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Richard
Salter QC
Call
1975; QC 1995; MA(Oxon) ACIArb
E-mail: rsalter@3vb.com |
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Richard Salter's practice extends to most aspects of business
and financial law, with particular emphasis on banking and financial
services, and commercial litigation. He also advises and acts
in cases involving domestic and international arbitration, company
law, computers and EFT, commercial fraud, construction and other
TCC matters, contract disputes, corporate and personal insolvency,
insurance and reinsurance, international trade, partnership
disputes, and professional negligence.
What
the Directories Say
Recommended
for Banking and Finance and Commercial Litigation in Chambers
& Partners and for Banking and Finance in the Legal
500.
"The 'incredibly bright' Richard Salter QC engendered praise
for his 'awareness of the complexities of the area' .. 'his
polite and gentle approach yields very good results' .. 'highly
articulate without being overbearing' .."
"Clients are loyal to Richard Salter QC because, as one
explains 'he brings the gravitas that comes with being a QC
without losing any of the ingenuity or sheer mastery of detail
that he exemplified as a senior junior' .."
"The 'phenomenal' Richard Salter QC won praise from practitioners
for his 'incredible attention to detail', with one commenting
that 'if you have a complex technical banking problem he's one
of the best silks around' .."
Chambers
& Partners Guide 2006
"Richard Salter QC is 'tenacious and hard working'. He
impressed one client by putting in an 'astonishing performance'
at short notice, 'rolling up his sleeves and cross-examining
fantastically well' .."
Chambers
& Partners Guide 2005
Banking
and Finance Cases
Complex
Financial Instruments
- 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 6 week trial in the Commercial Court in March 2003)
(Acted for Claimants, who were Brazilian Investors, suing
(in 7 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)
Trade
Finance and Guarantees
- 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)
Wholesale
Banking
- 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, centering 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)
Retail
Banking
- 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)
- Boscawen
v Bajwa; Abbey National Plc v Boscawen [1996] 1 WLR
328, CA
(Acted for the bank in successfully claiming subrogation)
- Midland
Bank Plc v Serter [1995] 1 FLR 1034, CA
(Acted for the bank in successfully resisting setting aside
of its security over matrimonial home, on O'Brien (pre-Etridge)
grounds)
- McConville
v Barclays Bank Plc [1993] 2 Bank LR 211, OR
(Acted for one of the defendant banks that successfully
resisted the proposed group action concerning 'phantom withdrawals'
from ATMs)
Financial
Services and Insolvency
- 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).
- Acted
in 1997/8 for the PIA in disciplinary tribunal proceedings
against Britannic Insurance Plc concerning pensions mis-selling,
in membership appeal proceedings concerning the penny share
dealer, City Equities Limited, and in disciplinary tribunal
proceedings concerning pensions mis-selling against Royal
and Sun Alliance
- Re
Paramount Airways Ltd [1993] Ch 223, CA
(Acted for the Administrator in establishing the extra-territorial
effect of IA86 s 238)
- Re
Leasing and Finance Services Ltd [1991] BCC 29, Ch D
(Acted for the petitioner in successfully maintaining the
petition in face of a cross-claim)
Commercial
Litigation Cases
Fraud
- Abu Dhabi Investment Company v H Clarkson & Co
Ltd and others (Main action tried for 12 weeks from
3rd October to 20th December 2006 before Tomlinson J in
the Commercial Court. Judgment reserved. Preliminary issue
tried in February 2006 before Morison J: [2006] 2 Lloyd's
Rep 381)
- (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.)
- Cable & Wireless Plc v Valentine and others
(Settled in December 2005, after 9 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.
- DTI v Midland Bank Plc (Ch D 1990-94)
(Acted for the bank defendant in claims arising from the
Barlow Clowes fraud)
TCC/Professional Negligence
- Clifton v Powergen Plc (Settled in 1997during 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)
Contract Cases
- 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)
- Concordia Trading Bv v Richco International Ltd [1991]
1 Lloyd's Rep 475, Com Ct
(Acted for the successful claimant in a commodities trading
dispute)
Clients
UK
and international banks other financial institutions and their
customers, the organisations that regulate them; insolvency
practitioners; commercial companies of all kinds; solicitors,
accountants and their clients; insurers, reinsurers, brokers
and their clients; developers, financiers, builders, construction
professionals and their clients; trade arbitrators.
Publications
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.
Appointments
A
Recorder;
Master of the Bench of the Inner Temple;
Member of the Bar Council;
Chairman, LCL&CBA 2005-6;
Member of City Law School's Advisory Board;
Assistant Commissioner to the Boundary Commission for England.
Languages
Working
knowledge of French, rudimentary Russian, German and Italian.
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