Year of call: 1975
Silk: 1995
E: rsalter@3vb.com

Email the Practice Managers:

SilksPMs@3vb.com

Richard Salter is regarded as one of the leading commercial silks at the bar -  ‘a very considerable presence in court .. a very powerful advocate and a good cross examiner’ .. ‘He has the ear of the court .. [and] .. ‘a wonderful command of the case, expertly handling the facts, the nuances, the contours and the evidence." (Chambers & Partners Guides 2014 and 2016).

Richard’s practice covers all aspects of commercial litigation and arbitration, including civil fraud.  He is equally at home making legal submissions before the highest courts as he is conducting long, fact-heavy trials and arbitrations - ‘Brilliant at unravelling the most complex deal and identifying the key legal issues’, ‘A man for the most difficult appeals’ (Legal 500, 2016).

Richard also has a particular speciality in matters relating to banking, corporate finance, financial services and insolvency, where he has a pre-eminent reputation both in court and in non-contentious advisory matters.  Richard was Chambers & Partners Banking and Finance Silk of the Year in 2012.  In 2015, he was shortlisted for the Legal 500’s Insolvency Silk of the Year award, and one of the commentators in Chambers & Partners said of him ‘For high-powered finance and insolvency advice he is just a god among barristers. His brainpower is certainly in the realms of genius’.  Richard assists with the post-graduate teaching of financial law subjects at the University of Oxford, where he holds the title of Visiting Professor.

In addition to his extensive high-profile work in London, Richard’s practice has taken him all over the world.  He is a member of the Bar of the Eastern Caribbean Supreme Court and has appeared several times in the Commercial Court of the British Virgin Islands. He has been admitted pro hac vice for cases in the Bahamas (before the High Court and the Court of the Appeal), in the Cayman Islands (before the Grand Court and the Court of Appeal) and in the Isle of Man (before the High Court and the Staff of Government Division). He has also been involved in substantial advisory and litigious matters (both assisting local lawyers in court and appearing himself before arbitral tribunals) in India, Hong Kong, Singapore, and other common-law jurisdictions.

Richard sits as a Deputy High Court Judge in the QBD and the Commercial Court and as a Recorder.   He also sits as an Arbitrator in ICC, LCIA and other types of arbitrations.   He is a trustee of the Oxford Law Foundation and of English Touring Opera.


‘Very impressive in heavyweight litigation.’

Legal 500 UK 2015

‘A very big name in the market.’

Legal 500 UK 2015

Re LBIE [2012] EWHC 2997 (Ch) (Briggs J); (disclosure application [2011] EWHC 2022 (Ch); [2012] 1 BCLC 312) (Acted for LBF AG, the Swiss subsidiary of Lehman Brothers, in a dispute concerning the validity and effect of provisions in LBIE's standard documentation intended to give companies in the Lehman group priority in Lehman's insolvency over outside creditors. This involved consideration, inter alia, of the nature of security rights purporting to create a general lien over intangibles, the effect of the Financial Collateral Regulations on floating charges, and the applicability of the British Eagle principle to contracts involving foreign insolvent parties).

Lehman Brothers Special Financing Inc v BNY Corporate Trustee Services and Landesbank Baden-Wuttemberg [settled shortly before trial in April 2012] (Acting for the claimant noteholders in litigation concerning the effect, in Lehman's insolvency, of certain of the terms in various structured finance products arranged by Lehman.)

Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd and Lehman Brothers Special Financing Inc [2011] UKSC 38, [2012] 1 AC 383 (Supreme Court); affirming [2009] EWCA Civ 1160, [2010] Ch 347, CA; [2009] EWHC 1912 (Ch), [2009] 2 BCLC 400 (Sir Andrew Morritt C) (Acted for noteholders in successfully resisting Lehman's claim that Noteholder Priority switching provisions of Lehman's Dante series of synthetic CDOs infringed the anti-deprivation principle by reducing the value of the assets available to Lehman in its Chapter 11 proceedings.)

HSH Nordbank v Barclays Bank Plc (Settled shortly before trial in the Commercial Court in February 2005) (Acted for the claimants in a high-profile action alleging that Barclays mis-sold USD 151m worth of synthetic collateralised debt obligations)

Financiera Decaril SA v Prudential-Bache (Settled shortly before a six-week trial in the Commercial Court in March 2003). (Acted for Claimants, who were Brazilian Investors, suing (in seven actions in the Commercial Court) a London investment bank and its Brazilian associate for mis-selling step-down reverse floating-rate notes)

Credit Suisse First Boston (Europe) Ltd v MLC (Bermuda) Ltd [1999] 1 Lloyd's Rep 767. (Acted for a hedge fund, resisting an anti-suit injunction in relation to its claims for mis-selling of derivatives)

Retail Banking Highbury Pension Fund Management Co and another v Zirfin Investments Ltd [2013] EWHC 238 (Ch; [2013] 3 All ER 327; [2013] 2 BCLC 331] (Acted for the SFO in seeking to resist a claim to invoke the doctrine of marshalling, to the prejudice of a Restraint Order, where a doubly-secured creditor had one charge over property belonging to the accused debtor, and another charge over a property owned by another party who was liable for the debt)

Bank of Cyprus v Monte Properties [Christopher Clarke J, December 2010] (Acted for the bank in litigation (settled at the end of term, after two weeks in court) concerning the bank's ability to enforce changes in its standard terms against existing customers).

The Bank Charges litigation (Office of Fair Trading v Abbey National Plc and others): First Preliminary Issues: [2009] UKSC 6, [2010] 1 AC 696, reversing [2009] EWCA (Civ) 116; [2010] 1 AC 696 (CA); [2008] EWHC 875 (Comm); [2008] 2 All ER (Comm) 625) (Andrew Smith J).   Second Preliminary Issues [2008] EWHC 2325 (Comm), [2008] 2 All ER (Comm) 625 (Andrew Smith J).  (Acting for Clydesdale Bank Plc in successfully defending the OFT's claim that the charges made by the banks in connection with bounced cheques and unauthorized overdrafts are unenforceable as penalties at common law, or because the terms providing for them are unfair under the Unfair Terms in Consumer Contracts Regulations)

Wilson v First County Trust (No 2) [2002] QB 74, CA. (Acted for the claimant in a case concerned with the compatibility of the Consumer Credit Act 1974 s 127(3) with the creditor's Convention Rights under ECHR Art 6 and Protocol 1 Art 1)

Christofi v Barclays Bank Plc [2000] 1 WLR 937, CA. (Acted for the bank in successfully resisting claim for breach of banker's duty of confidentiality)

Enka Insaat Ve Sanayi A.S v Banca Popolare Dell'Alto Adige SPA [2009] EWHC 2410 (Comm), QBD. (Whether it is necessary for the beneficiary, when making a demand under a performance bond, to believe that the amount demanded from the issuer is due to the beneficiary from the account party)

Credit Industriel et Comercial v China Merchants Bank [2002] 1 All ER (Comm) 427, QBD (Acted for the issuing bank in a dispute over what constitutes an "original" document for the purposes of UCP 500)

Montrod Ltd v Grundkotter Fleischvertreibs GmbH [2001] 1 All ER (Comm) 368, QBD. (Acted for the instructing bank in a dispute between banks as to whether English law recognises a "nullity" exception as well as a "fraud" exception to the obligation of a bank issuing a letter of credit to pay against apparently conforming documents)

Habib Bank Ltd v Ahmed [ 2002] 1 Lloyd's Rep 444, CA. (Acted for the guarantor in resisting enforcement of Pakistani guarantee judgment on grounds of fraud)

Raiffeisen Zentralbank Osterreich AG v Crossseas Shipping Ltd [2000] 1 WLR 1135, CA. (Acted for the guarantor in resisting enforcement of a guarantee on the ground that it had been avoided by material alteration)

Tukan Timber Ltd v Barclays Bank PLC [1987] 1 Lloyd's Rep 171. (Acted for the issuing bank in successfully resisting an injunction restraining payment under letter of credit)

Central Bank of Ecuador and ors v Conticorp SA [2015] UKPC 11, reversing [2012] 3 BHS (BCA); [2010] 2 BHS J No 158 (three-month trial before Adderley J); [2010] 3 BHS J No 63 (costs).  (Acted for the plaintiffs, who were ultimately successful before the Privy Council in recovering from the dishonest former owners and controllers of a substantial Ecuadorian Bank the assets which those owners had wrongfully taken for themselves immediately prior to the collapse of the bank and its overseas subsidiaries)

Goldman Sachs International v Novo Banco SA; Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund v Novo Banco SA [2015] EWHC 2371 (Comm) (Acting for the bridge bank formed by Banco de Portugal to take over the business of Banco Espírito Santo, in a dispute about the extent to which the English Court should recognise actions taken by Banco de Portugal as Resolution Authority under the Bank Recovery and Resolution Directive 2014/59/EU in relation to a USD 835m structured finance facility arranged by Goldman Sachs).

Citicorp Trustee Co Ltd v Barclays Bank Plc [2013] EWHC 2608 (Ch) (Peter Smith J) (Acted for Barclays in a dispute about the construction of the terms of two issues of commercial mortgage backed floating rate notes, forming part of a securitisation of an underlying GBP 660m loan portfolio. The points in dispute were whether Barclays' own notes were disenfranchised, and whether notes held by Rabobank were disenfranchised because a total return swap between Rabobank and Barclays meant that Barclays was the beneficial owner of Rabobank's notes)

Standard Chartered Bank (Switzerland) S.A v. UBS (Bahamas) Ltd [2013] 1 BHS J No 177 (Acted for SCB in the Bahamas Court of Appeal, in SCB's successful appeal against the striking out of a claim for the return of USD 32.4 million dollars, which SCB claimed had been paid conditionally upon the subsequent receipt by it of securities, the transfer of which could not be completed because of the discovery of the Madoff fraud)

Gemini (Eclipse 2006-3) Plc v Danske Bank A/S [2012] EWHC (Comm) (Cooke J) (Acted for the liquidity facility provider in a dispute about the construction of the terms of a GBP 900m bond-issue)

AIG Capital Partners Inc v Republic of Kazakhstan [2006] 1 WLR 1420. (Acted for the judgment creditor, in a dispute involving the construction of the State Immunity Act 1978 s 14(4), and the effect of ECHR Art 6 and Protocol 1 Art 1 on that construction, centring on the question whether the assets of a state acquire absolute immunity from execution if held on the state's behalf by its central bank)

Camdex International v Bank of Zambia and ZCCM [1997] CLC 714, CA. (Acted for the debtor in successfully resisting the making of a third party debt order over sums due from the debtor to its central bank under Zambian exchange control laws)

Central Bank of Ecuador and ors v Conticorp SA [2015] UKPC 11, reversing [2012] 3 BHS (BCA); [2010] 2 BHS J No 158 (three-month trial before Adderley J); [2010] 3 BHS J No 63 (costs).  (Acted for the plaintiffs, who were ultimately successful before the Privy Council in recovering from the dishonest former owners and controllers of a substantial Ecuadorian Bank the assets which those owners had wrongfully taken for themselves immediately prior to the collapse of the bank and its overseas subsidiaries)

Relfo Ltd v Varsani [2014] EWCA Civ 360, [2014] 1 WLR 1402, [2015] 1 BCLC 14 (Acted in the Court of Appeal for the appellant defendant, seeking to set aside an order of Sales J holding him liable on the basis both of tracing and unjust enrichment, and arguing that tracing was not permissible because of the absence of any direct exchange, and that the claim in unjust enrichment should fail because there was no direct enrichment)

Hirco v Hiranandani (IoM Staff of Government Division, 26 September 2014; affirming IoM High Court, 21 February 2014) (Jurisdiction dispute in fraud claim against non-executive chairman of IoM company, arising out of investments made in India following its AIM listing in London. This dispute has also been the subject of LCIA arbitration proceedings in Singapore from 2014 to 2016)

Abu Dhabi Investment Company v H Clarkson & Co Ltd and others (Main action tried for 12 weeks at the end of 2006 before Tomlinson J in the Commercial Court [2007] EWHC 1267 (Comm). Successful appeal in 2008 ([2008] EWCA Civ 699) against the only aspect of the judgment on which the claimants lost. Preliminary issue tried in February 2006 before Morison J: [2006] 2 Lloyd's Rep 38.) (Acted for the claimants in an action alleging fraud against the vendor company and its directors, and negligence against the vendor's bankers and the claimants' own professional advisers, arising from a failed joint venture investment in setting up a container shipping line in the Gulf.)

Anglos Ltd v Kent and Brooks (Settled in June 2007 after two weeks of trial before Evans-Lombe J). (Acted for the principal defendant to a claim for deceit and breach of fiduciary duty in connection with a management buy-out and immediate on-sale of a holiday company)

Cable & Wireless Plc v Valentine and others (Settled in December 2005, after nine weeks of trial before Gloster J) Acted for the administrators of the 11th Defendant (of 17), a Guernsey insurance company alleged to have been the vehicle used by members of the C&W risk management team to make fraudulent secret profits from the reinsurance arrangements of C&W's captive insurer, Pender Insurance

Wright v Deccan Chargers Sporting Ventures Ltd [2011] EWHC 1307 (QB) (Tugendhat J) (Jurisdiction dispute over venue for resolution of claims for wrongful dismissal of English chief executive of IPL team)

Murray v Leisureplay Plc [2005] IRLR 946, CA (Acted for the respondents to an appeal concerning the enforceability of a liquidated damages clause in a former director's service contract, and the extent of the remedies available to the company under the Companies Act 1985 s 320 to recover its costs of preparations to acquire a non-cash asset from that director)

Racing UK Plc v Doncaster MBC [2005] EWCA Civ 999, CA (Acted for the appellants in an action concerning whether the Chief Executive of the independent management company of Doncaster Racecourse had ostensible authority to bind Doncaster Council, the owners of the racecourse, to a media rights agreement)

MCI Worldcom Intl v Primus Telecommunications Inc [2004] 2 All ER (Comm) 833, CA (Acted for respondent claimant in a dispute over telecommunications bandwidth contracts)

Central Bank of Ecuador and ors v Conticorp SA [2015] UKPC 11, reversing [2012] 3 BHS (BCA); [2010] 2 BHS J No 158 (three-month trial before Adderley J); [2010] 3 BHS J No 63 (costs).  (Acted for the plaintiffs, who were ultimately successful before the Privy Council in recovering from the dishonest former owners and controllers of a substantial Ecuadorian Bank the assets which those owners had wrongfully taken for themselves immediately prior to the collapse of the bank and its overseas subsidiaries)

Goldman Sachs International v Novo Banco SA; Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund v Novo Banco SA [2015] EWHC 2371 (Comm)(Acting for the bridge bank formed by Banco de Portugal to take over the business of Banco Espírito Santo, in a dispute about the extent to which the English Court should recognise actions taken by Banco de Portugal as Resolution Authority under the Bank Recovery and Resolution Directive 2014/59/EU in relation to a USD 835m structured finance facility arranged by Goldman Sachs).

Re LBIE [2012] EWHC 2997 (Ch) (Briggs J); (disclosure application [2011] EWHC 2022 (Ch); [2012] 1 BCLC 312) (Acted for LBF AG, the Swiss subsidiary of Lehman Brothers, in a dispute concerning the validity and effect of provisions in LBIE's standard documentation intended to give companies in the Lehman group priority in Lehman's insolvency over outside creditors. This involved consideration, inter alia, of the nature of security rights purporting to create a general lien over intangibles, the effect of the Financial Collateral Regulations on floating charges, and the applicability of the British Eagle principle to contracts involving foreign insolvent parties).

Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd and Lehman Brothers Special Financing Inc [2011] UKSC 38, [2012] 1 AC 383 (Supreme Court); affirming [2009] EWCA Civ 1160, [2010] Ch 347, CA; [2009] EWHC 1912 (Ch), [2009] 2 BCLC 400 (Sir Andrew Morritt C) (Acted for noteholders in successfully resisting Lehman's claim that Noteholder Priority switching provisions of Lehman's Dante series of synthetic CDOs infringed the anti-deprivation principle by reducing the value of the assets available to Lehman in its Chapter 11 proceedings.)

Re Thumb (China) Holdings Group Limited, The Bank of New York Mellon v Thumb (China) Holdings Group Limited BVI HCV 2009/156 (Bannister J). (Acted for the trustee of a bond issue in winding up the defaulting issuer, despite the issuer's assertions that the trustee had sold the collateral at an undervalue)

Lomax Leisure Limited v Miller and Bramston [2007] EWHC 2508 (Ch); [2008] 1 BCLC 262, ChD. (Acted for successful defendant liquidators who were sued for breach of duty and on dividend cheques which they had issued, but then had stopped on discovering that their rejection of a substantial proof was the subject of an appeal to the court)

LME v Englehard Metals (LME Disciplinary Tribunal 2004). (Acted for successful defendant in a Disciplinary Tribunal hearing (chaired by Lord Mustill) concerning allegations of causing a disorderly market)

As counsel:

2012-2016

Major and document-heavy commercial arbitration in Delhi under LCIA (India) Rules, concerning an Indian property joint venture agreement.

2013-2016

Major and document-heavy commercial arbitration in Singapore under LCIA Rules, concerning the AIM floatation of an IoM company

2003-2004

Ad hoc submission in Hong Kong concerning banking guarantees

1998- 2000

ICC Arbitration in Copenhagen concerning a commission agreement relating to oil exploration

As arbitrator:

2016-

Panel member in an LCIA arbitration concerning the enforceability of a Subordinated Loan Agreement

2014-2015

Panel member in an ICC arbitration in London concerning a joint venture agreement

2014-2015

Panel member in an LCIA arbitration concerning derivatives

2008-2010

Sole arbitrator in an ICC arbitration in London concerning a joint venture agreement

 

Clifton v Powergen Plc (Settled in 1997 during trial before OR) (Acted for the defendants in a dispute about the environmental effects of burning an experimental fuel in a power station)

Gefco v Powergen Plc, (1996, QBD) (Acted for the defendants in a claim against their public liability insurers arising from the operation of a power station)

Friends Provident Life Office v. Hillier Parker May & Rowden, (Settled in 1995 during trial before OR) (Acted for the claimants seeking the return of overpayments to contractors or compensation from their professional advisers)

Bovis International Inc v The Circle Limited Partnership (1995) 49 Con LR 12, CA (Acted for the successful defendants/respondents in their counterclaim against their project managers arising from delays to the completion of a property development)

Monde Petroleum SA v Westernzagros Limited [2016] EWHC 1472 (Comm)

The Worshipful Company of Grocers v Keltbray Group Holdings Ltd [2016] EWHC 1167 (QB)

Eco Quest plc v GFI Consultants Ltd [2014] EWHC 4329 (QB), [2015] BPIR 244

Sunrise Brokers LLP v Rogers [2014] EWHC 2633 (QB), [2014] IRLR 780; affmd [2014] EWCA Civ 1373, [2015] IRLR 57

East England Schools CIC (t/a 4MYSCHOOLS) v Palmer [2013] EWHC 4138 (QB); [2014] IRLR 191

Doncaster Metropolitan Borough Council v AC and others [2013] EWHC 45 (QB)

B v Home Office [2012] EWHC 226 (QB); [2012] 4 All ER 276

Fairstate Ltd v General Enterprise and Management Ltd [2010] EWHC 3072 (QB); [2011] 2 All ER (Comm) 497; 133 ConLR 112

Visiting Professor of Financial Law at the University of Oxford

Deputy High Court Judge in the QBD and the Commercial Court

A Recorder

Master of the Bench of the Inner Temple

Member of the Bar Council 2004-13; Chairman of the Bar Council Legal Services Committee 2010-13

Chairman, LCL&CBA 2004-5

‘Intermediated securities and the rights of the ultimate investor’ (2016) 3 JIBFL 153

‘Recent Developments in UK Banking Law’ (1999) 11 JIBFL 462; (2000) 1 JIBFL 6

‘Developments in English Banking Law Over The Past Year’ (1998) 6 JIBFL 222; (1998) 7 JIBFL 273

20 Halsbury's Laws (4th ed 1993 re-issue), title Guarantee and Indemnity

Contributor to Banks, Liabilities and Risk (1st ed 1991; 3rd ed 2001) and to Banks and Remedies (1st ed 1991; 2nd ed 1999)

Consulting editor, All England Commercial Cases 1999-

Editor, Legal Decisions Affecting Bankers, vols 12, 13 and 14.

Working knowledge of French, rudimentary Russian, German and Italian.