Adam Sher Call Date: 2007

Adam Sher has a broad commercial and civil practice in line with Chambers’ profile.

Much of Adam’s work has an international dimension, and he has recently been instructed in matters before courts or arbitral tribunals in T he Bahamas, Gibraltar, Guernsey, Abu Dhabi and Singapore. In both 2013 and 2014 he has been instructed in cases featuring in T he Lawyer’s “T op 20 Cases” of the year.

Banking & finance

Commercial dispute resolution Financial services

Fraud: civil

Insurance and reinsurance International arbitration Offshore

Professional negligence Aviation

Banking and finance

Much of Adam’s practice is banking/finance related, covering the full spectrum from investment banking and investment management to private and retail banking, with previous and present clients including Barclays, NatWest, T he Royal Bank of Scotland, Bank of America Merrill Lynch, Deutsche Bank, CA-CIB (formerly Calyon), Julius Baer, HSH Nordbank, ING Bank and Nomura.

Adam has particular experience of LIBOR/EURIBOR manipulation claims and is presently instructed on behalf of seven different banks in defending claims based upon alleged manipulation, including in two of the leading cases current before the English Courts:

LONDON & SINGAPORE

Adam Sher

AREAS O F EXPERTISE

· Deutsche Bank v Unitech (one of the Lawyer’s T op 20 Cases for 2014): Adam is acting (with Mark Hapgood QC and T im Howe QC) for DB. T he case is now the leading authority on the arguability of LIBOR

manipulation claims, both those based on implied representation and competition law: see [2013] EWHC 471 (Comm) (Cooke J) and [2013] EWCA Civ 1372 and [2013] EWHC 2793 (Comm), [2014] 2 All ER (Comm) 268 (T eare J). An appeal from the T eare J decision is due to heard by the Court of Appeal in early 2016.

· Property Alliance Group v RBS: Adam is being led by David Railton QC for RBS in this case, believed to be furthest advanced LIBOR claim before the English Courts, with an 8-week trial of the £30 million claim scheduled to commence in June 2016. T his case has given rise to a number of interim applications, particularly in relation to disclosure and privilege (as to which see further below): see e.g. [2015] EWHC 321 (Ch), [2015] EWHC 322 (Ch) and [2015] EWHC 1557 (Ch).

· Hockin v RBS: Adam is acting (with Mark Hapgood QC) for RBS in another LIBOR-related claim, scheduled to commence in early 2017.

· Marme Inversiones v RBS, HSH, BayernLB, ING and La Caixa: Adam is acting (with T im Howe QC) for four banks defending multi-hundred million euro claims arising from alleged EURIBOR manipulation. T his is believed to be the furthest advanced claim in England concerning EURIBOR manipulation.

·Adam is also instructed in a number of other cases (led by Richard Handyside QC) for different LIBOR panel banks in a number of derivative disputes in which allegations of LIBOR manipulation have been made. Adam also has very extensive experience of disputes concerning derivatives (including interest rate, currency and credit derivatives), both as part of a wider counsel team and as sole counsel:

· Nextia Properties Ltd v RBS and NatWest: Adam acted (as sole counsel) for the banks in a successful summary application against a claimant alleging the invalidity of an interest rate swap on grounds relating inter alia to the existence at the inception of the trade of a positive mark-to-market value in favour of the bank: see [2013] EWHC 3167 (QB)

· Italian Swaps litigation: Adam acted for Merrill Lynch in a large number of cases (led in some cases by Richard Handyside QC and in others by David Railton QC) involving derivative transactions entered into between Merrill Lynch and various Italian local authorities: see e.g. Merrill Lynch v Verona [2012] EWHC 1407 (Comm), concerning the application of the court’s discretion in respect of claims for declaratory relief, and Merrill Lynch v Florence which, prior to settlement in 2013 had been selected as one of T he Lawyer’s “T op 20 Cases of 2013”

· Acting for RBS (with Andrew Mitchell QC) in defending a mis-selling claim brought in relation to the sale of foreign exchange derivative contracts.

· Acting (as sole counsel) for Barclays Capital and RBS in numerous cases concerning alleged interest rate swap mis-selling to small and medium sized enterprises.

· Acting for Merrill Lynch (with Richard Handyside QC) in a dispute with Agricultural Bank of Greece in connection with an exotic “snowball” derivative.

· Acting for Nomura (with Richard Handyside QC) in a dispute with HSH Nordbank in connection with the novation of a swap with an Italian local authority alleged to have been void for want of capacity.

Other banking related work has included:

· NZ Super v Novo Banco: acting (with Laurence Rabinowitz QC and T om Smith QC) for 12 investment fund clients in a USD 800 million claim against Novo Banco, a Portuguese “bridge bank” set up by the Bank of Portugal. T he case involved an important decision on jurisdiction (see below under Conflict of Laws) and concerned the effect of the European Bank Recovery and Resolution Directive.

· Confidential ADCCAC Arbitration (Abu Dhabi): acting with Bankim T hanki QC for a bank in a £270 million arbitration in Abu Dhabi which turned on construction of a banking security document.

· Bordeaux Services (Royal Court of Guernsey): acting (with Patricia Robertson QC) for former directors of the administrator of a Guernsey-based close-ended investment fund (see below under Professional Negligence)

· Winnetka Trading Corp v Julius Baer International: acting (with Bankim T hanki QC) for the Swiss private bank Julius Baer in a case concerning the scope of the duty of care owed by banks to their customers: see [2011] EWHC 2030 (Ch), [2012] 1 B.C.L.C. 588 (Roth J).

· Deutsche Bank v Asia Pacific Broadband: acting with Bankim T hanki QC and Derrick Dale for DB in a US$200+ million dispute with a T aiwanese telecommunications company arising from a financing transaction.

Commercial litigation and arbitration

Adam is instructed in a wide ranging of commercial litigation and arbitration, both in the UK and abroad. His instructions have included:

· GMR v Government of the Maldives (Arbitration in Singapore under UNCIT RAL rules): acting (with Bankim T hanki QC) for Indian infrastructure giant GMR in its USD 1.3 billion claim against the Republic of the Maldives relating to the repudiation by the Maldives Government of a concession agreement to operate and develop Mále International Airport

· Glencore v Total: acting (with Patrick Goodall QC) for T otal in a claim brought against it by Glencore in respect of a delivery (or lack of delivery) of petroleum product in Kenya.

· Incolabs Ltd v SSL International and Reckitt Benckiser: acting (with Brian Doctor QC) for Incolabs in a dispute in relation a distribution agreement in South Africa which raised issues of contractual interpretation, estoppel by convention and rectification. T he case settled shortly after a trial in the Chancery Division. Other matters in which Adam has been involved include:

· acting (with Michael McLaren QC and Christopher Langley) in proceedings brought against an escrow agent claiming unpaid commission in relation to a substantial infrastructure project in the Middle East. T he claim also involved allegations of conspiracy, bribery and fraud (see below).

· Acting acted (with Andrew Mitchell) in a US$10m claim in the Commercial Court on behalf of a foreign investment company against a former director for repayment of a sign-on bonus.

· Acting for solicitors in claims for unpaid fees, including issues arising under the Solicitors Act 1974 relating to bills and rights to assessment.

· Acting for a telecommunications company in a contractual dispute with another telecommunications operator in a claim raising inter alia issues relating to champerty and maintenance.

Legal Professional Privilege

An increasing feature of Adam’s practice is the occurrence of contentious questions of privilege, with a particular emphasis on claims to privilege in the context of regulatory investigations. T his work has included:

· Interlocutory applications concerning privilege in the Property Alliance Group v RBS litigation, which have included consideration of the scope of the “without prejudice” privilege, limited/selective waiver, collateral waiver and the scope of so-called “waiver by pleading”: see e.g. [2015] EWHC 1557 (Ch) (Birss J). An appeal from the decision of Birss J is due to be heard in 2016.

· Advising (with Patrick Goodall QC) a major UK bank in connection with privilege issues arising from a major regulatory investigation.

· Producing (with Bankim T hanki QC and Marianne Butler) an independent expert report for Freshfields Bruckhaus Deringer LLP in relation to issues of privilege, including consideration of the “iniquity” exception.

Conflict of laws / jurisdiction

Adam has a good working knowledge of the conflict of laws, including issues of jurisdiction, choice of law and recognition of foreign judgments, which arise very frequently in his practice, which often involves disputes arising across multiple jurisdictions.

Examples of recent cases raising jurisdiction issues include:

· Barclays v ENMPAM: acting (with Sonia T olaney QC) for Barclays in a claim against an Italian pension fund for breach of an exclusive jurisdiction clause and the application of the lis pendens rules under the

· NZ Super v Novo Banco: acting (with Laurence Rabinowitz QC and T om Smith QC) for the claimants in a jurisdiction battle over claims against a Portuguese “Bridge Bank”: see the judgment on jurisdiction at [2015] EWHC 2371 (Comm) (Hamblen J). An appeal is due to be heard in 2016.

· Marme Inversiones v RBS, HSH, BayernLB, ING and La Caixa: acting (with T om Howe QC) for banks in connection with a jurisdiction battle over a declaratory counterclaim, raising issues as to the relationship between the jurisdiction provisions of the Judgments Regulation and the Insolvency Regulation.

Other private international law experience includes:

· Advising in numerous claims as to the seising of jurisdiction in England by means of negative declaratory relief, following threats of litigation abroad (often in the banking context)

· Assisting Bankim T hanki QC in preparing expert opinions on whether English law would regard a judgment of a US court in proceedings brought by way of class-action case as res judicata in respect of members of the class who did not actively “opt out” of the action.

· Obtaining (with Richard Handyside QC) an anti-suit injunction restraining proceedings abroad in order to protect an English arbitral award.

· Acting in relation to jurisdiction disputes arising from the derivatives cases involving Italian public authorities (see above under Banking and Finance), including issues relating to the scope of Article 23 of the Brussels Regulation.

· Advising on jurisdiction in relation to complex claims of breach of fiduciary duty and foreign company law provisions.

· Advising a foreign bank on jurisdiction in relation to interpleader proceedings regarding disputed funds. · Advising a foreign law firm on multiple issues relating to jurisdiction and choice of law in respect of a potential professional negligence claim

Insurance

Adam has also experience in the insurance field, including advising on coverage. Recent experience includes:

· Confidential Arbitration (LCIA): acting with David Railton QC and James Cutress for insurers in a substantial (US$200 million) arbitration, held in early 2015, which concerned to coverage under a financial institutions crime and civil liability policy.

· Advising (as part of a team of counsel lead by Mark Simpson QC) insurers in connection with a £50m+ aggregation dispute arising from the Innovator litigation

Company Law

Adam acted (with Michael Green QC) for HMRC in the appeal to the Supreme Court in Commissioners for HMRC v Michael Holland [2010] UKSC 51; [2010] 1 W.L.R. 2793 concerning the interaction of the doctrines of de facto directorship and the use of corporate bodies as directors.

Adam’s professional negligence work (see below) has involved claims against directors and company secretaries and has raised issues (under both English and Guernsey law) as to the scope of directors’ duties.

Civil Fraud

Adam was instructed (with Michael McLaren QC) in proceedings brought against English solicitors alleging conspiracy resulting in the fraudulent misappropriation of US$17.5 million of client money.

Adam was instructed (with Simon Browne-Wilkinson QC) on behalf of a defendant in relation to an alleged VAT “missing trader” / carousel fraud.

Professional negligence

Adam has acted (with Patricia Robertson QC) by a Guernsey-based fund administrator and its former directors in connection with a high-value claim for negligence and breach of fiduciary duty arising from the high profile failure of the Arch Cru investment funds.

Adam has also acted:

· for the claimant in a claim before the Gibraltar Courts against an independent financial advisor for negligent advice.

· (with Mark Simpson QC) for a firm of accountants in relation to a professional negligence claim in relation to tax advice.

· (with Bankim T hanki QC) for a law firm in proceedings in T he Bahamas in respect of a claim for professional negligence arising from a conveyancing transaction.

Aviation

Adam has been involved in a number of aviation disputes, including acting for the defendant in a multi-million pound claim under an aircraft lease.

Adam has also acted for and advised airlines in relation to issues arising from EC Regulation 261/2004 and the Montreal Convention.

Adam is recognised in Chambers and Partners and in Who’s Who’s Legal for his expertise in the field of Banking & Finance. Contributors’ comments include:

“He has a control over papers and a way with clients and solicitors which belies his relatively junior call. He’s mature and confident. He is someone I will deliberately look to use – commercial, incisive, clipped.” (Chambers Bar Guide 2016)

“He’s able, talented, diligent and rigorous.” (Chambers Bar Guide 2016)

““He’s exceptionally thorough and good at getting into the detail. He’s wonderfully enthusiastic and has incredible stamina.” (Chambers Bar Guide 2015)

“He’s an extremely passionate, very talented lawyer. Because he cares so much he won’t let something drop. He doesn’t need to be led, prompted or pushed” (Chambers Bar Guide 2015)

BA Law, Oriel College, Oxford (First Class) BCL, Oriel College, Oxford (Distinction) LLM, Harvard Law School

BVC, BPP Law School (Outstanding, Highest mark in year)

Sunley Scholarship (Lincoln’s Inn, 2007) Buchanan Prize (Lincoln’s Inn, 2007)

Lord Mansfield Scholarship (Lincoln’s Inn 2005) Hardwicke Scholarship (Lincoln’s Inn 2002) Clarendon Scholarship (Oxford University, 2003)

Prize for best performance in Commercial Law finals paper (Oxford University, 2003) College Prize for Finals results (Oriel College, 2003)

Lady Norma Dalrymple-Champneys Prize (Oriel College, 2002) College Prize for final year student (Oriel College, 2002) College Scholarships (Oriel College, 2001-2)

First Prize, The Times Law Awards (2003)

‘T he National Minimum Wage: Under T hreat From An Unlikely Source’ (2006) 35 Industrial Law Journal 289 (with Sarah Fraser).

‘Consensus, separability and Article 23 of the Brussels Regulation‘ [2009] LMCLQ 275.

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EDUCATIO N

PRIZES & SCHO LARSHIPS

PUBLICATIO NS

Research Assistant in the Commercial and Common Law T eam at the Law Commission of England and Wales (2004-5).

T eaching Fellow in the Conflict of Laws, University College London (2004-5). T eaching Fellow in Contract Law, University College London (2006-7).

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