3 Verulam Buildings WC1R 5NT DX: LDE 331 Gray’s Inn, London. Telephone: +44(0)20 7831 8441 Barristers regulated by the Bar Standards Board Peter de Verneuil Smith QC Email Address: [email protected] Year Of Call: 1998 Year Of Silk: 2019 LinkedIn: https://uk.linkedin.com/in/peter-de-verneuil-smith-qc-3b9926155 Peter de Verneuil Smith was appointed a silk in 2019 and is well known for his advocacy and excellent client skills. He specialises in complex commercial matters, banking and financial services (in particular securities litigation), commercial fraud, international arbitration, company & partnership disputes, professional negligence, private international & offshore, and insurance and reinsurance. He has extensive experience of group litigation orders (both claimant and defendant side). He is ranked as a leading junior in five practice areas by Chambers and Partners (Banking and Finance, Commercial Dispute Resolution, Civil Fraud, Chancery Commercial and Offshore), in three in Chambers Global (Dispute Resolution: Commercial UK, Dispute Resolution: Commercial Chancery UK and Offshore UK), in seven by Legal 500 (Banking and Finance, Commercial Litigation, Civil Fraud, International Arbitration, Insurance/Reinsurance, Offshore, and Professional Negligence) and two in Who’s Who Legal (Civil Fraud and Professional Negligence). He is adept in finding innovative litigation and arbitration solutions that achieve effective commercial outcomes. Client comments in directories include “we like him because he’s very clear on the law and extremely pragmatic. He drives cases rather than just letting them drift on” and “he has a keen, almost prophetic understanding of which legal arguments a judge will find persuasive”. Peter’s advocacy, in trial and interlocutory matters, is highly regarded and directory comments include “On his feet he is just extraordinary; he takes people apart in court. He has phenomenal, charismatic style that judges like and his analysis is absolutely spot on” and “He has the ability to surgically dismantle even an opponent’s best points”. Peter was lead counsel in the MLB claim against Tesco recognised by The Lawyer as one of the Top 20 Cases of 2020. He was part of the 3VB team which represented the Signature Group in RBS Rights Issue litigation which settled the day before trial in 2017 (one of The Lawyer’s Top 20 Cases of 2017). Peter was a runner-up for commercial litigation junior of the year for 2019 by Legal 500. Peter is a supporter of the Women in Law Pledge. Directory Quotes Page 1 / 14 3 Verulam Buildings WC1R 5NT DX: LDE 331 Gray’s Inn, London. Telephone: +44(0)20 7831 8441 Barristers regulated by the Bar Standards Board ‘A hardworking barrister who grasps complex issues and facts really quickly.’ Legal 500 UK 2015 “He has a keen, almost prophetic understanding of which legal arguments a judge will find persuasive” Chambers & Partners UK 2014 Expertise Arbitration General: private law and commercial disputes, contractual construction and project dispute issues such as; force majeure, enforceability of liquidated damages, recoverability of consequential losses, misrepresentation, bias/duty to act fairly of a contract administrator/arbitrators, delay and disruption, extensions of time clauses, time at large and challenge to expert determination. Very experienced with interim remedies and relief in the context of on-going arbitration proceedings and enforcement/resistance of arbitration awards. Construction/Property: $10M African concrete plant dispute concerning definition of“material default” and notice clauses (ICC, London seat), $100M Ukrainian property fund dispute (LCIA, London seat and Jersey Law), €10M Greek construction project dispute involving construction of notice of default clause, share sale valuation and waiver (UNCITRAL, London seat and English law), $223M guarantee dispute concerning Russian property investments (LCIA, London seat and English law), $10M back to back subcontract concerning the construction of a sulphur extraction plant in Abu Dhabi (ICC- Sharia law), acted for the employer in a £30M claim regarding a major dual carriageway construction (1996 Arbitration Act- English law). Oil & Gas: lead counsel in a €125M dispute regarding a guarantee of purchases of high sulphur vacuum gasoil (LCIA, London seat & English law). Energy: $1.3bn dispute concerning credit support obligations and the principle ofrebus sic stantibus in respect of a thermoelectric power plant in Rio de Janeiro (UNCITRAL and AAA, London seat and Brazilian law); $200M dispute regarding the fairness of the employer's representative's award of an extension of time in a turnkey thermoelectric power plant located in the Philippines (ICC- English law). Mining: lead counsel in a $250m dispute concerning gold mining prospecting licences in Tanzania (expert determination- Tanzanian law). Telecoms: sole counsel in a $20m dispute over a master leasing agreement regarding the use of telecommunications equipment on telecom towers in Tanzania (LCIA- English law); $200m shareholders dispute regarding ownership of a mobile phone mast company servicing India (ad hoc- English law). Page 2 / 14 3 Verulam Buildings WC1R 5NT DX: LDE 331 Gray’s Inn, London. Telephone: +44(0)20 7831 8441 Barristers regulated by the Bar Standards Board Digital advertising: lead counsel in a $10m dispute regarding a dispute over breach of restrictive covenants concerning a major digital advertising business (LCIA- English law). Qualified arbitrator (FCIArb). "A very clever and very good advocate." Legal 500 2019 “Cuts everything down to their essentials and sees a common sense, pragmatic way through.” Legal 500 2018 “Tough and knowledgeable with sound judgment.” Legal 500 2017 Banking & Finance S.90A FSMA: currently acting as lead counsel for Morgan Lewis in a claim against Tesco seeking damages of £300M in respect of the incorrect financial statements made to the market regarding commercial income and profit forecasts. S.90 FSMA: represented the Signature Litigation claimants in the claim against RBS concerning the 2008 rights issue which settled the day before a 12 week trial commenced in 2017. Mis-selling: interest rate swaps (£15M structured collar mis-selling) and CDO mis-selling claims (€40M CDO claim), negligent categorization of intermediate customer under FSMA. Investment Schemes: closed and open ended investment schemes (calculation of NAV and discretion to refuse redemptions), claims against investment managers (breach of investment criteria and un- suitability of products) including a $2M claim negligent investment into a Madoff feeder fun. Mortgages: charges, power of sale and enforcement. $360M syndicated loan dispute concerning ship finance and the meaning of "payment due date". Guarantees: enforcement and defence of guarantee claims ($50M ship financing/guarantee, £5M export guarantee dispute, £2.7M interest guarantee dispute, and provision of expert banking evidence to a Ukrainian Court). Defences of illegality, frustration, undue influence, misrepresentation and consumer based defences. ISDA master agreements: termination payments and meaning of "due date". Money Laundering: acted for and against banks in money laundering and POCA related matters, advised British Banking Association as to the interpretation and impact of Part VII of POCA 2002. Fraud remedies: banker trust disclosure orders, tracing claims and freezing injunctions. Claims against banks for gross negligence, dishonest assistance and knowing receipt claims against banks (in England, Singapore and the Cayman Islands), negligence and fraud claims against a Bermudian credit card processor. Performance bonds: advising on and appearing in respect of disputes as to the legality of calling upon bonds, injuncting the proceeds of bonds and setting aside injunctions. Page 3 / 14 3 Verulam Buildings WC1R 5NT DX: LDE 331 Gray’s Inn, London. Telephone: +44(0)20 7831 8441 Barristers regulated by the Bar Standards Board Third party debt orders: $20M claim against a Nigerian entity and setting aside an injunction of the calling of a $20M performance bond. Sanctions: application of sanctions regimes to banks and bank payments (structuring £10m transfer of funds). Judicial review: judicial review claims against HMRC, SOCA and the Financial Services Ombudsman. Contributor to Paget's Law of Banking (4th Edition). Chambers & Partners: “[A] Promising new silk whose strong commercial chancery practice and expertise in fraud has gained him a burgeoning reputation in finance cases. He is adept at handling large-scale shareholder disputes, cases around securitisations (such as disputes concerning the correct construction of swap terms), and matters regarding loans and guarantees. Strengths: "Bright, practical, technically very able and a pleasure to work with." 2020 “A super junior, who has developed a specialism in actions relating to share issues." 2019 Legal 500: "Very punchy with his intellect and advice, he delivers a star turn.” 2020 “Stoical and robust, he delivers a star turn” 2019 “He is very diligent, very authoritative, and has the confidence level of a silk.” 2017 Who’s Who Legal: Recommended 2020. Civil Fraud In depth experience of high value commercial fraud: defending an in-flight entertainment provider in respect of a $19M claim by Gulf Air (English and Bahrain law), defending a Ukrainian oligarch in respect of respect of a $300M alleged fraud concerning oil proceeds; defending a Swiss bank in respect of a €100M fraud claim based on vicarious liability, insurance/re-insurance underwriting