MJ

Michael Jacobs

Senior Counsel
RELATED SERVICES

Michael Jacobs has a broad disputes practice with a strong focus on banking, financial services and contentious restructuring/insolvency, having worked on some of the most significant UK and cross-border corporate bankruptcies and financial institution collapses in recent years.

Michael has experience in disputes across a range of financial products and structures, including leveraged finance, bonds/MTNs, derivatives, securitisations and film finance schemes as well as contentional regulatory issues, financial crime, company/shareholder matters and general commercial disputes. As well as pure insolvency litigation, Michael regularly advises creditors and other stakeholders prior to the onset of insolvency proceedings, i.e. distressed/special situations.

Michael Jacobs has a broad disputes practice with a strong focus on banking, financial services and contentious restructuring/insolvency, having worked on some of the most significant UK and cross-border corporate bankruptcies and financial institution collapses in recent years.

Michael has experience in disputes across a range of financial products and structures, including leveraged finance, bonds/MTNs, derivatives, securitisations and film finance schemes as well as contentional regulatory issues, financial crime, company/shareholder matters and general commercial disputes. As well as pure insolvency litigation, Michael regularly advises creditors and other stakeholders prior to the onset of insolvency proceedings, i.e. distressed/special situations.

He also advises clients on privacy and cybersecurity issues, with a particular focus on data protection.

Michael has extensive experience acting in group litigation, ranging from ad hoc groups of investors to class actions for large groups of individuals. This also extends to advising on litigation funding arrangements and assessing potential claims for funders' portfolios.

Michael’s experience includes:

Banking and Financial Services Litigation/Contentious Regulatory

  • Acting for an investment bank on the first summary judgment application in the Financial List, relating to alleged events of default in two collateralized debt obligation (CDO) structures
  • Advising on the defence of claims brought by a sovereign wealth fund relating to the arrangement and restructuring of equity-linked notes
  • Advising on fraudulent misrepresentation claims asserted by investors in a film finance scheme concerning a bank’s role as a lender to investors in that scheme
  • Defending a claim asserted by the estates and personal representatives of individuals under s.138D FSMA 2000 following a bank’s breaches of sanctions laws
  • Acting for a syndicate of lenders in Part 8 proceedings concerning the interpretation of the payment waterfall for the financing of the “Gherkin” building in London, following the borrower’s insolvency
  • Advising a UK retail bank on the PRA and FCA’s reports into HBOS following its failure in 2008
  • Acting for an investment bank in connection with allegations of FX spot rate manipulation
  • Taking action against various banks relating to the freezing and closure of a high-net-worth individual’s accounts
  • Advising on claims pursued against a servicer in LCIA arbitration proceedings relating to a failed securitisation of Russian law-governed factoring receivables
  • Acting for a UK retail bank on defending claims relating to the misselling of interest rate swaps to SMEs
  • Representing a swap counterparty in litigation relating to the operation of Section 2(a)(iii) of the 1992 ISDA Master Agreement and related early termination provisions

Restructuring and Insolvency

  • Advising ING Bank N.V. on proceedings against Banco Santander S.A. for default interest under a hedging agreement, involving jurisdictional issues under the EU Insolvency Regulation and recast Brussels Regulation
  • Acting for Barclays Capital Inc. in proceedings against the joint administrators and Wentworth Sons Sub-Debt S.à r.l. concerning Barclays’ entitlement to statutory interest on its $930m proof of debt in the Lehman Brothers International (Europe) (“LBIE”) administration
  • Advising a hedge fund in respect of High Court proceedings concerning a challenge to the admission of Olivant’s £835m proof of debt against LBIE, the largest non-affiliate unsecured claim in the UK Lehman estate
  • Acting for Winterbrook Capital in High Court proceedings for declaratory relief relating to an alleged event of default under notes, in the context of the resolution of Portugese bank, Banco Espírito Santo
  • Advising noteholders on potential claims in relation to the insolvency of a German financial services firm
  • Advising senior lenders under a $700m facility on potential claims against a security agent relating to the operation of an equitable lien over enforcement proceeds
  • Advising an ad hoc group of creditors of Marme Inversiones 2007 S.L. in relation to litigation aspects of Marme’s insolvency in Spain
  • Acting for a Middle Eastern regional government in connection with its proof of debt and potential claims against Afren Mena Limited (in liquidation)

Shareholder Disputes

  • Acting for an institutional lender in connection with the contested exercise of a warrant instrument linked to a senior loan facility
  • Representing M&G Investment Management in proceedings concerning a co-investor’s alleged breach of a shareholders’ agreement with respect to the exercise of pre-emption rights and drag-along provisions

Privacy and Cybersecurity

  • Preparing a multi-billion-pound class action against a multinational company relating to breaches of GDPR and misuse of private information
  • Advising a digital advertising technology company in relation to jurisdictional issues arising in a class action brought in California for alleged breaches of GDPR relating to cookies/AdTech
  • Advising a UK bank on the mitigation of retail customer fraud, including via the internet and SMS (“phishing” and “smishing”)
  • Regularly advising data controllers and processors on GDPR and Data Protection Act 2018 (including territorial scope for those located outside the UK/EEA), cookies and related matters

Financial Crime

  • Acting on an application for judicial review of a decision by the Serious Fraud Office concerning fraud against a venture capital firm and other stakeholders
  • Acting for a UK retail bank in connection with a high-profile criminal investigation into former employees and related regulatory investigations
  • Advising an investment manager on its AML policy and Investment Management Agreement
CREDENTIALS
Education
  • GDL/LPC, BPP Law School, 2010
  • B.A., English, University of Birmingham, 2008
Professional Affiliations
    • Member, Financial Services Lawyers Association
    • Member, London Solicitor Litigation Association
Professional History
    • Admitted as a Solicitor in England and Wales (2012)