Photo of Emily Saunderson

Emily Saunderson

Call 2005

esaunderson@2tg.co.uk

+44 (0)20 7822 1200

"very conscientious and careful."

Chambers UK 2018

"She is diligent and committed."

Chambers UK 2018

"Technically outstanding ....."

Legal 500 2017

"She is plainly an extremely accomplished and high-flying junior"

Legal 500 2016

Practice Overview

Emily is a general commercial practitioner specialising in commercial fraud and banking and finance. She has broad experience in obtaining urgent injunctive relief including freezing orders, asset preservation orders and delivery up orders. Emily’s banking and finance practice has a particular emphasis on financial derivatives instruments, and she is familiar with standard form contracts including the ISDA Master Agreement.

Emily is recommended as a leading junior in banking and finance by the Legal 500, where she is described as an “extremely accomplished and high flying junior”. She has experience in cases involving contractual interpretation and rectification; dishonest assistance; fraud; fraudulent trading; rights of set-off; contractual estoppel; rights under contracts of indemnity; and guarantees.

Emily also undertakes professional negligence work, and she specialises in claims involving independent financial advisors and solicitors.

Before joining 2TG, Emily was a financial journalist, covering the global derivatives markets. She brings a strong understanding and useful insider’s perspective on financial markets to her legal practice.

Banking & Finance

Recent cases:

 

  • LSREF III Wight Limited v Millvalley Limited [2016] EWHC 466 (Comm): £4.3m claim by a vulture fund which had taken an assignment from a bank of a sum said to be due under an interest rate swap contract. The fund claimed rectification of an ISDA confirmation and master agreement. Emily, led by Paul Downes QC, represented the bank’s customer.
  • H v F (2015 – ongoing): negligence claim in respect a confiscation order made under the Proceeds of Crime Act 2002. Emily acts for the defendant.
  • 2014 – 2016: advising various companies in respect of interest rate swaps mis-selling claims and potential claims in respect of LIBOR manipulation.
  • Wasyluk and others v Moopay Limited and another (2015) (ongoing): claim in respect of the misappropriation of 750 Bitcoins with a value of around £186,000. The case raises issues as to the legal status of digital currency. Emily represents the claimants.
  • Stokors and others v IG Markets Ltd v Craigcrook Management Services Ltd  [2013] EWHC 631 (Comm): €100m claim in dishonest assistance and knowing receipt against leading UK financial institution, and Third Party claim in negligence against a compliance consultant. The matter included an appeal in respect of security for costs, see: [2012] EWCA Civ 1706. Emily represented the successful defendant, led by Paul Downes QC.
  • Re Powerplan (2012): £90m claim in fraudulent trading against leading bank arising from mis-selling of repair warranties in the early 2000s. Emily, led by Paul Downes QC, acted for the liquidator.
  • IG Markets v McKenna (2011 – 2013): £11m claim in relation to derivatives trading in lead up to 2008 credit crunch, counter claim for breach of s.150 FSMA, involving third party disclosure and freezing orders. Emily acted for the claimant, led by Paul Downes QC.
  • G W Jones Contractors Ltd (In Liquidation) v NatWest (2012): claim against a leading bank, involving allegations of negligence in respect of advertisement of winding up petition and notice of appointment of liquidator.
Company & Insolvency

Recent cases:

 

  • Globe Motors v TRW Lucas Varity Electric Steering Ltd [2016] EWCA Civ 396: €30m dispute in respect of an exclusive supply agreement for components of electric power assisted steering systems. The appeal raised issues in respect of the distinction between proper construction and the implication of terms, and the effect of anti-oral variation clauses. Emily acted for the successful appellant, led by Paul Downes QC.
  • HFM Columbus Group Services LLP v Atomic Race Management Ltd (2014): claim in respect of ownership of an Ariel Atom racing car. Emily acted for the claimant and obtained an asset preservation order followed by an interim delivery up order in respect of the car.
  • Mir Steel UK Ltd v Christopher Morris and others [2012] EWCA Civ 1397: appeal against refusal to join administrators and company in administration to a claim for conversion, inducing breach of contract and unlawful means conspiracy; involved consideration of Canada Steamship Lines Ltd v The King, and the rule in Said v Butt. Emily, led by Paul Downes QC, acted for the appellant.
  • In the Matter of J T Frith Limited (in Creditor’s Voluntary Liquidation) [2012] EWHC 196 (Ch): secured creditors sought to surrender their security to participate in a distribution from the prescribed part; involved issues surrounding surrender in respect of the security trustee, and an inter-creditor deed. Emily acted for the secured creditors.
  • Langstone Leisure Ltd v Wacks Caller and others [2012] EWHC 170 (Ch): three sets of proceedings relating to litigation commenced by a liquidator were consolidated notwithstanding the fact that a combined trial would expose one defendant in particular to far greater potential costs.
  • G W Jones Contractors Ltd (In Liquidation) v NatWest (2012): claim against a leading bank, involving allegations of negligence in respect of advertisement of winding up petition and notice of appointment of liquidator. Emily acted for the liquidator, led by Paul Downes QC.
  • Re V (2010 – 2012): £1.2m solicitors’ negligence claim against a leading Midlands-based firm in respect of a hive down agreement.
  • Munin Navigation Company Ltd v Petrodel Resources Ltd (2011): US$1.7m debt claim raising issues of interpretation and contractual estoppel.
  • Re SPhinX Group of Companies (in official liquidation) (2010): US$500m liquidation of a hedge fund group in the Cayman Islands.
Commercial Fraud

Recent cases:

 

  • E v R and 14 others (2015 – ongoing): claims in respect of the misappropriation of around £10m of insurance premiums. The claims are brought in deceit; dishonest assistance; knowing receipt; unlawful means conspiracy and unjust enrichment. The claim was preceded by a tracing exercise involving numerous third party disclosure applications, and two freezing orders. Emily acts for the claimant, led by Paul Downes QC.
  • Rodriguez Camacho and two others v Reboul and one other(2015): grant of a freezing order in support of Spanish proceedings concerning around £300,000 of investments which were allegedly misappropriated by a foreign exchange dealer and/or his company. Emily acted for the applicants in the English proceedings.
  • Aderia Airways Limited and others v National Westminster Bank plc (2014): various applications pursuant to a tracing exercise in respect of around £20m of funds which should have been held on trust for the applicants. Emily acted for the applicants, led by Paul Downes QC.
  • Sgrò v Gioviale (2013): freezing order granted in support of Italian proceedings concerning the misappropriation of around €150,000. Emily acted for the applicant in the English proceedings.
  • IG Markets Ltd v McKenna (2011 – 2012): third party disclosure orders and freezing injunctions obtained in respect of an £11m debt claim against seven defendants where defences involved allegations that signatures on key contractual documents were forged. Emily, led by Paul Downes QC acted for the claimant.
  • Abulwafa v Wong (2011) – Fraud: freezing injunction obtained in respect of claim for dishonest assistance, knowing receipt, breach of retainer. Emily acted for the applicant.
  • Titan v Passini (2008) – Fraud: £10m claim for damages and injunctions following departure of senior director of Italian manufacturing company with theft of confidential information and soliciting of key senior management and clients. Emily, led by Paul Downes QC, acted for the claimant.

 

Notable cases:

 

LSREF III Wight Limited v Millvalley Limited [2016] EWHC 466 (Comm): £4.3m claim by a vulture fund which had taken an assignment from a bank of a sum said to be due under an interest rate swap contract. The fund claimed rectification of an ISDA confirmation and master agreement. Emily, led by Paul Downes QC, represented the bank’s customer.

  • Globe Motors v TRW Lucas Varity Electric Steering Ltd [2016] EWCA Civ 396: €30m dispute in respect of an exclusive supply agreement for components of electric power steering systems. The appeal raised issues of the distinction between proper construction and the implication of terms, and the effect of anti-oral variation clauses. Emily acted for the successful appellant, led by Paul Downes QC.
  • Stokors and others v IG Markets Ltd v Craigcrook Management Services Ltd  [2013] EWHC 631 (Comm): €100m claim in dishonest assistance and knowing receipt against leading UK financial institution, and Third Party claim in negligence against a compliance consultant. The case involved an appeal in respect of a security for costs order, see: [2012] EWCA Civ 1706. Emily acted for the successful defendant, led by Paul Downes QC.
  • Mir Steel UK Ltd v Christopher Morris and others [2012] EWCA Civ 1397: appeal against refusal to join administrators and company in administration to a claim for conversion, inducing breach of contract and unlawful means conspiracy; involved consideration of Canada Steamship Lines Ltd v The King, and the rule in Said v Butt. Emily acted for the appellant, led by Paul Downes QC.
  • In the Matter of J T Frith Limited (in Creditor’s Voluntary Liquidation) [2012] EWHC 196 (Civ): secured creditors sought to surrender their security to participate in a distribution from the prescribed part; involved issues surrounding surrender in respect of the security trustee, and an intercreditor deed. Emily acted for the secured creditors.
  • Re SPhinX Group of Companies (in official liquidation) (2010): US$500m liquidation of a hedge fund group in the Cayman Islands.
  • Dimmock v Secretary of State for Education [2008] 1 All ER 367: Judicial review of decision to distribute Al Gore’s film “An Inconvenient Truth” to UK secondary schools, whether a breach of ss.406-407 Education Act 1996. Emily acted for the applicant, led by Paul Downes QC.
  • Stack v Dowden [2007] 2 AC 432: Division of property in joint names where no declaration as to beneficial ownership. Emily, led by Christopher Lundie, acted for the successful respondent.