Reaping the crunch

Credit crunch litigation will arrive at London’s High Court with a bang this year, with some of the most valuable spats at long last reaching fruition. If 2012 revolved around private client-related disputes, then 2013 is likely to bring a flurry of big-ticket commercial litigation, with no sign of the onslaught slowing in 2014.

The High Court justices will hear, among other things, details of the board bust-up at Liverpool FC; how Deloitte advised the Phoenix Four in the end-days of MG Rover; and the relationship between Bernie Madoff’s US and UK operations.

Barclays will face the first major Libor mis-selling case in October, in a challenge brought by Graisley Properties. This case, if successful, could prove more damaging than the PPI scandal.

Hedge fund Harbinger Capital Partners could trigger a windfall for former Northern Rock shareholders if it overturns a decision not to award compensation to some 16,000 people.

Still, the private client battles continue to break through. The country’s wealthiest man, Lakshmi Mittal, is facing a multimillion-pound dispute from former associate Manmohan Varma, while F1 tycoon Bernie Ecclestone will answer fraud and corruption allegations.

This will also be the year professional advisers will find themselves in the dock. Freshfields Bruckhaus Deringer and legacy Herbert Smith will defend a £140m claim from London Underground over advice provided by the firms to the company on its 2003 public-private partnership deal with collapsed transport company Metronet.

While Collyer Bristow will answer claims it deceived Glasgow Rangers FC when it advised businessman Craig Whyte on his doomed takeover of the club.

With commercial awareness so much on the radar for firms and chambers looking to hire graduates keeping up to date with these disputes is essential. For more on these disputes and much more see this feature.