Liisa Lahti

Liisa is instructed across a broad spectrum of banking and finance work. Particular areas of expertise include swaps and derivatives disputes, cases involving allegations of interest rate benchmark manipulation and cases concerning online payment fraud.

Examples include:

• An ongoing dispute about personal guarantees provided by a high-net-worth individual in the context of corporate borrowing.
• Farol & Ors v Clydesdale Bank & National Australia Bank [2024] EWHC 593 (Ch). Acting for the Claimants in a 12-week trial in 2023 and appeal scheduled for 2025 (settled before appeal hearing) about the bank’s entitlement to charge certain amounts as break costs upon the early repayment of its fixed rate tailored business loans (with Andrew Onslow KC, and on appeal Mark Howard KC). Issues included misrepresentation, unjust enrichment and unfair relationship. Some 800 claimants in claimant group.
• Acting for a bank in defence of claims relating to vishing and cyber-attacks on customers of the bank (2016 onwards) (with Raymond Cox KC of Fountain Court and as sole counsel).
• Advising customers of banks whose accounts have been frozen or payments stopped due to concerns about sanctions.
• Inter-City Properties and others v Lloyds Bank Plc (Chancery Division) (with Stephen Auld KC of One Essex Court) – Claims relating to mis-selling of interest rate swaps and LIBOR manipulation. Allegations of breach of contract and misrepresentation, including fraudulent misrepresentation.
• Aldersgate & Ors v Bank of Scotland & Anor [2018] EWHC 2601 (Comm) (with Stephen Auld KC of One Essex Court) – Four claims (heard concurrently) in excess of £100 million. Allegations of fraudulent and negligent misrepresentation arising out of LIBOR manipulation as well as ancillary issues as to the status of findings by global regulators and attempts to withdraw pleaded admissions.
• HMG Investment Holdings Limited v National Westminster Bank PLC [2018] EWHC 3492 (Comm) (with Richard Edwards KC of 3 Verulam Buildings) – Multi-million £ claim for mis-selling of interest rate hedging products. Gave rise to questions/issues concerning misrepresentation, the quantification of consequential loss and the law concerning contractual estoppel/basis clauses.
• Secure Capital SA v Credit Suisse AG [2015] EWHC 388 (Comm), [2017] EWCA Civ 1486 (with Raymond Cox KC of Fountain Court) – dispute concerning contingent longevity bearer notes cleared through Clearsteam. Claim for breach of the terms of the notes. Questions concerning the law applicable to the claim.
• A dispute (LCIA arbitration) between customer and issuer of structured FX derivatives – issues concerning the true construction of representations in the ISDA Master Agreement, estoppel and the law of India regulating derivatives.
• LCIA Arbitration of issues relating to the financial arrangements surrounding the sale of four vessels. Issues included contractual estoppel and the law on penalty clauses (with Steven Gee KC Monckton Chambers).
• Diag Human SE v Czech Republic (Commercial Court, 2013-14) [2014] EWHC 1639 (Comm) and [2013] EWHC 3190 (Comm) – Arbitration award enforcement action in English Commercial Court against sovereign state, including by way of third-party debt order over sovereign bond payments through banks in London and Luxembourg. Enforcement action reported at [2014] EWHC 1639 (Comm). Additional question of whether security for costs is available to an award debtor in an enforcement action reported at [2013] EWHC 3190 (Comm).
• Acting for a major international law firm conducting a s.166 FSMA Skilled Person’s review into the mis-selling of IRHPs and consequential losses.
• Advising a consortium of banks (as sole counsel) on ways of enforcing security in circumstances where buyers were in default under a shipbuilding contract – outstanding sums exceeding USD 10 million.

Liisa has a busy general commercial litigation practice encompassing advisory and advocacy work (court and arbitration) across a broad range of commercial disputes.

Illustrative examples include:

• Ongoing ICC arbitration concerning the share sale of a company that held wind farms in South America. Issues include the construction of the share purchase agreement and the inter-relationship between the relevant contractual documentation and claims based on unjust enrichment. Amounts in dispute in tens of millions (USD). Leading Chinmayi Sharma.
• A dispute spanning several arbitration proceedings concerning the termination of a major Nordic power project and the surrounding financing and other and other contractual arrangements. Amounts in dispute in excess of EURO 1 billion (ICC arbitration, ongoing, as junior).
• KSY Juice Blends UK Ltd v Citrosuco GmbH [2025] EWCA Civ 760 – Acting as sole counsel at first instance and the Court of Appeal in a dispute about the sale of several thousand tonnes of undelivered orange juice by-product. Issues included the enforceability of price adjustment clauses in long-term contracts.
• Acting as sole counsel in a multi-jurisdictional dispute about a contract manufacturing and supply agreement in the pharmaceuticals industry (ICC arbitration).
• Acting in a multi-jurisdictional dispute concerning claims for commission said to be due under an introducer agreement (High Court, ongoing).
• Argentum Exploration Limited v The Silver [2024] UKSC 16 – Represented (at first instance, in the Court of Appeal and in the Supreme Court) Argentum Exploration, the salvors of 2364 bars of silver recovered from the (historic) wreck of the SS TILAWA in the first ever case to consider s 10(4)(a) of the State Immunity Act 1978 (with Stephen Hofmeyr KC of 7KBW).
• Acting (with Ali Malek KC) for a claimant software company in a claim brought against former directors for negligence and breach of fiduciary duty.
• PBO v (1) DONPRO and others [2021] EWHC 1951 (Comm) – Acting as sole counsel in a successful challenge to a trade arbitration award under section 68 of the Arbitration Act 1996. The case is a rare example of a successful challenge to a discretionary procedural decision by a tribunal.
• Dispute relating to alleged verbal agreement amending a written exclusive agency agreement. Issues also included allegations of charges based on falsified invoices.
• Acting (with Lionel Persey KC and Paul Henton of Quadrant Chambers) for the claimants in a $ multi-million arbitration (UNCITRAL rules) arising out of a joint venture between Finnish and Bahraini interests for the production and marketing of lubricant base oils at a hydrocracker plant.
• PST Energy 7 Shipping LLC v OW Bunker Malta Ltd [2015] EWCA Civ 1058, [2016] UKSC 23 – Acting for various Owners (arbitration and court, including the Supreme Court) in relation to claims arising from the insolvency of OW Bunkers. Issues include the relationship between retention of title clauses and claims for the price of goods (with Jonathan Crow KC of 4 Stone Buildings and as sole counsel).

Many of the cases Liisa has worked on have involved international elements, and she has extensive experience of conflicts of law issues including issues concerning conflicting arbitration and jurisdiction clauses and the jurisdiction of the English courts to grant a freezing injunction.

Liisa has experience of all kinds of arbitration disputes including under ICC, LCIA, UNCITRAL and LMAA rules, under trade associations such as GAFTA and FOSFA and ad hoc arbitrations. She also regularly advises on the enforcement of arbitration awards under the New York Convention and otherwise with particular expertise in state immunity issues.

Illustrative examples include:

• Ongoing ICC arbitration concerning the share sale of a company that held wind farms in South America. Issues include the construction of the share purchase agreement and the inter-relationship between the relevant contractual documentation and claims based on unjust enrichment. Amounts in dispute in tens of millions (USD). Leading Chinmayi Sharma.
• Ongoing dispute spanning several arbitration proceedings concerning the termination of a major Nordic power project and the surrounding financing. Amounts in dispute in excess of EURO 1 billion (ICC arbitration, ongoing, as junior).
• Ongoing proceedings (Commercial Court) defending a challenge of an arbitration award (UNCITRAL rules) under ss 24, 67, 68 and 69 of the Arbitration Act 1996.
• Acting as sole counsel in a successful challenge to a trade arbitration award under section 68 of the Arbitration Act 1996: PBO v DONPRO and others [2021] EWHC 1951 (Comm) (underlying dispute concerned the sale of cocoa beans). The case is a rare example of a successful challenge to a discretionary procedural decision by a tribunal and set a major precedent for the meaning of “serious irregularity” in the context of section 68 of the Arbitration Act 1996.
• An LCIA arbitration relating to the sale of wind turbines in the Ukraine (as sole counsel).
• Acting (with Lionel Persey KC and Paul Henton of Quadrant Chambers) for the claimants in a $ multi-million arbitration (UNCITRAL rules) arising out of a joint venture between Finnish and Bahraini interests for the production and marketing of lubricant base oils at a hydrocracker plant.
• Arbitration (LMAA) concerning allegations of invoice fraud and breaches of an alleged exclusive agency agreement (as sole counsel).
• Arbitration relating to an alleged wrongful call on a Warranty Bond provided in the context of a shipbuilding contract (as sole counsel).
• Proceedings in the Commercial Court resisting enforcement of a declaratory award under section 66 English Arbitration Act 1996 (as junior to James Turner KC of Quadrant Chambers).
• Proceedings in the Commercial Court concerning the enforcement of an arbitration award worth over £150 million against the Czech Republic – issues concerning (among other things) state immunity and the availability of security for costs in the context of enforcement proceedings (security for costs application Diag Human SE v Czech Republic [2013] EWHC 3190 (Comm), enforcement hearing reported at [2014] EWHC 1639 (Comm) – with Raymond Cox KC of Fountain Court).

Liisa’s cases often involve allegations of fraud and dishonesty, ranging from forged instruments to fraudulent misrepresentation and deceit. She also has experience of urgent applications for interim relief, such as freezing injunctions.

Illustrative examples include:

• Acting (as junior to David Head KC) in a dispute about injunctive relief under section 25 of the Civil Jurisdiction and Judgments Act 1982 in support of foreign proceedings. Underlying allegations of dishonesty, including unlawful means conspiracy (some hearings reported: see e.g. Hughes v Bellamy & Ors [2026] EWHC 105 (Ch))
• Farol & Ors v Clydesdale Bank & National Australia Bank [2024] EWHC 593 (Ch) – Acting for the Claimants in a 12-week trial in 2023 and appeal scheduled for 2025 (settled before appeal hearing) about the bank’s entitlement to charge certain amounts as break costs upon the early repayment of its fixed rate tailored business loans (with Andrew Onslow KC, and on appeal Mark Howard KC). Allegations of (among other things) fraudulent (and negligent) misrepresentation.
• Acting for the bank in defence of claims relating to vishing and cyber-attacks on customers of the bank (2016 onwards) (with Raymond Cox KC of Fountain Court and as sole counsel).
• Farrer and Co LLP v Meyer [2022] EWCA Civ 706 – Acting for the respondent in an appeal against a judgment finding an individual in contempt of court and sentencing her to a suspended sentence of six months’ imprisonment (as sole counsel).
• Sakab Saudi Holding Co v Al Jabri [2021] EWHC 3390 (QB) – Acting in proceedings resisting an Order sought pursuant to the Evidence (Proceedings in Other Jurisdictions) Act 1975 for disclosure of documents said to relate to an alleged fraud on companies owned by a sovereign wealth fund (with Matt Parker KC).
• Various disputes (and advisory work) concerning allegations of invoice fraud including acting in two arbitrations relating to invoice fraud and applications for Norwich Pharmacal orders.
• Aldersgate & Ors v Bank of Scotland & Anor [2018] EWHC 2601 (Comm) – Claim in excess of £100 million. Allegations of fraudulent and negligent misrepresentation arising out of LIBOR manipulation as well as an application by the defendant attempting to withdraw pleaded admissions of findings by global regulators.
• A freezing injunction application in respect of payment made under Sovereign medium term €10bn issue of notes.

Liisa has considerable experience in international trade disputes, including contracts of sale, (commodities and other), distribution agreements and agency agreements.

Illustrative examples include:

• KSY Juice Blends UK Ltd v Citrosuco GmbH [2025] EWCA Civ 760 – Acting as sole counsel at first instance and the Court of Appeal in a dispute about the sale of several thousand tonnes of undelivered orange juice by-product. Issues included the enforceability of price adjustment clauses in long-term contracts.
• Ongoing ICC arbitration concerning the share sale of a company that held wind farms in South America (leading Chinmayi Sharma).
• Acting as sole counsel in a multi-jurisdictional dispute about a contract manufacturing and supply agreement in the pharmaceuticals industry (ICC arbitration).
• Advising (as sole counsel) on a dispute about the termination of a distribution agreement in the diamond industry.
• Acting as sole counsel in a dispute about the provision of security services pursuant to a framework services agreement (settled following a successful mediation in 2024).
• An LCIA arbitration relating to the sale of wind turbines in the Ukraine (as sole counsel).
• An LMAA arbitration concerning allegations of invoice fraud and breaches of an alleged exclusive agency agreement (as sole counsel).
• PBO v (1) DONPRO and others [2021] EWHC 1951 (Comm) – Acting as sole counsel in a successful challenge to a trade arbitration award under section 68 of the Arbitration Act 1996. The case is a rare example of a successful challenge to a discretionary procedural decision by a tribunal.
• PST Energy 7 Shipping LLC v OW Bunker Malta Ltd [2015] EWCA Civ 1058, [2016] UKSC 23 – Acting for various Owners (arbitration and court, including the Supreme Court) in relation to claims arising from the insolvency of OW Bunkers. Issues included the relationship between retention of title clauses and claims for the price of goods (with Jonathan Crow KC of 4 Stone Buildings and as sole counsel).

Liisa has considerable experience in interlocutory work. Illustrative examples include:

• Acting (as junior to David Head KC) in a dispute about injunctive relief under section 25 of the Civil Jurisdiction and Judgments Act 1982 in support of foreign proceedings (some hearings reported: see e.g. Hughes v Bellamy & Ors [2026] EWHC 105 (Ch))
• A freezing injunction application in respect of payments made under a sovereign medium term €10bn issue of notes.
• An injunction application in support of arbitral proceedings. Issues concerning the meaning of “assets” under section 44(3) of the Arbitration Act 1996.
• Advising on the merits of an application to set aside an anti-suit injunction obtained by a bank in connection with sums due under complex “exotic” derivatives where the contractual terms provided for LCIA arbitration in England.
• Advising on the merits of an application to set aside a freezing injunction for (inter alia) material non-disclosure and abuse of process and ability to recover under the cross-undertaking in damages.
• Working on a freezing injunction application against persons unknown in the context of online fraud.

Liisa has extensive experience in energy, natural resources and infrastructure disputes. Illustrative examples include:

• Ongoing ICC arbitration concerning the share sale of a company that held wind farms in South America. Issues include the construction of the share purchase agreement and the inter-relationship between the relevant contractual documentation and claims based on unjust enrichment. Amounts in dispute in tens of millions (USD). Leading Chinmayi Sharma.
• Dispute spanning several arbitration proceedings concerning the termination of a major Nordic power project and the surrounding financing and other contractual arrangements. Amounts in dispute in excess of EURO 1 billion (ICC arbitration, ongoing, as junior).
• LCIA arbitration relating to the sale of wind turbines in the Ukraine (as sole counsel).
• Acting (with Lionel Persey KC and Paul Henton of Quadrant Chambers) for the claimants in a $ multi-million arbitration (UNCITRAL rules) arising out of a joint venture between Finnish and Bahraini interests for the production and marketing of lubricant base oils at a hydrocracker plant.
• See above under International Trade for experience in commodities and natural resources disputes.