.R. 199 (Court of Appeal). See Commercial Litigation above.
Dexia Crediop SpA v Provincia di Pisa [2012] EWHC 687 (Comm)- application for a reference to the ECJ on the proper interpretation of Article 1 of Regulation 44/2001.
Acted for a Swiss company in an application to set aside service of proceedings.
Successfully represented a major bank in an application for service to be set aside on the basis that the English courts did not have jurisdiction pursuant to Regulation 44/2001.
Professional Negligence and Professional Discipline
Instructed, as sole counsel, for a firm of solicitors, in defence of a substantial claim brought against it by a mortgage lender for alleged breach of contract/ negligence.
Depfa v Wikborg Rein [2011] 3 All E.R.
655 (Court of Appeal). See Commercial Litigation above.
Masrur (A Solicitor), Re [2009] EWCA Civ 944- acted (as sole counsel) for the SRA in an appeal to the Master of the Rolls from a decision of the SRA adjudication panel.
Aviation
Instructed for a major airline in defence of a number of separate claims concerning the interpretation of the “extraordinary circumstances” exception within Regulation 261/2004
Other Experience
Secondments
Completed (in Summer 2010) a three month secondment to Cleary Gottlieb Steen & Hamilton LLP. Whilst on secondment Richard acted (with Richard Hacker QC) for a BVI company in a LCIA arbitration.
In December 2008, Richard undertook a month’s secondment in the Banking and Finance Litigation Department of Matthew Arnold and Baldwin.
Employment tribunal
Acted for a management consultant in a claim for unfair dismissal on grounds of redundancy in a three day hearing in the Employment Tribunal.
Acted for a major construction company in a 5 day Employment Tribunal hearing. The case involved allegations of race discrimination and whistleblowing.
Acted for a major University in defence of a substantial claim for wrongful dismissal.
Education
BA Law, Christ Church, Oxford (First)
BCL, Christ Church, Oxford (Distinction)
BVC, Inns of Court School of Law (Outstanding, second in the year)
Prizes & Scholarships
Scarman Prize for second highest overall results on the Bar Vocational Course (2007)
Crowther Shield for Advocacy, Lincoln’s Inn (2006)
Lord Mansfield Scholarship, Lincoln’s Inn (2006-2007)
Gray’s Inn Tax Chambers Prize for the highest mark in BCL Personal Taxation (2006)
Arts and Humanities Research Council Award for postgraduate study (2005-2006)
John Radcliffe Exhibition for the Best Overall Performance in F.H.S Jurisprudence at Christ Church (2004)
Lovells Scholarship in Law, Christ Church (2002-2004), Dixon Scholarship, Christ Church (2005-2006)
Winner of the Oxford University Law Society Mooting Competition 2006 (final judged by Lord Hoffmann)
Publications
Richard is a contributing author to the 4th edition of Brindle & Cox on The Law of Bank Payments.