Nick Daly

Notable Banking & Finance Cases

VTB Capital v Republic of Mozambique

Acting (with Timothy Howe KC) for VTB Capital in proceedings arising from the so-called “Tuna Bonds” controversy, involving over $2 billion of debt guaranteed by the Republic of Mozambique (one of The Lawyer’s ‘Top 20 Cases’ of 2023).

Rowe & Ors v Ingenious Media Holdings Plc & Ors (The Ingenious Litigation)

Acting for UBS in claims worth in total over £200 million concerning advice given in relation to investments in the Ingenious film partnerships (with Richard Handyside KC and James Duffy), including a successful application for security for costs against a litigation funder ([2020] EWHC 235 (Ch)) and successful appeal in relation to the cross undertaking in damages ([2021] EWCA Civ 29), and decisions in relation to the Disclosure Pilot in the Business and Property Courts. Listed in The Lawyer as one of the “Top 20 Cases” of both 2018 and 2022. The claims settled shortly before a 20-week trial listed to commence in May 2022.

Acting for a major CIS bank in confidential LCIA arbitration proceedings against its former director and shareholder (with Richard Lissack KC).

JB Drax Honore v Cimolai

Acting for Drax, a specialist derivatives broker, in claims relating to high value FX derivatives trades with an Italian construction company (with James Duffy).

ICBC Standard Bank plc & Ors v (1) The Republic of Sudan; (2) The Central Bank of Sudan

$1.5 billion claims brought by a number of banks and financial institutions against the Republic of Sudan and its Central Bank in respect of long-standing indebtedness under agreements dated back to the 1980s, including successful applications in respect of service of the proceedings involving issues of state immunity, service on process agents, and service out of the jurisdiction (with Stephen Moriarty KC).

ICBC Standard Bank plc v (1) Banco Nacional de Cuba; (2) The Republic of Cuba

£1 billion claims brought against Cuba and its Central Bank in respect of Cuba’s long-standing indebtedness to various banks and financial institutions (with Stephen Moriarty KC and Tamara Oppenheimer KC).

Acting for the Claimant in confidential US$100 million LCIA arbitration proceedings arising out of a capital markets transaction used to perpetrate a large-scale fraud.

Madison Pacific Trust Limited v PrivatBank

Acting for PrivatBank in substantial LCIA arbitration proceedings worth over $400 million arising out of a fraudulent scheme relating to the issuance of notes in 2013, including High Court applications for directions relating to the Awards ([2020] EWHC 610 (Ch)) and challenges under s.67 and s.68 of the Arbitration Act 1996 (with Lord Wolfson KC and Simon Atrill KC).

Albinson, Batty, Riddle & Ors v Barclays Partner Finance

Acting for Barclays in multiple claims brought against Barclays under the Consumer Credit Act 1974 arising out of alleged fraudulent mis-selling of timeshares (with James Duffy and unled). Nick is instructed for multiple 10-day trials of batches of the claims (unled) over the next 18 months.

UBS v Infinidat Ltd

Acting for UBS in a $3 million claim arising out of an engagement letter to facilitate investments in an Israeli company (unled).

Proceeds of Crime Act 2002/Money Laundering

Advising multiple banks on their obligations under Part 7 of the Proceeds of Crime Act 2002 (money laundering), and recently acted in a claim for a substantial five figure sum by a customer of a challenger bank for the return of monies from a frozen account (unled).

FSCS v Firstplus & Ors

Defending a c.£15 million claim brought by the FSCS and several thousand consumers against Firstplus relating to the sale of PPI (with Timothy Dutton KC and Simon Atrill KC).

National Bank Trust v Yurov & Ors

A c.$850 million claim governed by Russian law relating to a large-scale banking fraud in Russia, including an application to set aside a freezing injunction (with Patrick Goodall KC and Simon Atrill KC).

Claims in relation to fraudulent bank payments

Advising on and appearing in multiple claims (as sole counsel) arising from fraudulent bank payments, including push payment and spear phishing frauds.