DEUTSCHE BANK AG -v- SEBASTIAN HOLDINGS INC
David Foxton QC (as the lead trial advocate) and Andrew Legg formed part of the team of counsel instructed by Freshfields Bruckhaus Deringer who successfully represented Deutsche Bank AG (DB) in litigation with Sebastian Holdings Inc. (SHI).
Sebastian Holdings Inc. (SHI), which is a Monaco-based investment firm wholly owned and controlled by Norwegian billionaire Alexander Vik , denied liability for amounts claimed by DBAG and alleged that Deutsche Bank had breached its contract in various respects, including in putting through unauthorised trades on its behalf. DBAG claimed over $240m in unpaid losses and SHI counterclaimed for $8 billion in damages.
The four month trial, which involved complex evidence from approximately 20 factual and 16 expert witnesses from the US, Switzerland and various jurisdictions in Asia, concluded with Mr Justice Cooke not only dismissing the entirety of SHI’s $8 billion claim, but also ordering that SHI pay DB over $240 million and costs on an indemnity basis.
The Freshfields team advising on the case was led by dispute resolution partners Andrew Hart, Tom Snelling and Christopher Robinson.
