Mark Hapgood QC’s Full CV


Degree

LLB (Nottingham)

Practice Profile

Mark Hapgood is widely recognised as a leading Silk in Banking, Professional Negligence and Commercial law. He has a broad litigation practice encompassing advisory and drafting work in the whole field of commercial law, including agency; banking; commodities and futures; company and insolvency; energy; insurance; international trade; jurisdictional disputes; professional negligence; reservation of title; sale of goods; and security interests.

He is Editor of Paget's law of Banking, Joint Contributor to Halsbury's Laws of England, General Editor Butterworths on-line service Banking Law Direct and a contributor to Professional Negligence and Liability.

Areas of Practice

  • Commercial Law
  • Banking
  • Insurance and Reinsurance
  • Professional Negligence

Important Cases

Current work includes:

  • Akai Holdings v Ernst & Young (leading Counsel for Ernst & Young in US $800m audit negligence claim arising out of the collapse of the Akai group, 12 month trial to start in Sept. 09)
  • New China Hong Kong v Ernst & Young (leading Counsel for Ernst & Young in audit negligence claim arising out of the collapse of the New China Hong Kong group

Recent Cases:

  • IXIS v WestLB, CIBC & Terra Firma (appeared as Leading Counsel for Terra Firma in £90m fraud claim arising out of the securitisation of the Box Clever TV rental business
  • JP Morgan v Springwell (leading Counsel for JP Morgan Chase)
  • Equitable Life Assurance Society v Ernst & Young (settlement of claim on 59th day of trial in September 2005)
  • OFT v Lloyds TSB & Tesco [2007] UKHL 48 (appeared for Lloyds TSB and Tesco in the House of Lords concerning whether lender liability extended to the use of Credit Cards overseas
  • Masri v Consolidated Contractors International UK Ltd [2006] EWHC 1931 (Comm) ($50m dispute over ownership of oil concession in Yemen, Acted for Claimants in numerous applications in the Commercial Court
  • Diamantides v JP Morgan Chase Bank [2005] EWCA Civ 1612 (strike-out of claim by sole shareholder of investor)
  • JP Morgan Chase Bank v Springwell Navigation Corporation [2005] EWCA Civ 1602 (similar fact evidence in claim relating to transactions in fixed income instruments)
  • Jackson v Royal Bank of Scotland Plc [2005] UKHL 3, [2005] 1 WLR 377 (liability of issuing bank for breach of duty of confidentiality owed to first beneficiary of a transferable letter of credit)
  • Valse v Merrill Lynch [2004] EWHC 2471 (Comm) (appeared for Merrill Lynch in its successful defence in the Commercial Court of a $3.93m claim alleged negligent advice on a securities portfolio
  • Office of Fair Trading v Lloyds TSB Bank Plc [2004] EWHC 2600 (Comm) (connected lender liability in respect of credit card transactions overseas)
  • Barings Plc (in liquidation) v Coopers & Lybrand [2003] EWHC 1319 (Ch) (liability of Barings' Japanese subsidiary for Mr Leeson's fraudulently concealed trades in Singapore
  • Manx Electricity Authority v JP Morgan Chase Bank [2003] EWCA Civ 1324 (availability of demand guarantee following settlement between underlying parties)
  • Equitable Life Assurance Society v Ernst & Young [2003] EWCA Civ 1114 (strike-out of claim against auditors)
  • GE Reinsurance Corpn v New Hampshire Insurance Company [2003] EWHC 302 (Comm) (reinsurance of film finance)
  • Lloyds TSB General Insurance Holdings Ltd v Lloyds Bank Group Insurance Co Ltd [2003] UKHL 48, [2003] 4 All ER 43 (construction of claims aggregation clause)
  • Credit Industriel et Commercial v China Merchants Bank [2002] EWHC 973 (Comm) (status of ICC Policy Statement on original documents under UCP 500)
  • Emerald Meats (London) Ltd v AIB Group (UK) Plc [2002] EWCA Civ 460 (interest on proceeds of cheques)
  • Shanning International Ltd v Lloyds TSB Bank Plc [2001] UKHL 31, [2001] 1 WLR 1462 (impact of UN Resolutions on counter-guarantee)
  • Peregrine Fixed Income Ltd v Robinson Department Store Public Co Ltd [2000] Lloyd's Rep Bank 304 (construction of Early Termination provisions in ISDA Master Agreement (Multicurrency-Cross Border))
  • Kuwait Airways Corpn v Kuwait Insurance Co [Langley J, 19 April 2000] (interest on Commercial Court judgments in US dollars)
  • Lloyds Bank Plc v Independent Insurance Ltd [2000] 1 QB 110, CA (restitution of monies paid under mistake)
  • Smith v Lloyds TSB Group Plc [2000] Lloyd's Rep Bank 58 (damages for conversion of materially altered cheque)
  • Starling v Lloyds TSB Bank Plc [2000] Lloyd's Rep Bank 8, CA (duty of good faith owed by mortgagee to mortgagor)
  • Texaco Limited v Esso Petroleum Co Ltd (Cresswell J, 19.10.99) (construction and effect of a shareholder's agreement)
  • Satnam Investments Ltd v Dunlop Heywood & Co Ltd [1999] 1 BCLC 385 (remedies for diversion of corporate opportunity)
  • Barclays Bank Plc v Dean [1999] QB 309, CA (solicitors' standard form undertaking to banks at completion)
  • Yorkshire Bank v Lloyds Bank [1999] Lloyd's Rep Bank 191 (duty of care owed by payee of cheque to drawer)
  • Bank of Scotland v Bennett [1999] Lloyd's Rep Bank 145, CA (undue influence in relation to mortgage over matrimonial home)
  • Abbott v Strong [1998] 2 BCLC 420 (auditors' duty of care to subscribers in a rights issue)
  • Nuova Safim S.p.A. v The Sakura Bank Ltd [1998] Lloyd's Law Reports Banking 142 (rights of termination under ISDA Swap Agreements)
  • Century National Merchant Bank and Trust Co Ltd v Davies [1998] AC 268 (revocation of banking licence)
  • Union Eagle Ltd v Golden Achievement Ltd [1997] AC 514, PC (effect of time being of the essence)
  • SAAMCO v York Montague Ltd [1997] AC 191, HL (above)
  • Esso Petroleum Co Ltd v Milton [1997] 1 WLR 938, CA (effect of payment by direct debit)
  • Nederlandse Reassurantie Groep Holding NV v Bacon & Woodrow & Others [1997] Lloyd's Reinsurance Law Reports 678 (86 day trial ending in November 1995; judgment 2 August 1996)
  • Banque Bruxelles Lambert SA v Eagle Star Insurance Co Ltd [1995] 2 All ER 769 (judgment of Phillips J after 86 day trial); [1995] QB 375 (Court of Appeal); [1996] 3 WLR 87 (House of Lords)
  • Banque Financiere de la Cite v Skandia (UK) Insurance Co Ltd [1990] 1 QB 655 (judgment of Steyn J after 40 day trial reported in part at 680-723; judgment of Court of Appeal after 24 day hearing reported at 727-817); [1991] 2 AC 249 (House of Lords)

Many of the leading decisions of the Court of Appeal on the construction of the Uniform Customs and Practice for Documentary Credits:

  • Banco Santander SA v Banque Paribas [2000] Lloyd's Rep Bank 165, CA (impact of fraud discovered after the discounting of deferred payment letter of credit)
  • Kredietbank Antwerp v Midland Bank [1999] Lloyds Rep Bank 219, CA (original documents under letters of credit)
  • Seaconsar v Bank Markazi Iran [1993] 1 Lloyd's Rep 236), CA (compliance of documents)
  • Bankers Trust Co v State Bank of India [1991] 2 Lloyd's Rep 443, CA (validity of rejection notice)
  • Rabobank Nederland v Sumitomo Bank Ltd [1988] 2 Lloyd's Rep 250, CA (effect of waiver of discrepancies)

  • Astro Exito v Chase Manhattan Bank [1988] 2 Lloyd's Rep 217, CA (stipulation of document incapable of being obtained)

The leading case on pre-trial restraining orders and one of only two cases ever to be reported on ten different occasions:

  • Derby v Weldon (1988 - 91, involving the trading of commodities derivatives)

A decision of the Court of Appeal on insolvency set-off which critically affected the distribution of assets in BCCI's insolvency:

  • M.S.Fashions Ltd v BCCI [1993] Ch 425

The leading case on the duties of a financial adviser and underwriter in the context of a takeover bid:

  • Eagle Trust Plc v SBC Securities Ltd [1993] 1 WLR 484 (strike out of constructive trust claim) and Eagle Trust Plc v SBC Securities Ltd (No 2) [1996] BCLC 121 (trial of remaining issues)

The leading case on the measure of damages available to lenders and investors against professional advisers:

  • SAAMCO v York Montague Ltd [1997] AC 191, HL

Leading decisions on jurisdictional issues, including the landmark case of:

  • Seaconsar Far East Limited v Bank Markazi Iran [1994] 1 AC 438 and the Court of Appeal's decision in Continental Bank NA v Aeakos Compania Naviera SA and Others [1994] 1 WLR 588

Publications

  • Editor of Paget's Law of Banking 10th Edn (1989), 11th Edn (1996), and 12th Edn (2002).
  • Sole Contributor to Halsbury's Laws of England, Vol 3(1) (Reissue 1989), Title "Banking", and Consulting Editor for this title in the 2005 Reissue.
  • Joint Contributor to Halsbury's Laws of England, Vol 4(1) (Reissue 1992), Title "Bills of Exchange", and Sole Contributor to this title in the 2002 Reissue.
  • Contributor to Professional Negligence and Liability (Looseleaf, 2 volumes).
  • General Editor of Butterworths on-line service Banking Law Direct.

Further Information

Listed in:

  • All the leading annual reviews of the Bar (Legal 500, Chambers Directory, etc).
  • Euromoney's Guide to the World's Leading Banking Lawyers.
  • The Legal Business Directory of Legal Experts (Banking litigation, Commercial litigation).
  • Law Business Research International Who's Who of Banking Lawyers.
  • Law Business Research An International Who's Who of Commercial Litigators.

Legal Directory Comments

The Legal 500 (2007)

Banking:

  • "first-class commercial approach"

Commercial Litigation

  • "brain on a stick"
  • "outstanding"

Energy

  • "very analytical"
  • "tremendous manner in court"

Professional Negligence

  • "very persuasive"
  • "such a hard worker"

Chambers and Partners (2007/8)

Banking:

  • "ability to quickly identify and isolate issues"
  • "no doubt as to where they stand in a case from the off"
  • "great intellect"

Commercial Litigation:

  • "spark of genius"
  • "brilliant on his feet"