Year of call: 2009
E: tvansante@3vb.com

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JuniorsPMs@3vb.com

Theodor has a wide-ranging commercial practice and is frequently instructed on high-profile commercial cases, in particular banking, insurance and financial services disputes.  Having worked at the FSA, Theodor is also regularly instructed to provide regulatory advice to individuals, businesses, insolvency practitioners and regulators and is the author of several chapters on banking and financial services law.

Recently, Theodor has been instructed as junior counsel on both the multi-billion capital-raising claims to arise out of the financial crisis: by RBS in the RBS Rights Issue Litigation and by the SFO in PCP Capital Partners LLP v Barclays.  Theodor is also instructed as junior counsel on a $65 million Commercial Court hedge fund claim in PGI v Dillard & Ors and on an ongoing dispute concerning insurance regulation.

Theodor also frequently acts as sole counsel, including most recently appearing in the reported decisions in Ian Gray & Associates v Investments Ltd [2016] EWHC 724 (Ch), Microtechnologies LLC v Autonomy Inc [2016] EWHC 1942 (QB), and acting for the FCA in relation to Re Rothesay Assurance Ltd [2016] EWHC 44 (Ch).


3 Verulam Buildings provides a substantial roster of ‘top-quality and commercial barristers’

Legal 500 UK 2014

3 Verulam Buildings is a ‘first-rate set’ with ‘a range of very bright counsel, particularly at the junior end‘.

Legal 500 UK 2014

Theodor has acted in relation to a range of cases, spanning litigation across the divisions of the High Court, including the following reported decisions:

  • Re RBS Rights Issue Litigation [2016] EWHC 1941 (Ch)
  • Microtechnologies LLC v Autonomy Inc [2016] EWHC 1942 (QB)
  • Ian Gray & Associates v Investments Ltd [2016] EWHC 724 (Ch)
  • Re Rothesay Assurance Ltd [2016] EWHC 44 (Ch)
  • United States of America v Abacha [2014] EWHC 993 (Comm)
  • Fondazione Enasarco v Lehman Brothers Finance SA [2014] EWHC 34 (Ch)
  • Deutsche Bank AG v Sebastian Holdings Inc [2014] EWHC 112 (Comm)
  • Shah v Royal Bank of Scotland International Limited [2013] EWHC 2431 (QB)
  • Raymond Bieber & Ors v Teathers Limited [2012] EWHC 190 (Ch)
  • R (British Bankers’ Association) v FSA [2011] EWHC 999 (Admin)
  • John Youngs Insurance Services Ltd v Aviva [2011] EWHC 1515 (TCC)
  • AstraZeneca UK Ltd v Albemarle [2010] EWHC 1028 (Comm)
  • Celestial v Paramount Airways [2010] EWHC 185, [2010] EWCA Civ 340

Theodor has strong experience in banking and finance disputes, and is author of several chapters on banking law in leading practitioner texts, including on financial advice by banks, banking competition law, guarantees and security, and securities law.

Recently, Theodor has been instructed by RBS in the RBS Rights Issue Litigation and the SFO in PCP Capital Partners LLP v Barclays and related litigation in Boath v Barclays.  Theodor is also currently instructed on the $65 million Commercial Court claim in PGI v Dillard & Ors concerning breaches of warranties given on the acquisition of the Liongate hedge fund business by PGI.

Significant past instructions include assisting in the preparation of expert reports on English financial law to foreign Courts in Paris and New York, as well as acting in relation to the following banking and finance disputes:

  • Ian Gray & Associates v Investments Ltd [2016] EWHC 724 (Ch) – a multi-million pound claim concerning an investment platform operated for pensions.
  • Fondazione Enasarco v Lehman Brothers Finance SA [2014] EWHC 34 (Ch) – a claim concerning calculation of loss under the 1992 ISDA Master Agreement.
  • United States of America v Abacha [2014] EWHC 993 (Comm) – a freezing injunction application concerning large-scale money laundering in the USA appearing for bank respondents.
  • Deutsche Bank AG v Sebastian Holdings Inc & Alexander Vik [2014] EWHC 112 (Comm) – a claim concerning payments made under mistake of fact.
  • Tracey & Ors v Globalfx Management Trading Limited – instructed as sole Counsel on a multi-million pound claim against a foreign exchange business.
  • Shah v Royal Bank of Scotland International Limited [2013] EWHC 2431 (QB) – an appeal in a million-pound claim over sale of policies held as bank security.
  • Raymond Bieber & Ors v Teathers Limited [2012] EWHC 190 (Ch) – a claim concerning the use of millions raised by various film finance schemes.
  • R (British Bankers’ Association) v FSA [2011] EWHC 999 (Admin) – acted on the judicial review of the requirements on banks handling PPI complaints.
     

Theodor also has experience of urgent interim applications in banking matters, including in relation to preservation of security, which in one instance included an entire airfield (Gawn v Raynham Technical & Investec Bank plc).  Theodor also has experience of POCA and money laundering work, and has acted for the NCA in relation to civil recovery work, in particular cases concerning banking or financial crime.

Theodor has been recently instructed on several high profile pieces of commercial litigation, including the RBS Rights Issue Litigation, and claims arising out of the Barclays Qatari capital raising in PCP Capital Partners LLP v Barclays and Boath v Barclays.  Theodor is also instructed on $65 million hedge fund litigation, PGI v Dillard & Ors in the Commercial Court and a multi-million pound insurance dispute.

Theodor also has wide experience of commercial arbitration, having experience of arbitration conducted under the LCIA and ICC rules as well as two ICSID investment treaty arbitrations acting for the nation state.  Theodor also has had experience of attending mediations and conducting negotiations to resolve ongoing disputes, and has acted as an ad hoc arbitrator to determine a payment dispute.

Other significant cases on which Theodor has acted include:

  • Microtechnologies LLC v Autonomy Inc [2016] EWHC 1942 (QB) – an application to enforce a letter of request requiring evidence to be taken in connection with a multi-billion dollar fraud claim.
  • Ian Gray & Associates v Investments Ltd [2016] EWHC 724 (Ch) – a multi-million pound claim concerning an investment platform operated for pensions.
  • United States of America v Abacha [2014] EWHC 993 (Comm) – a freezing injunction application concerning large-scale money laundering in the USA.
  • Fondazione Enasarco v Lehman Brothers Finance SA [2014] EWHC 34 (Ch) – a claim over loss under the 1992 ISDA Master Agreement, including a jurisdiction dispute by reason of parallel proceedings in Switzerland.
  • Deutsche Bank AG v Sebastian Holdings Inc & Alexander Vik [2014] EWHC 112 (Comm) – a claim concerning payments made under mistake of fact.
  • Tracey & Ors v Globalfx Management Trading Limited – instructed as sole Counsel on a multi-million pound claim against a foreign exchange business.
  • Shah v Royal Bank of Scotland International Limited [2013] EWHC 2431 (QB) – an appeal in a million-pound claim over sale of policies held as bank security.
  • Raymond Bieber & Ors v Teathers Limited [2012] EWHC 190 (Ch) – a claim concerning the use of large sums raised by various film finance schemes.
  • Hayward & Ors v Striker Trustees Ltd – instructed on a trust law dispute in the Supreme Court of the Bahamas.
  • AstraZeneca UK Ltd v Albemarle International Corp [2010] EWHC 1028 (Comm) – a Commercial Court jurisdiction dispute concerning the effect of multiple jurisdiction clauses.
  • Celestial Aviation Trading 71 Ltd v Paramount Airways (Private) Ltd [2010] EWHC 185 (Comm); [2010] EWCA Civ 340 – a dispute concerning relief from forfeiture in relation to the lease of commercial aircraft.

Theodor has wide experience in financial services and insurance cases, having been twice seconded to the FSA and recently been instructed on various high-profile pieces of litigation with financial services regulatory issues, including the RBS Rights Issue Litigation, PCP Capital Partners LLP v Barclays, and PGI v Dillard & Ors.  Theodor is also presently instructed on a high-value dispute concerning insurance regulation.

Theodor also has a strong advisory practice, including for the regulators.  Theodor was instructed to advise the FSA on the regulatory transition to the FCA and PRA in the Handbook and the Financial Services Act 2013, and has also been instructed by the FCA and PRA to implement several pieces of European regulatory legislation into domestic law.  In addition to the advice provided to regulators:

  • Theodor routinely provides advice on the scope of regulation, in particular in relation to the structuring of businesses such that they are compliant, including most frequently in relation to insurance and collective investment businesses, including in the context of art and metals dealing, property development, crowdfunding and pension management.
  • Theodor has provided compliance advice on variety of issues including on MiFID and best execution; insurance sales requirements; complaints handling; appointed representatives requirements; rare earth metals trading; pension operators’ obligations; and whether a proposed contract amounts to insurance.
  • Theodor has also advised on the need for approval of persons carrying out functions regulated by the FCA or PRA, application of alternative investment fund legislation, NMPIs, regulatory restrictions and requirements on raising equity in the UK, and consumer protection legislation in various contexts including the adjustment of a major bank’s interest rate policy.
     

As to litigation, other past significant instructions include:

  • Ian Gray & Associates v Investments Ltd [2016] EWHC 724 (Ch) – a multi-million pound claim concerning an investment platform operated for pensions.  This is the first and only case to consider the application of the pension exemption in relation to the regulation of collective investment schemes.
  • Beaufort Insurance Company Limited v Swiss Re Frankona Reinsurance Limited & Ors – instructed to act on a Commercial Court insurance dispute
  • DAP Insurance Services v Allianz Insurance plc – instructed on a Commercial Court dispute concerning insurance commission and misselling.
  • Tracey & Ors v Globalfx Management Trading Limited – instructed as sole Counsel on a multi-million pound claim against a foreign exchange business, in particular concerning trading of forex CFDs.
  • Pentecostal Credit Union v Daniel-Joel & Ors – instructed as sole Counsel on a claim in relation to the enforceability of credit by a credit union.
  • Berber & Ors v Pegasus Financial Services Limited & Frontier Financial Services Limited (2013) – instructed as sole Counsel on a multi-million pound group of complaints in respect of several film schemes.
  • Raymond Bieber & Ors v Teathers Limited [2012] EWHC 190 (Ch) – a claim concerning the use of large sums raised by film finance schemes, including claims arising under the Financial Services Act 1986 as well as FSMA.
  • R (British Bankers’ Association) v FSA [2011] EWHC 999 (Admin) – acted on the judicial review of the FSA’s requirements of banks handling PPI complaints.
  • John Youngs Insurance Services Ltd v Aviva Insurance Service UK Ltd [2011] EWHC 1515 – instructed in relation to an insurance dispute in the TCC.
     

Theodor is also frequently instructed as sole Counsel by the FCA to appear on Part VII insurance business transfers in the Companies Court (including Fuji, AIG, Chevanstell, Marine & General Mutual, Nipponkoa, Rothesay, Steamship Mutual and Cash4Health), including in the reported case of Re Rothesay Assurance Ltd [2016] EWHC 44 (Ch).

Theodor is also regularly instructed as sole Counsel on high-value financial services claims and complaints concerning misselling of consumer credit, insurance, interest rate hedging and other financial services products.

Theodor has extensive experience of complaints to firms and to the FOS, as well as judicial review of or challenge to regulators’ decisions before the Tribunal or in Court.

Theodor has experience of acting in litigation involving insolvency issues, or advising on issues arising as a result of insolvency of individuals and companies, in particular in relation to security and financial services regulation.

Recently, Theodor has been instructed to advise liquidators on the handling of assets subject to client money regimes in CASS 5, CASS 7 and under the Payment Services Regulations 2009, in particular within former insurance brokerage and foreign exchange trading businesses.  This has included making successful applications to the FCA for waivers of relevant rules to facilitate the sale of an insolvent business.

Other significant instructions include:

  • Lehman Brothers International (Europe) (In Administration) & Ors [2014] EWHC 704 (Ch), [2015] EWCA Civ 485 – instructed in relation to issues arising out of the Waterfall Application.
  • Fondazione Enasarco v Lehman Brothers Finance SA [2014] EWHC 34 (Ch) –a dispute concerning and arising out of the insolvency of Lehman Brothers.
  • Oxford & City Holdings Limited v Salih – instructed to appear on an application to set aside a statutory demand on the question of whether a claim under a guarantee gave rise to a liability in debt or damages.
  • Advised on the construction of an Insolvency Practitioner Bond, in the context of the Insolvency Practitioners Regulations 2005.

Theodor also has experience of advising and appearing on applications concerning IVAs, rectification of charges and other applications under the Insolvency Act 1986.  Theodor has appeared on a number of occasions in the Chancery Division on behalf of both creditors and debtors on winding up, administration and bankruptcy petitions, including on the hearing of the winding up petition of Assetco plc, then a FTSE 100 company, and applications to set aside statutory demands.

Theodor has a strong interest in public law and most recently was instructed by the Treasury Solicitors to provide legal assistance to the Harris Review, and has been instructed by the SFO on an application for privacy in high-profile ligation arising in connection with the Qatari-capital raising by Barclays in Boath v Barclays.

Other significant instructions include:

  • R (British Bankers’ Association) v Financial Services Authority & Financial Ombudsman Service [2011] EWHC 999 (Admin); [2011] Bus. L.R. 1531 – acted for the FSA in relation to the successful defence of the PPI judicial review.
  • Instructed on a judicial review dispute pertaining to application of the Financial Ombudsman Service time-limit rules.
  • Instructed to advise on potential judicial review proceedings in respect of a Financial Ombudsman Service decision on a film finance scheme.
  • Acting for the FCA on public law issues arising out of the transfers of insurance business under Part VII of FSMA 2000.
  • Seconded twice to the FSA, during which time provided advice on public law issues pertaining to the FSA under FSMA 2000.

Author of chapters on taking security and securities law, Principles of Banking Law (forthcoming, 2017)

Author of chapter on liability of guarantors, The Modern Law of Guarantees (forthcoming, 2017)

Co-editor of European Banking Law division, Encyclopedia of Banking Law (ed. Mr Justice Blair) (2017)

Author of chapter on liability for financial advice, Paget's Law of Banking (2014)

Co-author of Key Authorities in Banking Law (2013)

B.Sc. Economics, London School of Economics (2006)

M.S. Management Science & Engineering, Stanford University (2007)

GDL, City University Law School (2008)

M.St. International Relations, Cambridge University (2016)

Theodor has a working knowledge of French and basic Dutch.