PeoplePhilip Linton

Philip is a senior associate in commercial litigation.

He acts regularly for banks and other financial institutions. He has advised in relation to a wide variety of sophisticated financial products including as to securitisations, repos, fund linked notes, CDS, asset swaps, credit linked notes, prime brokerage, synthetic CDO and interest rate swaps - refer to specialist areas for further information.

Philip also represents a number of other clients including auction houses and private individuals.  He is well versed in both High Court litigation and international arbitration.

He was the lead associate in the highly regarded team that took the much publicised Box Clever litigation to trial in the Commercial Court in 2008.

Philip's recent arbitration experience includes advising the liquidators of a hedge fund and a private investor in relation to substantial LCIA and ICC arbitrations.  He has also advised on an expedited LCIA arbitration.

Banking and finance litigation

Philip has a wealth of experience in banking and financial institutions litigation, in particular, as to sophisticated financial products.  Philip's recent experience includes:

• Acting for a hedge fund in a claim against an investment bank arising from a close-out of repo transactions under a GMRA with CDO/CLO as the collateral for the repo loan.   The case focussed on the valuation of the CDO/CLO collateral.
• Instructed by an investment bank in respect of notes it purchased and which were issued as part of a synthetic CDO structure.  The dispute concerned whether the bank could declare an early redemption of its notes consequent on the reference portfolio failing the S&P SROC test during the ramp-up period.
• Acting for a hedge fund in its claim against an investment bank arising from the bank’s provision of prime brokerage and repo lending services.  The dispute concerned the bank’s risk managing of the fund’s exposure to second lien LCDS and its haircutting/pricing of LCDS, CDS and corporate bond collateral for margin purposes.
• Instructed by a number of investment banks, hedge funds and private companies in relation to various matters arising from the administration of Lehman Brothers, including as to the possible purchase of third party claims and due diligence thereon.
• Lead Associate in a team which acted for the Claimant (Natixis) in the much publicised "Box Clever" litigation in the Commercial Court in 2008.  Claims arising from the failed securitisation of the rentals firm were made against the arrangers and lead managers (WestLB and CIBC) and one of the shareholders (Terra Firma).
• Advising investment banks on a range of other disputes including as to: failed investments in a number of the Madoff feeder funds; the physical settlement of asset swaps which referenced Ecuadorian debt; a default under syndicated loans with Saudi domiciled borrowers; the mistaken novation of an interest rate swap; the purchase of promissory notes issued by a Parmalat entity on a silent funded risk participation basis; and the validity of demands made under a Retention Bond and the mistaken release of an associated Counter Guarantee.

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