Contact details

Richard Garcia

T: +44 20 7809 2346 M: +44 7811 409 216 Email Richard | Vcard Office: London

Awards

Banking litigation; Commercial litigation and Professional negligence

Banking litigation; Commercial litigation and Professional negligence

Litigation Team of the Year 2012

Litigation Team of the Year 2012

Regulatory and Litigation Team of the Year 2012

Regulatory and Litigation Team of the Year 2012

Richard Garcia Partner

Contact details

Richard Garcia

Richard Garcia
Partner

T: +44 20 7809 2346 M: +44 7811 409 216 Email Richard | Vcard Office: London

Richard is an experienced commercial litigator who has worked on some of the most high profile cases of the past decade. He is regularly instructed by banks, asset managers, sovereign states and large corporates on their most complex and important cases.
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Richard has a wide practice including banking and finance, asset management, corporate, insolvency, professional liability and fraud disputes. He has led major cases in each of these areas, many of which have involved cross border issues and proceedings in multiple jurisdictions, particularly in Europe and the US.

The Tchenguiz litigation, in which Richard played a leading role for many years, is one of the most complex and high profile disputes ever seen by the English courts. Stephenson Harwood was recognised for this case and awarded Litigation Team of the Year 2012 by The Lawyer and Regulatory and Litigation Firm of the Year 2012 at the British Legal Awards.

Richard has particular expertise in banking, funds and financial products disputes. Clients value his familiarity and detailed understanding of banking and asset management products and structures. His experience includes retail, private equity, hedge funds and other alternative funds as well as CDOs, SIVs, securitisations, structured products and derivatives including swaps.

The largest value cases often involve multi-faceted proceedings including freezing orders, jurisdiction challenges, appeals and complex enforcement strategies and defences. Richard has been involved in many such cases including freezing order and enforcement proceedings arising from ICC and ICSID arbitrations. Financial News listed Richard as one of the top 100 'Rising Stars' working in the European financial markets.

"stands out for his technical ability"

The Legal 500 UK 2016

  • Dispute resolution
  • Commercial litigation
  • Banking and financial services litigation
  • Professional and management liability
  • Fraud and asset tracing

Tchenguiz

In one of the largest disputes of the past decade, the ongoing multi-faceted Tchenguiz litigation, achieved a series of victories including securing jurisdiction against Kaupthing Bank Hf and a successful judicial review challenge against the SFO.

Collapse of Arch-Cru funds

Acted for SPL Guernsey ICC Ltd in relation to the collapse of the Arch Cru funds and the related litigation both in the UK and Guernsey including claims against the investment manager, directors, administrators and auditors of the fund.

Mobil v PDVSA

Successfully discharged a $12bn freezing order and brought related damages claims arising out of ICSID and ICC arbitrations between a subsidiary of Exxon Mobil and the Venezuelan state oil company.

More: Dispute resolution

Property group corporate dispute

Acting for family members and related companies in a dispute with another family member and companies within his control relating to several multi-million pound property portfolios and the corporate structures through which they were held.

Major international hotel

Acting for well-known international luxury hotel in connection with a series of fraudulent credit card transactions over many months.

Commercial information

Acting for an investment bank in connection with a claim for misuse of sensitive commercial information and related regulatory issues in connection with a significant transaction involving a listed multinational company.

ETI v Bolivia and Entel

Successfully discharging a freezing order before the English Commercial Court and Court of Appeal in telecoms investment treaty dispute under ICSID arbitration rules involving issues of state immunity.

More: Commercial litigation

Banking crisis and non-performing loans

Advising a number of European banks on hundreds of recovery and liability proceedings in several jurisdictions arising from multi-billion Euro loan portfolios including the impact of European and national banking and insolvency legislation.

Securities litigation

Acting for a global asset manager in connection with litigation relating to a portfolio of RMBS and CMBS assets including noteholder claims in England and securities fraud claims in New York and California.

Tchenguiz Family Trust v Kaupthing

Litigation against Kaupthing Bank (in liquidation). Together with a related claim, the sums at stake represented a third of the GDP of Iceland. Stephenson Harwood was awarded Litigation Team of the Year 2012 (The Lawyer) for this litigation.

Tank & Rast dispute

Acting for UBS and Societe General in a dispute with and Terra Firma and a large infrastructure fund arising out of the proposed Euro 50 million refinancing of the Tank & Rast group.

More: Banking and financial services litigation

Accountants negligence

Acting for a property fund in a claim against a top four accountancy firm arising from a tax-led restructuring of the fund's principal property portfolio.

Arch Cru (auditors)

Acting for a Guernsey protected cell company and the underlying cells, in respect of the new board's investigation into the collapse of the "Arch Cru" investment structure including significant claim against the auditors of the fund.

Solicitors negligence

Acting for a fund manager in connection with claims in professional negligence against a major law firm.

More: Professional and management liability

Tchenguiz v SFO

Acting for the Tchenguiz Family Trust and others in relation to a dawn raid by the SFO, the criminal investigations and judicial review proceedings. Stephenson Harwood was awarded Regulatory and Litigation Firm of the Year 2012 (British Legal Awards) for this litigation.

Blue Skye Special Opportunities Fund

Acted for a number of defendants in proceeding brought by companies in the Fortress group. The claims related to the reorganisation of a €200 million fund and included allegations of conspiracy, causing loss by unlawful means, misrepresentation, breach of fiduciary duties, knowing receipt and unjust enrichment.

Collapse of Swiss Erb group

Advised banks in respect of the collapse of the Swiss Erb group of companies amidst allegations of fraudulent transfers and trading focusing on a SFr 800 million 'black hole' of missing monies.

Fraud by UK accountants

Acting for high net worth individual in connection with claims against a firm of accountants and associated companies arising out of £30 million fictitious investment in offshore jurisdictions.

More: Fraud and asset tracing
  • Banks and banking
  • Funds and financial services
  • Pensions
  • Accountancy firms
  • Law firms

Tchenguiz Family Trust v Kaupthing

Litigation against Kaupthing Bank (in liquidation). Together with a related claim, the sums at stake represented a third of the GDP of Iceland. Stephenson Harwood was awarded Litigation Team of the Year 2012 (The Lawyer) for this litigation.

Banking crisis and non-performing loans

Advising a number of European banks on recovery and liability proceedings in several jurisdictions arising from multi-billion Euro loan portfolios including the impact European and national banking and insolvency legislation.

Securities litigation

Acting for a global asset manager in connection with an $18bn portfolio of RMBS and CMBS assets including securities fraud claim in New York and California and noteholder claims in England.

Collapse of Arch-Cru funds

Acted for SPL Guernsey ICC Ltd in relation to the collapse of the Arch Cru funds and the related litigation both in the UK and Guernsey, including claims against the investment manager, directors, administrators and auditors of the fund.

More: Banks and banking

Collapse of Arch-Cru funds

Acted for SPL Guernsey ICC Ltd in relation to the collapse of the Arch Cru funds and the related litigation both in the UK and Guernsey, including claims against the investment manager, directors, administrators and auditors of the fund.

Blue Skye Special Opportunities Fund

Acted for a number of defendants in proceeding brought by companies in the Fortress group. The claims related to the reorganisation of a €200 million fund structure and included allegations of dishonesty.

AIG Enhanced Variable Rate Fund

Acted for a private bank in proceedings brought by a high net worth individual based on the alleged mis-selling of this AIG fund and connected regulatory issues.

Private equity partnership dispute

Acting for former partner in dispute with well-known private equity house over leaver status and related carry and equity entitlements following move to another private equity house.

Litigation management role

Acting for a global asset manager in connection with a portfolio of RMBS and CMBS assets including management of noteholder claims in England and securities fraud claims in New York and California.

More: Funds and financial services

Rectification of scheme rules

Acting for company in part 8 rectification proceedings relating to an amendment to the scheme rules relating to the age at which final salary benefits could be taken.

Solicitors negligence

Acting for pension fund in connection with claims in professional negligence against an international law firm arising from the negligent drafting of a deed of amendment.

Shareholder and prospectus claims

Advising a number of pension funds in connection with US counsel on group litigation orders, class actions, securities fraud and prospectus claims including under s.90 and s.90A of FSMA.

More: Pensions

Accountants negligence

Acting for a property fund in a claim against a top four accountancy firm arising from a tax-led restructuring of the fund's principal property portfolio.

Fraud by UK accountants

Acting for high net worth individual in connection with claims against a firm of accountants and associated companies arising out of £30m of fictitious investments in offshore jurisdictions.

Arch Cru (auditors)

Acting for a Guernsey protected cell company and the underlying cells, in respect of the new board's investigation into the collapse of the "Arch Cru" investment structure, including significant claim against the auditors of the fund.

More: Accountancy firms

US proceedings and transatlantic litigation

Supporting US counsel in connection with a number of US and transatlantic proceedings. This especially included providing expert evidence on English law, letters rogatory, freezing orders and enforcement of judgments/arbitral awards in Europe.

Professional negligence

Acting for a fund manager in connection with claims in professional negligence against a major law firm.

Professional liability

Acting for pension trustees in connection with claims in professional negligence against an international law firm arising from the negligent drafting of a deed of amendment to the scheme rules.

More: Law firms
  • North America
  • South America
  • Qatar

Gold Reserve v Venezuela

Acting for Venezuela in defending the enforcement of a $700m Award made in an ICSID Additional Facility Rules arbitration brought by Gold Reserve, a North American mining group, relating to gold and copper mining rights in Venezuela.

Securities litigation

Acting for a global asset manager in conjunction with US counsel on multi-billion dollar securities fraud claims in New York and California relating to a portfolio of RMBS and CMBS assets.

Advice on English Law

Providing expert evidence on English law in a number of US proceedings and advising on prospectus claims brought in the US and the UK against English listed companies including under s.90 and s.90A FSMA.

Enforcement of judgments/arbitral awards

Acting for sovereign states and state owned entities in conjunction with US counsel in relation to enforcement proceedings in Europe and advising on international strategy.

Mobil v PDVSA

Working with US counsel in successfully discharging US $12bn freezing order in England and global strategy in relation to proceedings in New York, ICSID and ICC arbitrations between a subsidiary of Exxon Mobil and the Venezuelan state oil company.

ETI v Bolivia and Entel

Successfully discharging freezing order before the English Commercial Court and Court of Appeal arising out of ICSID arbitration proceedings and coordinating with US counsel in relation to proceedings in New York.

More: North America

Gold Reserve v Venezuela

Acting for Venezuela in defending the enforcement of a $700m Award made in an ICSID Additional Facility Rules arbitration brought by Gold Reserve, a North American mining group, relating to gold and copper mining rights in Venezuela.

Mobil v PDVSA

Working with US counsel in successfully discharging US $12bn freezing order in England and global strategy in relation to ICSID and ICC arbitrations between a subsidiary of Exxon Mobil and the Venezuelan state oil company.

ETI v Bolivia and Entel

Successfully discharging freezing order before the English Commercial Court and Court of Appeal arising out of ICSID Arbitration proceedings and coordinating with US counsel in relation to proceedings in New York.

Enforcement of judgments/arbitral awards

Acting for sovereign states and state owned entities in conjunction in relation to enforcement proceedings in England and advising on international strategy including in relation to ICSID and New York Convention enforcement.

Sovereign immunity

Advising a number of states and state owned entities on pre-emptive strategies to protect sovereign rights and avoid risks to sovereign assets including enforcement and interlocutory remedies.

More: South America

Investment bank

Acting for an investment bank in connection with a claim for misuse of sensitive commercial information and related regulatory issues in connection with a significant transaction.

Sovereign investments

Part of team providing litigation advice and support to an investment manager across a number of areas involving sovereign investments.

Risk management advice

Advising a bank on litigation, insolvency and regulatory issues in connection with a number of Shari'a finance transactions.

More: Qatar

Awards

Banking litigation; Commercial litigation and Professional negligence

Banking litigation; Commercial litigation and Professional negligence

Litigation Team of the Year 2012

Litigation Team of the Year 2012

Regulatory and Litigation Team of the Year 2012

Regulatory and Litigation Team of the Year 2012

Latest news & insights

28 Mar 2016

From Insights

European shareholder actions - 5 key points to consider

Large corporations are facing increased scrutiny as a result of the growth in group litigation, particularly claims by shareholders and bondholders, seeking damages fo..

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17 Feb 2015

From Insights

Stephenson Harwood contributes chapter to ‘Private Fund Dispute Resolution’

We are pleased to share with you a chapter from the new guide to "Private Fund Dispute Resolution", contributed by commercial litigation partner Richard Garcia.

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05 Feb 2014

From Insights

Sovereign immunity: whose assets are they freezing anyway?

Richard Garcia writes for Butterworths Journal of International Banking and Financial Law.

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30 Apr 2013

From News

Stephenson Harwood promotes four to partnership

International law firm Stephenson Harwood LLP has appointed four new partners with effect from today.

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© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.