StephenPearson

Partner

New York + 1.212.326.3876 London + 44.20.7039.5959

With more than 25 years of cross-border experience, Stephen Pearson's practice focuses on complex international litigation and arbitration. Stephen is dual qualified (England & Wales and New York) and actively practices in the courts of both jurisdictions, as well as in numerous arbitration tribunals.

Stephen has represented clients in multibillion dollar disputes in the U.K., the U.S., and elsewhere. A recent success was the Excalibur/Texas Keystone proceeding in the English Commercial Court relating to a New York law contract. After a 57-day trial all claims were dismissed and, in a landmark decision, indemnity costs were awarded against not only the claimant but all of its litigation funders. In a clean sweep of the major U.K. legal awards, Stephen's team was awarded Dispute Resolution Team of the Year at the British Legal Awards, the Legal Business Awards, and The Lawyer Awards. Stephen enjoys similar recognition in both Chambers and Legal 500 where he has been described as "an excellent advisor" with "superb judgment" and as being "very able, hardworking and tough."

In addition to his disputes work for financial institutions such as RBS, Standard Chartered, Wells Fargo, and Lehman, Stephen has appeared as counsel in numerous cross-border bankruptcy cases. He was counsel to the Chapter 11 Trustee in the Soundview proceedings in which he coauthored only the second cross-border insolvency protocol (Cayman/U.S.). He was also part of the trial team in the recent high-profile Chapter 15 dispute concerning Oi Brazil Holdings Coöperatief U.A.

Experience

  • 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.
  • Expropriated SNS Reaal bondholders challenge legality of taking and seek compensation from Dutch StateJones Day represents bondholders in connection with the Dutch State's nationalization of SNS Reaal NV and SNS Bank NV on February 1, 2013.
  • Mahindra Satyam resolves global investor claimsJones Day resolved world-wide claims brought against Mahindra Satyam by former investors in connection with the alleged admission of Satyam's former Chairman that he deliberately misstated the Company's accounts for several years.
  • Financial Guaranty Insurance Company brings fraud claims against IKB in connection with US$1.875 billion liquidity support transactionJones Day represented Financial Guaranty Insurance Company and its U.K. subsidiary ("FGIC") in an action in New York State Supreme Court against IKB and its affiliates (the "Havenrock Action").
  • Lehman Brothers resolves action involving foreign exchange transactionsJones Day represented Lehman Brothers Holdings Inc. and Lehman Brothers Commercial Corporation in connection with the settlement of all claims relating to foreign exchange transactions between Lehman Brothers, on the one hand, and Aberdeen Asset Managers Ltd and over sixty Aberdeen affiliated and non-affiliated managed funds (collectively “Aberdeen”), on the other.
  • Major Russian consumer lending bank in ICC proceedings in Geneva relating to failed joint ventureJones Day advised a major Russian consumer lending bank in connection with ICC proceedings in Geneva relating to a failed joint venture with a French insurer. The dispute, with over $100 million at stake, also involved related proceedings in the Moscow Arbitrazh Court.
  • U.S. satellite company arbitrates failed joint venture with Russian telecoms companyJones Day acted for a U.S. satellite company in LCIA arbitration proceedings in London relating to a failed joint venture with a Russian telecoms company.
  • Baker & Davies pursuit of negligence action results in first reported decision on contribution claims under Limitation Act 1980 s.10(4)Jones Day acted for Baker & Davies in a negligence action which gave rise to the first reported decision on the proper construction of contribution claims brought under s.10(4) of the Limitation Act 1980.
  • Russian Standard Vodka successfully defends against claims in U.S. NAD proceedingJones Day defended the manufacturer of IMPERIA, Russia's No. 1 premium vodka, in a U.S. NAD advertising proceeding that upheld the client's entitlement to make public statements concerning the origin and authenticity of competing STOLICHNAYA vodka.
  • Diamond broker resists claim for share of commissionJones Day advised the world's largest diamond broker in its successful resolution of a claim by a fellow broker for commission said to be owed in respect of clients who defected from one broker to the other.
  • Sovereign Debt Disputes

    Advised various investment banks, hedge funds, and government entities in connection with disputes centered around distressed corporate and sovereign debt. Acted in commercial litigation involving the Democratic Republic of Congo, the People's Republic of Congo, Liberia, Nicaragua, Brazil, Argentina, Cameroon, Zambia, and Indonesia. As a result of this experience, Stephen was asked to contribute a chapter on "Sovereign Immunity under English Law" to a leading textbook on cross-border litigation (Trans-Atlantic Commercial Litigation & Arbitration, published by Oceana).

    Conducted a number of high-profile pro bono matters for sovereign states, including advice given to Uganda, Nepal, and Kenya on important constitutional issues.

    Advised West LB AG in connection with a dispute concerning repo trades concluded around the time of the devaluation of the Turkish Lira.

    Acted for Magnet Plc in GE Capital v. Bankers Trust and Others, litigation stemming from what was the then largest LBO in U.K. corporate history.

    Acted for a number of major insurers, Lloyd's syndicates, and managing agencies on financial sector insurance claims (in particular D&O, E&O, BBB, trade credit, and political risk).

    Acted for a number of Lloyd's Members' Agents in court proceedings (including group actions connected with alleged mis-selling) and in arbitrations under the Lloyd's arbitration rules.

    Advised individuals on a number of major D&O claims, including the Queen's Moat Houses litigation, the RAC litigation, and a claim against two directors of an advertising company that became the longest civil fraud trial heard at the Old Bailey. Also advised the client, in conjunction with French lawyers, on the first contested avoidance of a D&O policy in France.

    Advised leading property agents on disputes stemming from the $1 billion+ transfer of all Inland Revenue and Customs & Excise properties to the private sector (STEPS).

    Acted for a BVI-registered energy company against a Turkish gas company in ICC proceedings in Geneva focusing on a failed joint venture in Ukraine.

    Acted for a Russian commodities company against a Ukrainian company in an LME arbitration in London regarding failed manganese trades.

    Advised diamond brokers on the DTC's restructuring of the rough diamond market (Supplier of Choice) and a variety of major diamond companies on ad hoc industry issues.

  • Speaking Engagements

    • May 20, 2014
      2014 Speaker Series: Energy and Construction Law Update
    • October 2008
      Minimizing Litigation Risk - ABS East Conference
    • June 2008
      Litigation Risk: Latest Developments in US and UK CDO Litigation
    • March 11–14, 2008
      American and English Perspectives on CDO litigation
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