Contact details

Richard Garcia

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

Awards

Banking litigation, Commercial litigation: Premium and Public international law

Banking litigation, Commercial litigation: Premium and Public international law

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 and a senior partner focussing on corporate and commercial, financial and fraud disputes. 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 particular expertise in banking, funds, structured finance and financial products disputes. Clients value his familiarity and detailed technical understanding of products and structures. Richard is often instructed by institutional clients and has advised on a number of group actions involving multiple claimant groups and third parties. Richard's experience includes coordinating large multi-party proceedings across multiple jurisdictions.

Richard is also often instructed on shareholder, joint venture and private equity disputes. He regularly advises on a wide range of commercial disputes and has also advised investors and stakeholders on a number of major fund and institutional collapses.

The largest value cases often involve multi-faceted proceedings including jurisdiction challenges, freezing orders, cross-border evidence gathering and complex enforcement strategies and defences. Richard has been involved in many such cases, including enforcement proceedings arising from foreign judgments, ICC and ICSID arbitrations. 

"Richard Garcia is an exceptionally shrewd litigator who sees every dimension of the problem."

The Legal 500 UK 2021     

  • Dispute resolution
  • Commercial litigation
  • Finance litigation
  • Professional and management liability
  • Fraud and asset recovery

Collapse of XiO Group

Acted for the new management of the XiO Group following the collapse of the group and the related litigation in several jurisdictions including Cayman, Hong Kong and London, claims for bonuses and carry by former senior managers and employees.

Tchenguiz litigation

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.

Central Bank disputes

Acting for a Central Bank on multiple disputes including swaps and commodity trading disputes in arbitration, sovereign debt claims, freezing order and enforcement proceedings, sovereign immunity and authority disputes and custody disputes. 

Group action

Acting for a number of European banks on group claims including potential GLO proceedings in the UK and related proceedings in other jurisdictions. The claims arise from investments in real estate made by borrowers and involve multiple third parties including developers, agents and professional advisers.

Collapse of XiO Group

Acted for the new management of the XiO Group following the collapse of the group and the related litigation in several jurisdictions including claims for bonuses and carry by former senior managers and employees.

Letters of Request

Acting for global financial institution in relation to Letter of Request issued by US Court to the English Court arising out of class action in which documents and witness testimony were sought.

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.

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.

Gold Reserve v Bolivarian Republic of Venezuela

Acting for Republic of Venezuela defence of enforcement of arbitral award arising from  ICSID’s Additional Facility proceedings brought by a Canadian gold mining company to challenge Venezuela's revocation of environmental permits and the related termination of a gold and copper mining project.

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. 

Mobil v PDVSA

Successfully discharging a $12 billion freezing order obtained from the English Commercial Court and advising on related proceedings arising from an investment treaty dispute under ICSID arbitration rules arising from the nationalisation of oil interests in the Orinoco belt. 

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.

Corporate trustee

Advising corporate trustee of securitisation of residential mortgages on claims brought against originators of loans by underlying borrowers and internal waterfall and liability issues between originator and issuer.

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 €50 million refinancing of the Tank & Rast group.

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

Portfolio enforcement

Acting for originating lenders and debt acquiring companies in cross-border enforcement of loans including asset investigations, claims relating to trusts and transactions defrauding creditors.

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.

  • Banks and banking
  • Funds and financial services
  • Pensions
  • Accountancy firms
  • Law firms

Central Bank disputes

Acting for a Central Bank on multiple disputes including swaps and commodity trading disputes in arbitration, sovereign debt claims, freezing order and enforcement proceedings, sovereign immunity and authority disputes and custody disputes.

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.

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.

Securities litigation

Acting for a global asset manager in connection with an $18 billion 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.

Collapse of XiO Group

Acted for the new management of the XiO Group following the collapse of the group and the related litigation in several jurisdictions including claims for bonuses and carry by former senior managers and employees.

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.

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 £30 milliom 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
  • Europe
  • North America
  • South America

Collapse of XiO Group

Acted for the new management of the XiO Group following the collapse of the group and the related litigation in several jurisdictions including Cayman, Hong Kong and London, claims for bonuses and carry by former senior managers and employees.

Tchenguiz litigation

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.

Central Bank disputes

Acting for a Central Bank on multiple disputes including swaps and commodity trading disputes in arbitration, sovereign debt claims, freezing order and enforcement proceedings, sovereign immunity and authority disputes and custody disputes.

Group action

Acting for a number of European banks on group claims including potential GLO proceedings in the UK and related proceedings in other jurisdictions. The claims arise from investments in real estate made by borrowers and involve multiple third parties including developers, agents and professional advisers.

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.

Corporate trustee

Advising corporate trustee of securitisation of residential mortgages on claims brought against originators of loans by underlying borrowers and internal waterfall and liability issues between originator and issuer.

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.

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.

More: Europe

Collapse of XiO Group

Acted for the new management of the XiO Group following the collapse of the group and the related litigation in several jurisdictions including Cayman, Hong Kong and London, claims for bonuses and carry by former senior managers and employees.

Letters of Request

Acting for global financial institution in relation to Letter of Request issued by US Court to the English Court arising out of class action in which documents and witness testimony were sought.

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.

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.

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.

More: North America

Central Bank disputes

Acting for a Central Bank on multiple disputes including swaps and commodity trading disputes in arbitration, sovereign debt claims, freezing order and enforcement proceedings, sovereign immunity and authority disputes and custody disputes.

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.

Mobil v PDVSA

Successfully discharging a $12 billion freezing order obtained from the English Commercial Court and advising on related proceedings arising from an investment treaty dispute under ICSID arbitration rules arising from the nationalisation of oil interests in the Orinoco belt. 

More: South America

Awards

Banking litigation, Commercial litigation: Premium and Public international law

Banking litigation, Commercial litigation: Premium and Public international law

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