James Potts

James is ranked as a leading junior for Banking and Finance by Legal 500, which describes him as a “brilliant advocate. Unflappable on his feet – exudes calmness. Very responsive. Written work is excellent. Clear and succinct.”

James undertakes a wide range of contentious and non-contentious banking and finance work, including disputes in relation to loans, letters of credit, guarantees, mortgages, securities and derivatives, financial mis-selling, prospectus and listing rules, collective investment schemes, and consumer credit. He advises on all aspects of FCA and PRA regulation, including cryptoassets, anti-money laundering, sanctions, capital adequacy, resolution/wind-down issues, and client money issues. He also has a good understanding of Islamic finance.

Current and recent work includes:

• Acting for various banks in consumer disputes, including Johnson v Devon and Cornwall Police [2023] EWHC 690 (Ch).
• AXA SA v Genworth Financial International Holdings [2019] EWHC 3376 (Comm), [2020] EWHC 2024 (Comm): £500m+ share purchase agreement claim in relation to remediation liability for Payment Protection Insurance mis-selling (led by Jonathan Nash QC).
• Advising Central Bank of Cyprus on action under the Bank Recovery and Resolution Directive (led by Hodge Malek KC).
• Al-Khorafi v Sarasin-Alpen and Bank Sarasin: DIFC claim acting for Swiss Bank J. Safra Sarasin in relation to mis-selling of $200 million of financial products (with Hodge Malek KC and Yash Bheeroo).

James is a contributing editor to Banking Litigation, Paget’s Law of Banking and OUP’s Financial Services Law.

James has a broad commercial litigation and arbitration in the UK and internationally, particularly in the Middle East, Asia Pacific and Caribbean. His work spans disputes in banking and financial services, fraud, energy, cyber and cryptoassets disputes, IT, telecoms and media, art and cultural heritage, shareholder and company disputes (including unfair prejudice petitions), contentious insolvency, and professional negligence. He is regularly instructed in commercial trials and applications for disclosure and interim relief such as freezing, delivery up and search orders.

James is ranked by The Legal 500 as a leading junior for Commercial Dispute Resolution in the UK, Asia Pacific and the Middle East, where he is described as “smart and responsive – and his drafting is first-class”; “a very hardworking and technically-able barrister. He has a good presence and is a persuasive advocate”; “an extremely thorough and detailed-oriented junior”; “an incredible lawyer… brilliant in analysing complex legal issues in financial cases”; “his input into tactics and approach goes beyond what is expected of counsel and he serves the client well with his bigger-picture thinking… a stellar team player”.

Cases of note include:

• Morina v Scherbakova [2023] EWHC 3253 (Ch): acting for claimant in establishing the validity of a will to a large estate, the original of the will having been suppressed and used as part of an extortion attempt.
• Ambon v Finch [2023] EWHC 2383 (Ch): acting in three-week trial of fraud claims against former management of an insurance broker and obtaining a post-judgment WFO (leading Anca Bunda and Gretel Scott).
• Tugushev v Orlov and Roth [2021] EWHC 1514 (Comm): acting for Vitaly Orlov in dispute over the Norebo Group, Russia’s largest fishing group (with Hodge Malek KC and Ravi Jackson).
• Medlands (PTC) Ltd v St John’s Trust Company (Pvt) Ltd (Supreme Court of Bermuda): high value trust litigation (led by Hodge Malek KC).
• Acting for claimant software company in £60 million breach of contract and conspiracy claims against former executives (with Ali Malek KC and Liisa Lahti).
• Medsted Associates Ltd v Canaccord Genuity Wealth (Intl) Ltd [2020] EWHC 2952 (Comm): dispute between brokers over secret commission and fiduciary duties.
• Simpkin v Berkeley Group Holdings plc [2017] 4 WLR 116: high-value director’s bonus claim involving dispute over legal professional privilege in documents stored on employer’s IT system (led by Hodge Malek KC).

James is ranked as a leading junior for Civil Fraud by Legal 500, which says: “He is measured under pressure and very intellectually able”; “James is excellent. He is thorough and very hardworking”; “He has a great understanding of international fraud disputes. He always knows where the bodies are buried, with a forensic ability at all levels. A delight to have on the team.”

He is regularly instructed (either as sole counsel or as junior in a larger legal team) to obtain freezing injunctions, search orders and disclosure orders in proceedings involving breach of trust, tracing claims, conspiracy to defraud, dishonest assistance, knowing receipt, fraudulent directors, cryptoassets, and bank frauds. He has particular expertise in relation to disclosure and legal professional privilege issues.

Highlights include:

• Morina v Scherbakova [2023] EWHC 3253 (Ch): acting for claimant in establishing the validity of a will to a large estate, the original of the will having been suppressed and used as part of an extortion attempt.
• Ambon v Finch [2023] EWHC 2383 (Ch): acting in three-week trial of fraud claims against former management of an insurance broker and obtaining a post-judgment WFO (leading Anca Bunda and Gretel Scott).
• Tugushev v Orlov and Roth [2021] EWHC 1514 (Comm): acting for Vitaly Orlov in a dispute over the Norebo Group, Russia’s largest fishing group (with Hodge Malek KC and Ravi Jackson).
• Freezing injunctions and asset recovery proceedings in Malaysia, Canada, Cyprus, Australia and other jurisdictions in relation to a $70m bank fraud.
• BML Properties Ltd v China Construction America: US$2+ billion fraud and breach of contract claim concerning the Baha Mar resort in the Bahamas (led by Hodge Malek KC).
• Bascunan v Elsaca: BVI freezing injunction relating to a US$60m fraud claim, with proceedings spanning the BVI, New York and Chile (led by Hodge Malek KC).

James was nominated as Technology, Data and Crypto Junior of the year in the Legal 500 Bar Awards 2024. He is ranked as a leading junior for cryptoasset disputes by Chambers and Partners and Legal 500, which describe him as “excellent technically and very user friendly. One of the few barristers in the crypto space who really know their stuff”; “Great for crypto and general commercial. Gives assured and confident advice and knows all there is to know on crypto work” and “able to provide practical and actionable advice on regulatory matters”.

He advises on all aspects of cyber fraud and cryptoasset disputes, including freezing injunctions against “Persons Unknown” and cryptoasset exchanges, Norwich Pharmacal/Bankers Trust disclosure orders tracing the proceeds of fraud, blockchain tracing, FCA regulation, anti-money laundering and counter-terrorist financing, sanctions, safeguarding, and financial promotions in relation to cryptoassets.

Much of James’s cyber fraud and cryptoasset work is confidential, but includes:

• Acting for victims of a Ponzi-type fraud by a UK cryptoasset business.
• Advising on applications by cryptoasset businesses for e-money authorisation and money laundering registration with the FCA.
• Independent review of anti-money laundering systems of a cryptoasset exchange seeking FCA registration.
• Advising cryptoasset businesses on token issuance, initial coin offerings and other fundraising activities.
• Advising on in-game tokens, NFTs and virtual currencies.
• Advising on cryptoasset regulation in Dubai.
• Advice on the interface between cryptoassets and gambling regulation.
• Obtaining Norwich Pharmacal disclosure orders (believed to be the first of their kind) against an Australian cryptoasset exchange in relation to the laundering of proceeds of a major bank fraud.

James is co-author of forthcoming chapters on Cryptoassets Litigation in Banking Litigation (2025) and Cryptoassets Regulation in Financial Services Law (2024) (with Hodge Malek KC and Chloë Bell). He contributed to the COMBAR/Chancery Bar Association Response to the Law Commission’s recent consultations on digital assets and private international law.

Financial crime is a core element of James’s practice. He regularly advises banks, brokers, casinos, law firms and other businesses and individuals on financial crime issues including sanctions, anti-money laundering, counter-terrorist financing, counter-proliferation financing, and bribery and corruption systems and controls. He acts for firms and individuals facing investigation or proceedings by the FCA, SFO, HMRC, Gambling Commission and other bodies, and international regulators and law enforcement agencies. He is editor of the Sanctions chapter in Paget’s Law of Banking. He also has experience of INTERPOL proceedings.

Much of this work is confidential, but includes:

• Advising businesses on the effects of the UK’s sanctions regimes in relation to Russia, Belarus and Myanmar.
• Acting in disputes where sanctions are relied on as giving rise to statutory defences, force majeure and/or illegality defences.
• Advising cryptoasset businesses on anti-money laundering, counter-terrorist financing and sanctions controls.
• Independent review of anti-money laundering systems of a cryptoasset exchange seeking FCA registration.
• Money laundering and compliance reviews of leading casinos.

James is ranked as a Tier 1 junior for Financial Services Regulation by Legal 500, which describes him as “absolutely first-rate”, “very knowledgeable about financial services regulation”, and “very intelligent and personable, and has a great manner with solicitors and clients alike. An unflappable junior who provides serene, sensible advice in a crisis”.

James acts in relation to investigations and regulatory action involving the FCA, PRA, London Stock Exchange and overseas regulators and exchanges, including RDC and Upper Tribunal proceedings. He advises on all aspects of FCA and PRA regulation, including cryptoassets, e-money, anti-money laundering, prospectus and listing rules, capital adequacy, safeguarding client money, financial promotions, consumer credit, and complaints to the Financial Ombudsman Service. He also has a good understanding of Islamic finance regulatory issues.

Cases of note include:

• Advising on applications by cryptoasset businesses for e-money authorisation and money laundering registration with the FCA.
• Acting for the Central Bank of Cyprus in proceedings against FBME.
• Hong Kong Stock Exchange v X: advising on regulatory proceedings brought by the Hong Kong Stock Exchange.
• London Stock Exchange v X: acting for an AIM nominated adviser defending disciplinary proceedings by the LSE.
• X v Guernsey Financial Services Commission: judicial review of GFSC concerning disciplinary action against directors of a Guernsey firm (led by Richard Lissack KC and Robin Barclay).
• Advising the Channel Islands Financial Ombudsman in relation to pensions transfers.
• Acted for the Financial Ombudsman Service in multiple judicial reviews.
• Acted for ICAP in relation to LIBOR fixing investigations by the FCA and international regulators (led by Hodge Malek KC).

James is a contributing editor to Paget’s Law of Banking (2023) and OUP’s Financial Services Law (2024).

James regularly advises acts for licensed gambling operators on in disputes and advises on regulation under the Gambling Act 2005, the Gambling Commission’s Licence Conditions and Codes of Practice, and associated legislation such as the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. He also advises payment institutions and other financial services firms on issues relating to gambling regulation. He has advised on issues such as anti-money laundering, counter terrorist financing, UK and international sanctions, payments, cheques and s.81 of the Gambling Act, online gaming, unfair contract terms, problem gambling and safer gambling.

Several of James’s recent cases have involved IT disputes, including in relation to tech start-ups, AI/machine learning, cryptoassets, smart technology, virtual reality, distributor agreements, non-compete clauses, confidentiality disputes and GDPR breaches, as well as shareholder disputes in relation to technology companies.

Current and recent work includes:

• Acting for a software company in £60 million breach of contract and conspiracy claims against former executives (with Ali Malek KC and Liisa Lahti).
• Shareholder dispute concerning a start-up technology company (sole counsel).
• Bladeroom Group Ltd v Facebook: acting for Facebook on applications to obtain evidence under the Hague Convention in support of U.S. proceedings concerning alleged theft of trade secrets (sole counsel).

James regularly acts in international arbitrations and has experience of arbitrations under DIFC, LCIA, ICC, SIAC and GCC Commercial Arbitration Centre rules, as well as acting in Commercial Court cases relating to international arbitration, such as interim orders, anti-suit injunctions, enforcement, and arbitration challenges.

Significant cases include:

• S.44 applications in respect of an ICC arbitration seated in London arising out of a hotel dispute.
• Acting in an LCIA arbitration concerning a family dispute over a hotel chain (sole counsel).
• Acting in an LCIA arbitration concerning shareholder dispute over a property investment company (led by Michael Todd KC).
• Acting in an LCIA arbitration over a hotel group collapse (sole counsel).
• Advising on enforceability of arbitration clauses in relation to consumer claims over cryptoassets.
• Successfully acting for Petrobras Oil and Gas BV in a series of ad hoc arbitrations concerning tract participation in an offshore Nigerian oilfield (led by Sean Wilken KC and Jess Connors).
• Acting in a GCCCAC arbitration in Bahrain under Saudi substantive law and Bahraini procedural law (sole English counsel).

James has experience in disputes in relation to media, entertainment, art & cultural property, including acting for artists, commercial art galleries, museums and other cultural institutions and charities on matters such as licensing disputes, disputes relating to art and antiquities, art loans, and digital art/NFTs.

Experience includes:

• Acting in a dispute over items stolen from a museum’s collections and consigned for auction.
• Advising in relation to a dispute between a commercial art gallery and an artist over a gallery lease contract.
• Licensing dispute over television rights to Serie A football matches.
• Representing art galleries claiming liens over artwork.
• Corporate and licensing dispute over a television station in Ukraine.

James has a particular interest in the protection of cultural heritage, having obtained an MA in Archaeology as well as currently serving as a trustee and Chair of the Development Committee of the Egypt Exploration Society.

James acts for regulators, firms and individuals on all aspects of professional and commercial regulation. He has particular experience in relation to financial services professionals, accountants, auditors, insolvency practitioners, legal professionals, and the gambling industry, including acting in proceedings by the FCA, PRA, London Stock Exchange, FRC, ICAEW, SRA, Chartered Institute of Arbitrators, Gambling Commission, and other regulators.

James is a contributor to Jordan’s Regulatory and Disciplinary Proceedings. He sits as a panel member on the Bar Disciplinary Tribunal.

See Financial Services and Gambling Regulation sections for experience in those areas. In other areas, experience includes:

• Representing accountants and IPs before ICAEW’s Investigation, Disciplinary, Appeal and Review Committees.
• Acting for CIArb in Chartered Institute of Arbitrators v B [2019] EWHC 460 (Comm) (use of court documents in disciplinary proceedings) (sole counsel).
• Anjum v Law Society (acting for Law Society on High Court intervention challenge) (sole counsel).
• Law Society v Siddiqi (acting for Law Society on search and seizure order) (sole counsel).
• Law Society v Li (application for information and documents under 44B and Sch.1 of the Solicitors Act 1974) (sole counsel).
• SRA v Manak & Dhillon [2016] EWHC 1914 (Admin) (abuse of process) (led by Greg Treverton-Jones KC).

• First prize, Times Law Awards (2012)
• Phoenicia Scholarship, Bar European Group (2012)
• David Karmel Scholarship (2009), Bedingfield Scholarship (2010) and Mould Senior Scholarship (2011) from Gray’s Inn (top scholarship each year)
• Lee Essay Prize (second place), Gray’s Inn (2011)
• City University Prize for Public Law (2010)
• Members’ English Prize for best dissertation, University of Cambridge (2009)
• Arts and Humanities Research Council Studentship (2008-2009)
• Merton College Exhibition (2006) and Postmastership (2007)