Stephen Phillips QC

Call 1984; QC 2002; MA (Oxon); Martin Wronker Prize for the top First in law (1983); Deputy High Court Judge and Recorder
Email: sphillips@3vb.com

Stephen Phillips is well established as a leading commercial silk, specialising in commercial litigation, banking, finance and civil fraud. He is an experienced trial and appellate advocate, regularly instructed in substantial disputes in London and in numerous offshore jurisdictions. He also sits as a Deputy High Court Judge in the Queen's Bench Division and the London Mercantile Court.

Stephen brings a combination of first class analysis, strategic commercial thinking and powerful advocacy to any dispute, being described by the legal directories as "supremely clever" and as offering "forceful advocacy once in the courtroom". He is "applauded for his razor sharp mind", has "excellent industry knowledge" and is "a lethal cross-examiner and a brilliant tactician". According to the most recent edition of Chambers & Partners (2012), "solicitors contend that his appearance on a case dramatically increases the prospects of a fabulous result".

Stephen has appeared in many of the largest and most complex commercial fraud cases, being described as "an excellent fraud counsel". He recently appeared in Algosaibi v. Saad Investments Company Ltd for 24 corporate defendants, obtaining the discharge of a US$9.2 billion freezing order in the Cayman Islands Court of Appeal and the subsequent striking-out or discontinuance of the claims against them. He has considerable experience of pre-emptive remedies and asset tracing, currently acting for the claimant in Dubai Islamic Bank PJSC v. PSI, obtaining a US$440m worldwide freezing injunction in respect of claims arising from a major trade finance fraud. He also continues to act for minority shareholders in proceedings in the Cayman Islands based on allegation of fraud and oppression relating to Fortuna Development Corporation, recently obtaining judgment for $6m of unpaid dividends. In 2009 he conducted the eight week Chancery Division trial in National Grid v. McKenzie, establishing bribery, conspiracy to defraud and dishonest assistance in relation to contracts for the refurbishment of overhead power lines. Stephen is frequently instructed by liquidators in cases raising both insolvency issues and fraud claims, it being said that "his limitless knowledge of both areas makes him a perfect choice for such matters".

Stephen also has extensive experience of litigating and advising in relation to financial products, guarantees, bonds and other securities. He is currently instructed on two of the Pioneer claims relating to freight forward contracts governed by the ISDA Master Agreement. In the recent case of REC Wafer Norway AS v. Moser Baer Photo Voltaic Limited he acted for the beneficiaries of $80m trade guarantees in resisting an application to restrain the making of demand and obtaining an anti-suit injunction to restrain proceedings in India. Stephen's recent commercial contract cases include ING Bank NV v. Ros Roca SA, a leading new Court of Appeal authority on estoppel arising from post-contractual discussions, and Porton Capital Technologies Fund v. 3M, a five week Commercial Court trial establishing the liability of 3M for breaching its contractual obligations to market a device designed to detect MRSA.

Stephen frequently works with teams comprising combinations of solicitors, insolvency practitioners, foreign attorneys, forensic accountants and leading and junior counsel. According to the Legal 500 (2011) "he is user friendly, works well in a team and has very good judgment" and "is excellent in court and a delight to deal with".

Areas of Practice

Commercial litigation and arbitration, including contractual and trust-related disputes arising from dealings with shares or assets, joint ventures, limited partnerships, special purpose vehicles, licensing and franchise agreements, commercial loans, gaming transactions.

Banking and finance, including securitisations, swaps, CDOs, derivative products, letters of credit and commercial instruments, guarantees and securities. Advice as to the impact of the Proceeds of Crime Act on banks and the financial operations of large companies.

Commercial fraud, tracing and asset recovery, including use of the full range of injunctive and other provisional remedies in multiple jurisdictions.

Conflict of laws, including jurisdictional disputes, stay applications and anti-suit injunctions and disputes as to governing law.

Insolvency, in particular acting for domestic and foreign IPs in utilising statutory powers and common law remedies.

Professional negligence, specialising in claims involving solicitors, attorneys, barristers and accountants.

Information technology and telecommunications disputes.

Sports Law, particularly acting in disputes concerning football clubs, and gaming disputes.

Clients

Domestic and foreign banks and their customers, insurance companies and funds, companies and individuals involved in commercial transactions, liquidators and receivers.

Awards & Scholarships

Open Scholar of University College, Oxford
Martin Wronker Prize for the top First in Law (1983)

From Gray's Inn:

Junior Holker Award (1983)
Birkenhead Award (1984)
Reid Scholarship (1985)
David Karmel (Commercial Law) Prize (1985)