Year of call: 1986
Silk: 2006
E: jnash@3vb.com

Email the Practice Managers:

SilksPMs@3vb.com

Jonathan Nash has a commercial practice specialising in banking and financial services law; insurance and reinsurance; professional negligence; and arbitration (both as counsel and arbitrator). He has considerable experience of conducting litigation in the Commercial Court in London and arbitrations both in the UK and abroad.

Jonathan's specialist experience and understanding of complex financial structures has involved him in advising on a wide range of issues arising out of the Global Financial Crisis. These have included valuation disputes following early termination of ISDA- documented derivatives and other credit structures; the recovery of margin security under repo agreements following the administration of Kaupthing in London and the Isle of Man; the setting up of multilateral netting arrangements in the forward freight swap market; and the closing out of positions in many different derivative instruments from "sleeve trades" in the energy derivatives market to "reverse knock-out options" in forex trades; and numerous credit default swaps.

Jonathan has spent the past two years retained as leading counsel by the Claimants in the RBS Rights Issue litigation, which is one of the most substantial and high-profile commercial cases to come before the English Courts in 2017. The case has recently settled on terms which were much improved on those offered to other claimant groups at an earlier stage in the litigation. The case produced an important decision on the scope of legal professional privilege in the context of regulatory investigations of large corporations, where Jonathan argued successfully for disclosure of materials prepared to meet an investigation by the SEC in the United States.

Jonathan is currently retained by the Nigerian National Petroleum Corporation in connection with a long-running dispute over enforcement of an arbitration award in England. The case is scheduled for a trial of fraud allegations in the early part of 2018.

His more general recent commercial practice has covered disputes in areas as diverse as the spread-betting industry, pharmaceuticals, mobile technology and designer fashion.


“Clear, concise opinions and very approachable in conference.”

Chambers & Partners UK 2016

“He is unflappable and always remains calm under any sort of pressure. I have never seen him rattled by anything.”

Chambers & Partners UK 2015

IPCO (Nigeria) Ltd v Nigerian National Petroleum Corporation [2015] All ER (D) 93 – enforcement of foreign arbitral award – allegations of fraud – whether enforcement should be adjourned pending trial in curial jurisdiction.

Yukos Capital SarL v OJSC Oil Company Rosneft [2014] 2 Lloyd’s Rep. 435 – enforcement of foreign award in face of allegations of fraud in curial seat.

Yukos Capital SarL v OJSC Oil Company Rosneft [2014] QB 458 – Application of doctrine of Act of State to allegations that foreign state had improperly procured expropriation of assets and dismissal of challenges to arbitral award.

H J Heinz Co Ltd v EFL Inc [2010] All ER (D) 01 - enforcement of foreign arbitral award relating to manufacturing and distribution of baby food - allegations that foreign award procured by fraud.

IPCO (Nigeria) Ltd v Nigerian National Petroleum Corporation [2008] EWCA Civ. 1157 - application for enforcement of substantial foreign arbitration award under New York Convention - whether or not English court entitled to order part enforcement of Award.

2008 - counsel in pharmaceutical arbitration before the Court of Arbitration of the Bulgarian Chamber of Commerce in Sofia instructed by major international pharmaceutical company in dispute with local distributor.

2007 - Arbitrator under the London Maritime Arbitrators Association rules in disputes arising from CFR contract for sale of scrap metal.

Hilcourt (Docklands) Ltd v Teliasonera AB [2006] EWHC 508 (Ch) - application for stay of execution of arbitration award where tenant under long-term lease alleged that lease had been procured by fraud.

2005 - Counsel in major ad hoc railway arbitration between train operating companies in relation to responsibility for track upgrading works.

Re RBS Rights Issue Litigation [2017] 1 WLR 1991 – privilege in relation to documents produced internally for purposes of SEC regulatory investigation.

Brogden and anor v Investec Bank plc [2017] IRLR 90 – claim for substantial bonuses alleged to be due to structured equity derivative traders – how performance of trading desk to be measured.

LSREF II Wight Ltd v Millvalley Ltd [2016] All ER(D) 93 – claim for rectification of swap transaction executed on ISDA Master Agreement.

Fondazione Enasarco v Lehman Brothers Finance S.A. [2014] BCLC 662 – valuation dispute as to sums due upon close out of derivatives where no functioning market for replacement transactions.

Nomura International plc v Banca Monte dei Paschi Di Siena SpA [2014] 1 WLR 1584 – claim that complex derivative structure illegal and fraudulent under Italian law – jurisdiction dispute as to where allegations should be tried.

Lomas v JFB Firth Rixson & Ors [2013] 1 BCLC 27 - effect of Events of Default on continuing obligations under the 1992 ISDA Master Agreement - application of insolvency principles to suspended contractual obligations.

West LB v Nomura Bank International plc [2012] All ER (D) 116 - duties of a calculation agent in valuing reference funds.

NML Capital Limited v The Republic of Argentina (2008) - advising sovereign debt fund in enforcement proceedings against Argentina.

Kensington International Limited v Republic of Congo [2008] 1 Lloyds Rep. 161 - advising sovereign debt fund in enforcement proceedings against Republic of Congo and those who trade with it.

IFE Fund SA v Goldman Sachs International [2007] 2 Lloyds Rep 449 - claim by mezzanine investment fund against arranger of syndicated loan facility for misrepresentation and non-disclosure.

The Argo Fund Ltd v Essar Steel Ltd [2006] 2 Lloyds Rep. 134 - claim by hedge fund to enforce payment obligations under syndicated loan tranches - leading authority on the meaning of "financial institution" in loan documentation.

Stokors SA v IG Markets Ltd [2013] All ER (D) 300 - claim for compensation for assistance in breach of fiduciary duty in connection with spread betting brokerage.

Bleasdale v Forster [2011] All ER(D) 181 – claim for compensation for dishonest appropriation of intellectual property rights to invention.

De Montfort Fine Art Ltd v Acre 1127 Ltd [2011] All ER (D) 111 – claim for damages for breach of contract in relation to provision of artworks to commercial art gallery.

Gumball 3000 Films Ltd v Revolver Films Ltd [2010] All ER (D) 122 – claim for damages in respect of breach of contract for marketing rights to the “Gumball Rally” franchise.

H J Heinz Co Ltd v EFL Inc (2010) - enforcement of foreign arbitral award - allegations that award procured by fraud.

Brave Bulk Transport v Spot On Shipping (2010) - enforcement of US Judgment debt arising under freight forward swap.

Kensington International Limited v Republic of Congo [2008] 1 Lloyds Rep. 161 - Whether third parties entitled to rely on privilege against self-incrimination - effect of Fraud Act 2006.

Pfizer Ltd. v Dainippon Sumitomo Pharma Co. Ltd [2006] All ER (D) 172 - jurisdiction application arising from dispute between pharmaceutical companies - considering the effect of a change of structure within licensee's corporate group.

Hilcourt (Docklands) Ltd v Teliasonera AB [2006] EWHC 508 (Ch) - application for stay of execution of arbitration award where tenant under long-term lease alleged that lease had been procured by fraud.

Kurt Geiger Ltd. v Italian Buying Office (2006) - acting for buying agent in shoe industry in commercial agency dispute arising from termination of agency.

LSREF II Wight Ltd v Millvalley Ltd [2016] All ER(D) 93 – claim for rectification of swap transaction executed on ISDA Master Agreement.

Fondazione Enasarco v Lehman Brothers Finance S.A. [2014] BCLC 662 – valuation dispute as to sums due upon close out of derivatives where no functioning market for replacement transactions.

Nomura International plc v Banca Monte dei Paschi Di Siena SpA [2014] 1 WLR 1584 – claim that complex derivative structure illegal and fraudulent under Italian law – jurisdiction dispute as to where allegations should be tried.

Lomas v JFB Firth Rixson & Ors [2013] 1 BCLC 27 - effect of Events of Default on continuing obligations under the 1992 ISDA Master Agreement - application of insolvency principles to suspended contractual obligations.

West LB v Nomura Bank International plc [2012] All ER (D) 116 - duties of a calculation agent in valuing reference funds.

NML Capital Limited v The Republic of Argentina (2008) - advising sovereign debt fund in enforcement proceedings against Argentina.

Kensington International Limited v Republic of Congo [2008] 1 Lloyds Rep. 161 - advising sovereign debt fund in enforcement proceedings against Republic of Congo and those who trade with it.

IFE Fund SA v Goldman Sachs International [2007] 2 Lloyds Rep 449 - claim by mezzanine investment fund against arranger of syndicated loan facility for misrepresentation and non-disclosure.

The Argo Fund Ltd v Essar Steel Ltd [2006] 2 Lloyds Rep. 134 - claim by hedge fund to enforce payment obligations under syndicated loan tranches - leading authority on the meaning of "financial institution" in loan documentation.

1981-1984: Scholar of St John's College, Oxford; BA (Hons) (1984).

1986: Goldie Award (Gray's Inn); called to the Bar.

1987: Karmel prizewinner (Common Law) - Gray's Inn. Tenant at Chambers of Neville Thomas QC (now 3 Verulam Buildings).

2006: appointed Queen's Counsel.

French (fluent); Spanish (reading).

Trust Obligations and Remedies in Complex Financial Transactions

Jurisdiction in a Credit Crunch World

Recent Developments in Derivatives Litigation

Claims for "Loss of a Chance"

Indemnity Insurance: the Lessons from Enterprise Oil v Strand Insurance Company Limited [2006]

The Privilege against Self-Incrimination

Contributory Negligence in claims against insurance brokers