Douglas Paine

Douglas has significant experience of disputes in the banking and financial services sectors.  He has been involved in a number of cases involving allegations of fraud/conspiracy; shareholder claims under FSMA; and disputes concerning derivatives, including CDO structures and ISDA / GMRA transactions. He also has experience in dealing with accountancy issues in a banking context, including accounting under IAS, completion accounts, tax issues, and the operation of “MAC” clauses. He also has recent experience of urgent injunction applications in a banking/insolvency context.  

Recent and notable cases include:

• ​​​​​Various Claimants v Glencore & Ors
  For claimants (with Sonia Tolaney KC, Peter de Vernueil Smith KC, Emma Jones and Joe Johnson) in multi-action shareholder claims brought under section 90 of FSMA.
• Credit Suisse Asset Management (Schweiz AG) vs (1) Dr Michael C. Frege (2) Greensill Bank AG
  For investment funds (with Sonia Tolaney KC and Daniel Benedyk) in relation to an urgent injunction application and related proceedings brought in connection with the collapse of the Greensill group.
• PIFSS v Al Rajaan & Ors
  For a Swiss private bank (with John McCaughran KC) defending claims based on alleged payment of secret commissions, as part of consolidated Commercial Court proceedings in which a total of c. US$900m is sought against 40+ defendants. One of The Lawyer’s ‘Top 20’ cases of 2020.
• Confidential
  For a bank (with Sonia Tolaney KC) in relation to a potential injunction against a credit rating agency.
• Confidential
  For a commercial property company (with Lord Wolfson KC) in a dispute concerning rent rebate repayments following a refinancing.
• Confidential
  For a bank (with Sonia Tolaney KC) in relation to a potential remediation involving refunds to  residential mortgage customers.
• Confidential
  For a Dutch provider of agricultural services in a dispute concerning bond financing.
• Macquarie Capital (Europe) Ltd v Nordsee Offshore MEG I GmbH
  For Claimant (with Daniel Toledano KC) in a €19 million claim for payment of completion and debt advisory fees in respect of an offshore windfarm project in the North Sea, based on an engagement agreement with an alternative claim in unjust enrichment.
• Confidential
  For an investment company accused of involvement in a substantial conspiracy relating to the issue of loan notes to banking customers.
• Taurus Funds Management Pty v. Hummingbird Resources Ltd
  For Claimants in a claim for substantial damages arising from alleged breaches of an exclusive mandate arrangement for the financing of a gold mine in Mali, Africa.
• ESO Capital Luxembourg Holdings II Sarl v. GSA Invest Management SA & Ors [2017] EWHC 1351 (Ch)
  For Defendants (with Camilla Bingham KC) in relation to alleged breaches of a settlement agreement and conspiracy, concerning the financing and recapitalisation of a Swiss hotel company.  Judgment was handed down in June 2017 but the quantification of damages was challenged in July 2017.
• Pacific Capital S.À.R.L v. Windhorst
  For Pacific Capital (with Daniel Toledano KC) in a EUR 25m claim for breach of contract in relation to the re-purchase of bonds in certain Dutch Mining companies.  Default judgment was obtained after application in September 2016.
• Nomura International Plc v. Banca Monte Dei Paschi di Siena Spa
  For BMPS (with Jonathan Nash KC) in a multi-billion euro dispute concerning the restructuring of a CDO-based investment and complex asset swap and repo transactions, which are also the subject of high profile civil and criminal proceedings in Italy.  The 9-week Commercial Court trial scheduled for March 2016 settled in Q4 2015.   Previously appeared with Jonathan Nash KC in an application for a stay of the English proceedings under Art. 28 of the Brussels Regulation ([2013] EWHC 3187 (Comm)).
• Tullow Oil Plc v. Eni UK Ltd & Ors
  For Defendant companies (with Daniel Toledano KC) in claims arising from a hive-out and share purchase transaction relating to a gas field in the North Sea, which included disputes concerning the costs of an aborted carbon capture storage project, refunds received in light of decommissioning of a nearby field, and refunded corporation tax and petroleum revenue tax received after completion under the sale and purchase agreement.
• Barclays Bank Plc v. Svizera Holdings BV & Anr [2014] EWHC 1020 (Comm)
  For Barclays (with Daniel Toledano KC) in an application for a post-judgment worldwide freezing order.
• Grupo Hotelero Urvasco SA v. Carey Value Added SL [2012] EWHC 888 (Comm); [2013] EWHC 1039 (Comm); [2013] EWHC 1732 (Comm)
  For Carey (with Lord Grabiner KC, Manus McMullan KC and Andrew de Mestre), in a 9-week Commercial Court trial in relation to the financing of a hotel and residential apartment complex in the Aldwych, London.  Expert issues involved Spanish law, forensic accountancy, construction programming and hotel valuation.  Permission to appeal was refused by the Court of Appeal at an oral hearing.
• HSBC & Ors v. AHAB
  For HSBC (with Tim Lord KC and Alex Polley), in a claim against a Middle Eastern corporate group under various loan facilities, in the context of alleged fraud and forgery of the loan documents. The case was one of The Lawyer’s “Top 20 cases of 2011”, but settled on day 4 of the 7-week trial.  Also involved in subsequent enforcement proceedings ([2011] EWHC 2444 (Comm); [2011] 2 CLC 736).
• UBS AG (London Branch) & Anr v. Kommunale Wasserwerke Leipzig GmbH
  Assisted Tim Lord KC, Simon Salzedo KC and Stephen Midwinter in a $150 million claim relating to credit default swaps, synthetic CDOs and portfolio management agreements.
• Expert Determination
  For a major multinational in a dispute concerning price adjustments based on post-closing completion statements, following the sale of downstream assets in Africa.
• Other advisory work
  Advice (with Lord Wolfson KC) in relation to a proposed debt restructuring and issues arising under senior and mezzanine facility agreements.
  Advice (with Alain Choo Choy KC and Orlando Gledhill) to the bankruptcy trustees of a Lehman entity in relation to a Euro medium term note programme.
  Advice on potential redress in respect of interest rate hedging products and the scope of an FCA review.

Douglas has a particular interest in civil fraud, notably in a banking context, and his experience includes claims (and defences) based on bribery, forgery, illegality and lack of authority, and shareholder actions under section 90 of FSMA. He is also acting for defendant manufacturers of diesel vehicles in NOx emissions litigation, and in a high profile application for review before the CAT (Microsoft v CMA).

• PIFSS v Al Rajaan & Ors
  For a Swiss private bank (with Tom Adam KC) defending claims based on alleged payment of secret commissions, as part of consolidated Commercial Court proceedings in which a total of c. US$900 million is sought against over 40 defendants. One of The Lawyer’s ‘Top 20’ cases of 2020 and listed for trial in 2025.
• Microsoft v CMA
  For Activision (with Lord Grabiner KC, Lord Pannick KC, Sonia Tolaney KC, Brian Kennelly KC and Jason Pobjoy) in its intervention in Microsoft’s application for review of the CMA’s decision to block Microsoft’s acquisition of Activision.
• Various Claimants v Glencore & Ors
  For claimants (with Sonia Tolaney KC, Peter de Vernueil Smith KC, Emma Jones and Joe Johnson) in multi-action shareholder claims brought under section 90 of FSMA.
• NOx Emissions Litigation
• For defendant manufacturers (with Sonia Tolaney KC and Josh Crow) in claims concerning alleged breaches of NOx emissions requirements in diesel vehicles.
• Credit Suisse Asset Management (Schweiz AG) vs (1) Dr Michael C. Frege (2) Greensill Bank AG
  For investment funds (with Sonia Tolaney KC and Daniel Benedyk) in relation to an urgent injunction application and related proceedings brought in connection with the collapse of the Greensill group.
• (1) Cephalon, Inc (2) Teva Pharmaceuticals USA, Inc v. (1) CP Pharmaceuticals Ltd (2) Wockhardt UK Holdings Ltd (3) Wockhardt Ltd
  For Defendants (with Ken MacLean KC) in a 5 week Commercial Court trial of claims of economic duress, intimidation and conspiracy relating to the manufacture of a leukaemia drug, involving multiple factual witnesses and highly technical expert evidence. Ultimately settled prior to judgment being handed down.  
• Confidential
  For an investment company accused of involvement in a substantial conspiracy, and one of the respondents to a worldwide freezing order.
• Skye Holdings Ltd & Ors v Gama Aviation (Engineering) Ltd & Ors
  For Gama Parties (with Sa’ad Hossain KC) in a collection of disputes relating to an aviation engineering business, which settled after the first week of trial.
• Jitendra v Salgaocar
  For a family estate (with Ken MacLean KC and Timothy Collingwood KC) in relation to multiple BVI proceedings brought against the estate and related companies raising issues of fraud and breach of trust/breach of duty, and jurisdiction issues arising from parallel proceedings in Singapore.
• Taurus Funds Management Pty v. Hummingbird Resources Ltd
  For Claimant (with Camilla Bingham KC) in relation to a dispute concerning alleged breaches of an exclusive mandate arrangement for the financing of a gold mine in Mali, Africa.
• ESO Capital Luxembourg Holdings II Sarl v. GSA Invest Management SA & Ors [2017] EWHC 1351 (Ch)
  For Defendants (with Camilla Bingham KC) in relation to alleged breaches of a settlement agreement and conspiracy, concerning the financing and recapitalisation of a Swiss hotel company. 
• Nomura International Plc v. Banca Monte Dei Paschi di Siena Spa
  For BMPS (with Jonathan Nash KC) in a multi-billion euro dispute concerning the restructuring of a CDO-based investment and complex asset swap and repo transactions, which were also the subject of high profile civil and criminal proceedings in Italy. Previously appeared with Jonathan Nash KC in an application for a stay of the English proceedings under Art. 28 of the Judgments Regulation ([2013] EWHC 3187 (Comm)).
• Grupo Hotelero Urvasco SA v. Carey Value Added SL [2012] EWHC 888 (Comm); [2013] EWHC 1039 (Comm); [2013] EWHC 1732 (Comm)
  For Carey (with Lord Grabiner KC, Manus McMullan KC and Andrew de Mestre), in a 9-week Commercial Court trial in relation to the financing of a hotel and residential apartment complex in the Aldwych, London. 
• Centrica Plc v. Medway Power Limited
  For Claimant (with Daniel Toledano KC and Sebastian Isaac) in relation to a claim under a long term gas supply agreement before the Commercial Court, which involved alleged force majeure and complex expert evidence on the operation of CCGT plants.  The claim settled shortly prior to its 8-week trial.
• HSBC & Ors v. AHAB
  For HSBC (with Tim Lord KC and Alex Polley), in a claim against a Middle Eastern corporate group under various loan facilities, in the context of alleged fraud and forgery of the loan documents. The case was one of The Lawyer’s “Top 20 cases of 2011”, but settled on day 4 of the 7-week trial.  Also involved in subsequent enforcement proceedings ([2011] EWHC 2444 (Comm); [2011] 2 CLC 736).
• Cambria Africa Plc v. Lonrho Ltd
  For Lonrho (with Daniel Toledano KC) in a claim in relation to an airline business and other investments in Zimbabwe, based on alleged unauthorised payments, breach of contract, breach of trust, fraudulent misrepresentation/deceit and a claim for rescission and damages in connection with a settlement agreement.
• UBS AG (London Branch) & Anr v. Kommunale Wasserwerke Leipzig GmbH
  Assisted Tim Lord KC, Simon Salzedo KC and Stephen Midwinter in a $150 million claim relating to credit default swaps, synthetic CDOs and portfolio management agreements.
• Barclays Bank Plc v. Svizera Holdings BV & Anr [2014] EWHC 1020 (Comm)
  For Barclays (with Daniel Toledano KC) in an application for a post-judgment worldwide freezing order.
• Angelmist Properties Ltd (in compulsory liquidation) v. Leonard & Ors
  For Defendants (with Michael Fealy KC) in relation to a claim for breach of directors’ duties arising from the sale of company property at an undervalue and liability for unpaid tax.
• Bikam OOD and Central Investment Group SA v. Adria Cable
  For Defendants (with Daniel Toledano KC and Adam Rushworth) in a dispute under a sale purchase agreement relating to an Eastern European satellite TV company.
• Homeserve Membership Ltd v. Voice Marketing Ltd
  For Defendant marketing company (with Thomas Sharpe KC) in relation to alleged breaches of Ofcom calling regulations.
• Advisory and Other work
  Advised (with Sa’ad Hossain KC) on the scope of an indemnity in relation to a potential claim arising from alleged unlawful death proceedings in Texas.
  Advised (with Sonia Tolaney KC) on issues arising from the collapse of Greensill Capital.
  Advised (with Zoe O’Sullivan KC) a supplier of navigational information to vessels on a claim relating to the prices charged for its services.
  Advised (with Lord Grabiner KC) in relation to agreements governing the international production and licencing of certain TV formats.
  Acted for a Russian company in relation to a claim for unpaid fees in respect of expert evidence provided in arbitration proceedings.
  Various applications for and against judgment creditors, for charging orders, third party debt orders, winding up petitions, etc.

Douglas has a particular interest in both the onshore and offshore energy sectors, in litigation, arbitration and expert determination.  He has significant experience in cases involving heavy expert evidence, in areas such as force majeure, the operation of CCGT plants, reservoir design, metocean critera and vessel mooring.  He also regularly advises major multinationals on matters such as the construction of Long Term Supply Agreements and Transportation/Processing Agreements, issues arising from asset sales or joint ventures, and disputes following the collapse of energy suppliers.

Recent and notable cases include:

• LCIA arbitration (London seat)
  For Respondent company (with Sa’ad Hossain KC) in proceedings concerning the scope of a ‘knock for knock’ indemnity in a contract for drilling services.
• Various Claimants v Glencore & Ors
  For claimants (with Sonia Tolaney KC, Peter de Vernueil Smith KC, Emma Jones and Joe Johnson) in multi-action shareholder claims brought under section 90 of FSMA.
• British Gas Trading Ltd v (1) Shell UK Ltd (2) Esso Exploration and Production UK Ltd [2020] EWCA Civ 2349For Esso (with Lord Wolfson KC, previously Laurence Rabinowitz KC) in a £38 million claim in the Commercial Court for damages in respect of alleged breaches of delivery capacity obligations and the setting of the TRDQ under a long term gas sales agreement.
• Macquarie Capital (Europe) Ltd v Nordsee Offshore MEG I GmbH
  For Claimant (with Daniel Toledano KC) in a €19 million claim for payment of completion and debt advisory fees in respect of an offshore windfarm project in the North Sea.
• UNCITRAL proceedings
  For Respondent company (with Lord Grabiner KC) in a high value dispute concerning the exploration and development of an oil field in the Gulf of Thailand.
• Apache Beryl I Limited v. Marathon Oil UK LLC & Ors
  For the (non-party) purchaser (with Jeffery Onions KC) of midstream assets in the North Sea, in relation to expedited Commercial Court proceedings to resolve joint venture partner disputes prior to a long stop date in the purchasers put and call option agreement.  Prior to settlement there were contested interim hearings concerning amendments ([2017] EWHC 2462 (Comm)) and the admission of evidence shortly before trial ([2017] EWHC 2504 (Comm)).
• Tullow Oil Plc v. Eni UK Ltd & Ors
  For Defendant companies (with Daniel Toledano KC) in claims arising from a hive-out and share purchase transaction relating to a gas field in the North Sea, which included disputes concerning the costs of an aborted carbon capture storage project, refunds received in light of decommissioning of a nearby field, and refunded corporation tax and petroleum revenue tax received after completion under the sale and purchase agreement.
• LCIA Proceedings
  For Claimant company (with Jeffery Onions KC) in high value arbitration proceedings arising from the failure of an FPSO mooring system in the North Sea, involving extensive technical evidence and an 11-day hearing before settlement.  Douglas cross-examined one of the factual witnesses.
• UNCITRAL Proceedings
  For Respondent company (with Richard Southern KC) in a claim arising from the hire of a drill-ship off the coast of Venezuela.  Several interim hearings (including preliminary issues of Venezuelan law and applications for security) and complex expert evidence regarding the operation and maintenance of offshore drilling rigs.
• First Oil Expro Ltd (in administration) v. Engie E & P UK Ltd
  For Claimant (with Daniel Toledano KC) in a dispute concerning payment of a rebate under a treatment and processing agreement and the provision of security for decommissioning.
• TOTSA Total Oil Trading SA v. Mamidoil-Jetoil Hellenic Oil Products SA & Ors
  For Claimant in a claim for in excess of USD25m payable under a Debt Restructuring Deed relating to the storage of petroleum products in Greece.
• Centrica Plc v Medway Power Limited
  For Claimant (with Daniel Toledano KC and Sebastian Isaac) in relation to a claim under a long term gas supply agreement, which involved alleged force majeure and complex expert evidence on the operation of CCGT plants.
• Expert Determination
  For a major multinational in a dispute concerning price adjustments based on post-closing completion statements, following the sale of downstream assets in Africa.
• Advisory work
  Advised a major multinational on issues arising from the divestment of its downstream fuels lubricant business in multiple African countries.
  Advised a major multinational on a threatened claim arising from the collapse of an energy supplier.
  Advised (with Daniel Toledano KC) on possible SIAC proceedings in relation to compensation payable following the termination of a contract for the supply and installation of subsea infrastructure for the redevelopment of an oil and gas field.
  Advised (with Lord Grabiner KC) on possible proceedings for breach of contract in relation to an industrial complex in the Ukraine.
  Advised (with Daniel Toledano KC and Sa’ad Hossain KC) in relation to fees payable for the reservation of capacity and transportation of gas through a major pipeline system.

Douglas has a particular interest in civil fraud, notably in a banking/financial services context, and his experience includes claims (and defences) based on bribery, forgery, illegality and lack of authority. He also has experience of shareholder claims under section 90 of FSMA.

Recent and notable cases include:

• PIFSS v Al Rajaan & Ors
  For a Swiss private bank (with Tom Adam KC) defending claims based on alleged payment of secret commissions, as part of consolidated Commercial Court proceedings in which a total of c. US$900 million is sought against over 40 defendants. One of The Lawyer’s ‘Top 20’ cases of 2020 and listed for trial in 2025.
• Various Claimants v Glencore & Ors

• LCIA arbitration (London seat)
  For Respondent company (with Sa’ad Hossain KC) in proceedings concerning the scope of a ‘knock for knock’ indemnity in a contract for drilling services.
• ICC arbitration (London seat)
  For Claimant company (with Alex Gunning KC, Seb Isaac KC, Eleanor Campbell and Veena Srirangam) in a 6 week two-phase arbitration over claims relating to a joint venture for the construction of a large onshore infrastructure project. Douglas cross-examined one of the foreign law experts.
• UNCITRAL proceedings
  For Respondent company (with Lord Grabiner KC) in a high value dispute concerning the exploration and development of an oil field in the Gulf of Thailand.
• SIAC Proceedings
  For Claimant company in major proceedings relating to a failed joint venture for the development of land in the Philippines.
• LCIA Proceedings
  For Claimant company (with Jeffery Onions KC) in a high value dispute arising from the failure of an FPSO mooring system in the North Sea, involving extensive technical evidence and an 11-day hearing before settlement.  Douglas cross-examined one of the factual witnesses.
• UNCITRAL Proceedings
  For Respondent company (with Richard Southern KC) in a claim arising from the hire of a drill-ship off the coast of Venezuela.  Several interim hearings (including preliminary issues of Venezuelan law and applications for security) and complex expert evidence regarding the operation and maintenance of offshore drilling rigs.
• Expert Determination
  For oil and gas major in a dispute concerning price adjustments based on post-closing completion statements, following the sale of downstream assets in Africa.
• SIAC Proceedings
  Advised (with Daniel Toledano KC) on possible proceedings in relation to compensation payable following the termination of a contract for the supply and installation of subsea infrastructure for the redevelopment of an oil and gas field.
• SCC Proceedings
  For Respondent company (with Nicholas Strauss KC, Michelle Menashy and Mehdi Baiou) in a major dispute concerning allegations of pensions mis-selling and the PIA/FSA Pensions Review of opt-outs, non-joiners and transfers from occupational pensions schemes.
• UNCITRAL Proceedings
  For a Romanian company in proposed proceedings for recovery of loans made under a shareholders' agreement.
• ICC Proceedings
  Assisted Nick Sloboda in a claim in relation to the construction and design of a power plant in Lithuania.
• UNCITRAL Proceedings
  Assisted in drafting an award in a dispute arising out of a bulk supply agreement for electricity in Africa. 

• Angelmist Properties Ltd (in compulsory liquidation) v. Leonard & Ors
  For Defendants (with Michael Fealy KC) in relation to a claim for breach of directors’ duties arising from the sale of company property at an undervalue and liability for unpaid tax.
• Advised (with Laurie Rabinowitz KC) on a dispute relating to the locus standi requirements for petitions under s 994 Companies Act 2006.
• Assisted Lord Grabiner KC in advising a company chairman in relation to the purchase of company debt in the context of a financial restructuring.
• ESO Capital Luxembourg Holdings II Sarl v. GSA Invest Management SA & Ors
  For Defendants (with Camilla Bingham KC) in relation to alleged breaches of a settlement agreement and conspiracy, concerning the financing and recapitalisation of a Swiss hotel company.
• Bikam OOD and Central Investment Group SA v. Adria Cable
  For Defendants (with Daniel Toledano KC and Adam Rushworth) in a dispute under a sale purchase agreement relating to an Eastern European satellite TV company.
• UNCITRAL Proceedings
  Acted for a Romanian company in proposed UNCITRAL proceedings for recovery of loans made under a shareholders' agreement.
  Various applications for and against judgment creditors, for charging orders, third party debt orders, winding up petitions, etc.

• Credit Suisse Asset Management (Schweiz AG) vs (1) Dr Michael C. Frege (2) Greensill Bank AG
  For investment funds (with Sonia Tolaney KC and Daniel Benedyk) in relation to an urgent injunction application and related proceedings in connection with the collapse of the Greensill group.
• HSBC & Ors v. AHAB
  For HSBC (with Tim Lord KC and Alex Polley), in a claim against a Middle Eastern corporate group under various loan facilities, in the context of alleged fraud and forgery of the loan documents. The case was one of The Lawyer’s “Top 20 cases of 2011”, but settled on day 4 of the 7-week trial.  Also involved in subsequent enforcement proceedings ([2011] EWHC 2444 (Comm); [2011] 2 CLC 736).
• First Oil Expro Ltd (in administration) v Engie E & P UK Ltd
  For Claimant (with Daniel Toledano KC) in a dispute concerning payment of a rebate under a treatment and processing agreement and the provision of security for decommissioning.
• Advised (with Alain Choo Choy KC and Orlando Gledhill) the bankruptcy trustees of a Lehman entity in relation to a Euro medium term note programme.
  Various applications for and against judgment creditors, for charging orders, third party debt orders, winding up petitions, etc.