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Marcus specialises in private and commercial trust and fund disputes resolved in litigation or arbitration. He has particular expertise in cross-border disputes concerning private and commercial funds involving the duties of investment managers, trustees, banks and other financial intermediaries, and the rights of investors and beneficiaries in specific assets and funds of property.
The work typically involves -
- private express trusts
- asset securitisation trusts
- companies, unit trusts and partnerships that have issued interests for the purpose of pooling investor funds (hedge funds, private equity funds, etc.)
- banking services provided to managed accounts (regulated financial collateral arrangements cf. prime brokerage: custodianship, leverage, mortgages, charges, rights of use and overreaching)
- structured investment vehicles funded by secured debt and covered by risk management contracts (CDOs,and similar SIVs with CDS protection/exposure, and the like).
Marcus has been instructed in cases where disputes have centered on trusts and entities organised in major jurisdictions and micro jurisdictions including the Cayman Islands, the Isle of Man, the British Virgin Islands, Jersey, Guernsey, Cyprus, the Bahamas, Liechtenstein and Anguilla. He has worked with teams of lawyers in New York, California, Washington DC, Texas, Switzerland, Australia, France, Germany, Liechtenstein, Russia and elsewhere. He is admitted to the Bar of the Eastern Caribbean (BVI).
These disputes have turned on rights and duties arising in equity, contract, tort and bailment; frequently involving claims in civil fraud (asset tracing and recovery) and in the context of domestic and cross-border insolvency.
Marcus has a particular interest in and experience of jurisdiction and conflicts of law:
- He was instructed in the important case of Rubin v Eurofinance SA which was decided in the Supreme Court in October 2012. This is a leading case in cross-border insolvency.
- In 2011 he successfully appeared in Global Distressed Alpha Fund v PT Bakrie Investindo for a hedge fund to enforce a guarantee of an issue of dematerialised securities in the face of an Indonesian judgment in bankruptcy purporting to discharge the guarantee.
- He is instructed for the claimant in Labrouche v Frey in the English Chancery Division in which the defendant foreign trustee is seeking to strike out the claims of the capital beneficiary in English trust law on the basis of issue estoppel (res judicata) and the connected ground of abuse of process in proceedings in Switzerland. The case raises novel points about the effect of procedural estoppels on beneficiaries' interests.
Marcus was instructed by Her Majesty's Revenue & Customs to advise on and assist in negotiating the Liechtenstein disclosure facility with the Government of Liechtenstein.