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Elizabeth Callaghan has experience advising on complex domestic and multijurisdictional disputes across a number of industry sectors. Elizabeth currently acts for MasterCard in its defense of numerous substantial claims brought by European retailers in the High Court and Competition Appeal Tribunal, alleging that its interchange fees and certain network rules are anticompetitive. MasterCard has obtained groundbreaking judgments in the competition sphere in this regard, including the high-profile defeat in January 2017 of the £437m claim brought by a number of large UK retailers led by Asda Stores Limited.

Elizabeth also acted on the successful defense of Texas Keystone, the U.S. oil and gas company, against Excalibur Ventures' high-profile $1.6 billion claim for an interest in petroleum fields in Iraqi Kurdistan, which resulted in a 57-day Commercial Court trial that concluded with the Court dismissing all claims against Texas Keystone. Jones Day received numerous awards for its representation, including being named Litigation Team of the Year at The British Legal Awards, The Lawyer Awards, and Legal Business Awards.

Elizabeth's other recent experience includes: advising high net worth individuals and corporations on complex worldwide injunctive relief; advising a high net worth individual on multijurisdictional fraud proceedings; representing a global bank in connection with investigations brought by regulatory and enforcement agencies; and acting on recovery proceedings for Langbar International Limited, wrongly believed to have assets in excess of $600 million.

In 2017 Elizabeth spent seven months seconded to IBM, advising on matters arising out of complex technology services projects.


  • Mastercard defends against antitrust lawsuitJones Day defended Mastercard in a lawsuit brought by Europcar alleging that Mastercard's interchange fees since 1992 violated EU and UK competition law.
  • Macquarie European Infrastructure Fund II sells National Car Parks Limited to consortium of Park24 Co., Ltd. and Development Bank of Japan Inc.Jones Day advised Macquarie European Infrastructure Fund II LP in the sale of 100 percent of its interest in National Car Parks Limited to a consortium of Park24 Co., Ltd. and Development Bank of Japan Inc.
  • MasterCard defeats UK litigation claim regarding interchange fees for payment card transactionsJones Day client MasterCard Incorporated has defeated a lawsuit brought by various UK retailers seeking £450m in damages for losses allegedly suffered as the result of MasterCard's arrangements for setting default interchange fees on payment transactions.
  • Texas Keystone prevails against claim brought by Excalibur VenturesJones Day successfully defended Texas Keystone Inc., a U.S. oil and gas company based in Pittsburgh, Pennsylvania, against Excalibur Ventures' $1.6 billion claim for an interest in various petroleum fields in Iraqi Kurdistan.
  • Langbar defends Court of Appeal liens success in Supreme CourtJones Day has successfully represented Langbar International Limited ("Langbar") in the Court of Appeal and the Supreme Court in defending an attempt by the law firm Withers LLP ("Withers") to prevent enforcement against funds held in its client account.
  • International Automotive Components Group restructures global operationsJones Day advised International Automotive Components Group, one of the world's leading suppliers of automotive components and systems, on the restructuring of its global operations.
  • Langbar wins action for damages against former chief executive involving fraudulent misrepresentationJones Day successfully represented Langbar International Limited ("Langbar") in its action for damages in excess of €12m ($15.4 million) against its former chief executive, Mariusz Rybak, following the discovery that Mr. Rybak had fraudulently misrepresented the value of his Monaco apartment during the settlement of the original fraud proceedings commenced against him by Langbar in 2006.