We provide expert witness and consulting expert services for disputes arising out of the global financial services sector.
We provide expert witness and consulting expert services for disputes arising out of the financial services sector.
People
Hanif Virji
Director
Hanif gained experience in banking at some of the world’s largest investment banks including Lazard Brothers, JP Morgan and Credit Agricole Indosuez, having started in investment banking at Barclays de Zoete Wedd in 1988.
Hanif has been advising clients with disputes in the financial markets for 15 years and acting as a testifying expert witness. He has given evidence in court. Hanif has been elected a Fellow of the Academy of Experts and has qualified to conduct Expert Determination, a confidential ADR process. He is a member of the Chartered Institute of Arbitrators Sustainability Specialist Group.
Vivadum provides expert witness and consulting expert services for disputes arising out of the financial services sector.
Why me?
Our clients will tell you that the services Hanif provides are different in breadth and depth.
There is more to being an expert: an essential element is to understand the narrative of what happened, not simply to create spreadsheets. This helps lawyers and judges to get the whole picture.
Four elements are key for this to succeed:
- Practical experience of trading, structuring and selling in the financial markets, and in a variety of asset classes (Hanif started in 1988);
- A deep understanding of the underlying mathematical models (Hanif trained as a Physicist);
- The ability to explain complex ideas and calculations clearly (Hanif often posts on LinkedIn and publishes articles in legal journals)
- To have the confidence to make the underlying story lucid and the calculations clear when under verbal cross-examination (Hanif has given evidence at trial)
Judges’ Views
Hanif has given evidence in court. This is what judges had said about him:
“It is an application for permission to rely on expert evidence and in particular expert evidence from Mr Hanif Virji, who is someone with great experience in relation to derivative products. He was already giving expert evidence in a case which was also concerned with the sale of derivatives.”
Mrs Justice Asplin – (Dudding and Another v Royal Bank of Scotland Plc [2017] EWHC 2207 (Ch).)
“I found his justification of his figures more persuasive. They seemed to be broadly based in his real experience. Moreover, his opinion…is a commonsense approach.”
His Honour Judge Pearce – (Daniel Donovan and Naled Limited v Grainmarket Asset Management LLP [2020] EWHC 17 (Comm).)
“Mr Virji gave his evidence clearly and confidently.”
Mrs Justice Asplin – (Property Alliance Group v Royal Bank of Scotland [2016] EWHC 3342(Ch). Named as Part of The Lawyer’s Top 20 Cases of 2016.)
“Mr Virji was knowledgeable and provided a helpful report.”
Justice Rose – (London Executive Aviation v Royal Bank of Scotland [2018] EWHC 74(Ch).)
“It is an application for permission to rely on expert evidence and in particular expert evidence from Mr Hanif Virji, who is someone with great experience in relation to derivative products. He was already giving expert evidence in a case which was also concerned with the sale of derivatives.”
Mrs Justice Asplin – (Dudding and Another v Royal Bank of Scotland Plc [2017] EWHC 2207 (Ch).)
“I found his justification of his figures more persuasive. They seemed to be broadly based in his real experience. Moreover, his opinion…is a commonsense approach.”
His Honour Judge Pearce – (Daniel Donovan and Naled Limited v Grainmarket Asset Management LLP [2020] EWHC 17 (Comm).)
“Mr Virji gave his evidence clearly and confidently.”
Mrs Justice Asplin – (Property Alliance Group v Royal Bank of Scotland [2016] EWHC 3342(Ch). Named as Part of The Lawyer’s Top 20 Cases of 2016.)
“Mr Virji gave his evidence clearly and confidently.”
Justice Rose – (London Executive Aviation v Royal Bank of Scotland [2018] EWHC 74(Ch).)
Testimonials
Vivadum has had the great pleasure of working with law firms, barristers, funders and brokers – here are some of the kind words they had to say.
Hanif is “phenomenally bright” and a “true expert in financial services litigation with deep knowledge” and ability to “explain complex concepts in a simple manner.”
He “can also stand up to the biggest and best experts” and “he does not waver in his views.” Hanif’s “written reports are clear and concise.” He is “Experienced and resilient under cross examination” and his “oral evidence is calm and authoritative.”
Hanif is a “fantastic sounding board” and has an “excellent ability to focus on the key issues.” “He is extremely commercial, solution focussed and unfailingly a delight to work with.”
Hanif is “responsive and excellent with clients.” He is our “go-to expert.”
Some of our clients
We work with solicitors, barristers, litigation funders, insolvency practitioners, accountants, companies, institutions, trustees, charities and individuals.
Some of our clients
We work with solicitors, barristers, litigation funders, insolvency practitioners, accountants, companies, institutions, trustees, charities and individuals.
Valuations – Disputes arise as to the value of, for example, the traded financial product, the company in a corporate finance transaction, portfolios, interest, the change in asset prices, or the calculation of a fee.
Transaction Process – Disputes can arise from the manner in which a transaction was executed leading to loss for one party, for example, in “Stock Drop” cases (claims under s.90/s.90A of the Financial Services and Markets Act 2000), by “front running” an order, replacement of LIBOR upon its demise, market manipulation such as “spoofing”, insider trading, fraud, inaccurate prospectuses, etc.
Financial Products – Disputes arise concerning the appropriateness of financial products (mis-selling) which include a large array of both over-the-counter and exchange-traded derivatives, funds, loans, repos, etc. We have encountered many products in this area which sometimes do not conform to a type, category or asset. Structured products or products that have embedded derivatives are just some examples. Given the innovative and evolving nature of finance and the non-uniformity of many products, it is not possible to produce a complete list of products. Financial products cover different asset classes such as interest rates (loans, repos, bonds, CDs, swaps, caps, collars, structured collars, swaptions), Foreign exchange (spot, forwards, options, TARNs, TARFs, Forward Plus), Equities (spot, repos, CFDs, swaps, forwards, options, Index), Credit (credit default swaps, total return swaps), Cryptocurrencies (cash and various products).
What we do
What we do
Valuations – Disputes arise as to the value of, for example, the traded financial product, the company in a corporate finance transaction, portfolios, interest, the change in asset prices, or the calculation of a fee.
Transaction Process – Disputes can arise from the manner in which a transaction was executed leading to loss for one party, for example, in “Stock Drop” cases (claims under s.90/s.90A of the Financial Services and Markets Act 2000), by “front running” an order, replacement of LIBOR upon its demise, market manipulation such as “spoofing”, insider trading, fraud, inaccurate prospectuses, etc.
Financial Products – Disputes arise concerning the appropriateness of financial products (mis-selling) which include a large array of both over-the-counter and exchange-traded derivatives, funds, loans, repos, etc. We have encountered many products in this area which sometimes do not conform to a type, category or asset. Structured products or products that have embedded derivatives are just some examples. Given the innovative and evolving nature of finance and the non-uniformity of many products, it is not possible to produce a complete list of products. Financial products cover different asset classes such as interest rates (loans, repos, bonds, CDs, swaps, caps, collars, structured collars, swaptions), Foreign exchange (spot, forwards, options, TARNs, TARFs, Forward Plus), Equities (spot, repos, CFDs, swaps, forwards, options, Index), Credit (credit default swaps, total return swaps), Cryptocurrencies (cash and various products).
Vivadum: A Brief History
Vivadum is dedicated to dispute resolution particularly in the financial services sector. Led by financial expert Hanif Virji whose background is in trading, structuring and marketing financial products at major investment banks. Together with his knowledge and hands-on experience of the mathematics underlying today’s complex products makes him an invaluable asset in any dispute.
Hanif has been involved in very many disputes within the financial services sector. For example, disputes in relation to ‘stock drop’ (s.90/90A), interest rate derivatives such as swaps, exotic currency derivatives, market manipulation, credit, life insurance, equities, private banking, on-line trading and wealth management amongst others. This knowledge and experience have made Hanif a leading expert in financial markets’ disputes.
Hanif co-founded a corporate finance advisory boutique in 2001, which enables him to act as an expert in relevant disputes, including corporate valuation issues.
We can be Party-appointed or Tribunal-appointed experts to assist on causation issues and to provide evidence of loss or damage. We also conduct ‘tutorial’ sessions on relevant technical issues and can act as a ‘technical advisor’ to the Tribunal.
Arbitration
Expert Determination
Expert Determination is a confidential ADR process involving an independent technical expert who makes a decision on issues other than legal and who has the power to ask questions of the parties before rendering the decision. The decision is binding unless it is agreed by the parties at the outset that the determination will not be.
Expert determination is particularly suited to disputes of valuation or a purely technical nature. This process is simpler, faster and cheaper than a court case or arbitration. There is no requirement to prepare pleadings, conduct detailed investigation of documents, cross-examine witnesses or conduct trial-type hearings.
We have acted on instructions in both the early and late stages of the litigation process and provide independent opinions on difficult, case turning questions. For example one notable case, where we acted for the Claimant is Property Alliance Group Limited v The Royal Bank of Scotland plc (Financial List).
We assist under instruction from solicitors and legal counsel and have direct experience of giving oral evidence at trial. We have also advised on cross border disputes which involve many complex products.
Expert witness
Expert Advisory
We have acted as a consulting expert in many cases and assisted in exploring new lines of investigation. The expert work we have undertaken has helped advance settlement discussions at various stages of litigation. Where appropriate we can be involved in negotiating a settlement.
Expert advisors are able to identify the strengths and weaknesses of a case quickly and help achieve the desired outcomes for those instructing. Expert advisory reports provide an in-depth analysis and comprehensive fact find of each individual case which often requires a full review of all correspondence and documentation. As part of this process and amongst other things we can consider issues relating to suitability, pricing and quantification of damages.
We have acted as adviser in actions involving groups of claimants.
The many quantum calculations often involve complex valuations which need to be conducted accurately and on a timely basis. At Vivadum we make full use of our ability to use technology as well as bespoke, proprietary software to conduct the calculations in a cost-efficient manner.
The methodology of the quantum calculations may require statistical analysis, for example in the case of losses in stock or bond holdings. We use standard methods to do this backed by proprietary AI methods to corroborate the results.
Quantum Analytics
We can be Party-appointed or Tribunal-appointed experts to assist on causation issues and to provide evidence of loss or damage. We also conduct ‘tutorial’ sessions on relevant technical issues and can act as a ‘technical advisor’ to the Tribunal.
Arbitration
Expert Determination
Expert Determination is a confidential ADR process involving an independent technical expert who makes a decision on issues other than legal and who has the power to ask questions of the parties before rendering the decision. The decision is binding unless it is agreed by the parties at the outset that the determination will not be.
Expert determination is particularly suited to disputes of valuation or a purely technical nature. This process is simpler, faster and cheaper than a court case or arbitration. There is no requirement to prepare pleadings, conduct detailed investigation of documents, cross-examine witnesses or conduct trial-type hearings.
We have acted on instructions in both the early and late stages of the litigation process and provide independent opinions on difficult, case turning questions. For example one notable case, where we acted for the Claimant is Property Alliance Group Limited v The Royal Bank of Scotland plc (Financial List).
We assist under instruction from solicitors and legal counsel and have direct experience of giving oral evidence at trial. We have also advised on cross border disputes which involve many complex products.
Expert witness
Expert Advisory
We have acted as a consulting expert in many cases and assisted in exploring new lines of investigation. The expert work we have undertaken has helped advance settlement discussions at various stages of litigation. Where appropriate we can be involved in negotiating a settlement.
Expert advisors are able to identify the strengths and weaknesses of a case quickly and help achieve the desired outcomes for those instructing. Expert advisory reports provide an in-depth analysis and comprehensive fact find of each individual case which often requires a full review of all correspondence and documentation. As part of this process and amongst other things we can consider issues relating to suitability, pricing and quantification of damages.
We have acted as adviser in actions involving groups of claimants.
The many quantum calculations often involve complex valuations which need to be conducted accurately and on a timely basis. At Vivadum we make full use of our ability to use technology as well as bespoke, proprietary software to conduct the calculations in a cost-efficient manner.
The methodology of the quantum calculations may require statistical analysis, for example in the case of losses in stock or bond holdings. We use standard methods to do this backed by proprietary AI methods to corroborate the results.
Quantum Analytics
Arbitration
We can be Party-appointed or Tribunal-appointed experts to assist on causation issues and to provide evidence of loss or damage. We also conduct ‘tutorial’ sessions on relevant technical issues and can act as a ‘technical advisor’ to the Tribunal.
Expert Determination
Expert Determination is a confidential ADR process involving an independent technical expert who makes a decision on issues other than legal and who has the power to ask questions of the parties before rendering the decision. The decision is binding unless it is agreed by the parties at the outset that the determination will not be.
Expert determination is particularly suited to disputes of valuation or a purely technical nature. This process is simpler, faster and cheaper than a court case or arbitration. There is no requirement to prepare pleadings, conduct detailed investigation of documents, cross-examine witnesses or conduct trial-type hearings.
Expert witness
We have acted on instructions in both the early and late stages of the litigation process and provide independent opinions on difficult, case turning questions. For example one notable case, where we acted for the Claimant is Property Alliance Group Limited v The Royal Bank of Scotland plc (Financial List).
We assist under instruction from solicitors and legal counsel and have direct experience of giving oral evidence at trial. We have also advised on cross border disputes which involve many complex products.
Expert Advisory
We have acted as a consulting expert in many cases and assisted in exploring new lines of investigation. The expert work we have undertaken has helped advance settlement discussions at various stages of litigation. Where appropriate we can be involved in negotiating a settlement.
Expert advisors are able to identify the strengths and weaknesses of a case quickly and help achieve the desired outcomes for those instructing. Expert advisory reports provide an in-depth analysis and comprehensive fact find of each individual case which often requires a full review of all correspondence and documentation. As part of this process and amongst other things we can consider issues relating to suitability, pricing and quantification of damages.
Quantum Analytics
We have acted as adviser in actions involving groups of claimants.
The many quantum calculations often involve complex valuations which need to be conducted accurately and on a timely basis. At Vivadum we make full use of our ability to use technology as well as bespoke, proprietary software to conduct the calculations in a cost-efficient manner.
The methodology of the quantum calculations may require statistical analysis, for example in the case of losses in stock or bond holdings. We use standard methods to do this backed by proprietary AI methods to corroborate the results.
Arbitration
We can be Party-appointed or Tribunal-appointed experts to assist on causation issues and to provide evidence of loss or damage. We also conduct ‘tutorial’ sessions on relevant technical issues and can act as a ‘technical advisor’ to the Tribunal.
Expert Determination
Expert Determination is a confidential ADR process involving an independent technical expert who makes a decision on issues other than legal and who has the power to ask questions of the parties before rendering the decision. The decision is binding unless it is agreed by the parties at the outset that the determination will not be.
Expert determination is particularly suited to disputes of valuation or a purely technical nature. This process is simpler, faster and cheaper than a court case or arbitration. There is no requirement to prepare pleadings, conduct detailed investigation of documents, cross-examine witnesses or conduct trial-type hearings.
Expert witness
We have acted on instructions in both the early and late stages of the litigation process and provide independent opinions on difficult, case turning questions. For example one notable case, where we acted for the Claimant is Property Alliance Group Limited v The Royal Bank of Scotland plc (Financial List).
We assist under instruction from solicitors and legal counsel and have direct experience of giving oral evidence at trial. We have also advised on cross border disputes which involve many complex products.
Expert Advisory
We have acted as a consulting expert in many cases and assisted in exploring new lines of investigation. The expert work we have undertaken has helped advance settlement discussions at various stages of litigation. Where appropriate we can be involved in negotiating a settlement.
Expert advisors are able to identify the strengths and weaknesses of a case quickly and help achieve the desired outcomes for those instructing. Expert advisory reports provide an in-depth analysis and comprehensive fact find of each individual case which often requires a full review of all correspondence and documentation. As part of this process and amongst other things we can consider issues relating to suitability, pricing and quantification of damages.
Quantum Analytics
We have acted as adviser in actions involving groups of claimants.
The many quantum calculations often involve complex valuations which need to be conducted accurately and on a timely basis. At Vivadum we make full use of our ability to use technology as well as bespoke, proprietary software to conduct the calculations in a cost-efficient manner.
The methodology of the quantum calculations may require statistical analysis, for example in the case of losses in stock or bond holdings. We use standard methods to do this backed by proprietary AI methods to corroborate the results.
Publications
Hanif Virji, “Repos used in LDI should be seen as either loans or derivatives, but not neither!”, Butterworths Journal of International Banking and Financial Law, Aug. 2023.
Hanif Virji, “What is Collateral Special Value?”, Butterworths Journal of International Banking and Financial Law, Jun. 2023.
Justina Stewart, Lucian Ilie, Anson Cheung, and Hanif Virji, “Credit Suisse, AT1 bonds and taking the bit between the teeth”, Butterworths Journal of International Banking and Financial Law, May 2023.
Hanif Virji, “How to price environmental damage”, The Resolver, The Chartered Institute of Arbitrators, Spring 2023 (paywall)
Hanif Virji, “Valuing Swaps – what exactly are ‘hidden costs’ and ‘mark-to-market’?”, Butterworths Journal of International Banking and Financial Law, Apr. 2023.
Hanif Virji, “Capacity: is the question of hedging or speculation mis-stated?”, Butterworths Journal of International Banking and Financial Law, Oct. 2022.
Hanif Virji, “Musk v Twitter: it’s not just lawyers who have an opinion on the likelihood of success of the litigation: the market does too!”, Butterworths Journal of International Banking and Financial Law, Sep. 2022.
Hanif Virji, “Pre-hedging versus front-running: six of one, and half a dozen of the other?”, Butterworths Journal of International Banking and Financial Law, Jul. 2022.
Hanif Virji, “A contradiction of terms: is stock-lending compliant with the ethos of an ESG fund?”, Butterworths Journal of International Banking and Financial Law, Jun. 2022.
Hanif Virji, “It is dangerous to use pithy terms to describe the complex risks of a fund”, Butterworths Journal of International Banking and Financial Law, Feb. 2022.
Hanif Virji, “LIBOR Transition: Demystifying the interest calculations in the LMA Exposure Draft”, Butterworths Journal of International Banking and Financial Law, April 2021, pp. 263 – 268.
Hanif Virji, “The issues with interest calculations in arbitration awards”, Butterworths Journal of International Banking and Financial Law, January 2021, pp. 24 – 27.
Justina Stewart, Chloë Bell and Hanif Virji, “LIBOR transition: ISDA protocol first mover disadvantage and other international perspectives”, Butterworths Journal of International Banking and Financial Law, January 2021, pp. 5 – 1
Hanif Virji, “The demise of LIBOR: the value of fallbacks”, Butterworths Journal of International Banking and Financial Law, October 2020, pp. 589 – 591.
Hanif Virji, “FSMA s 90/90A Stock Drop damages calculation: a technical introduction”, Butterworths Journal of International Banking and Financial Law, March 2020, Vol. 35 – No. 3, pp. 163 – 165.
Hanif Virji and Paul Marshall, “Facing the end of LIBOR ADDENDUM: A ‘Cost of Funds’ fallback?”, Butterworths Journal of International Banking and Financial Law, February 2020, Vol. 35 – No. 2, pp. 84 -85.
Paul Marshall, Arif Merali and Hanif Virji, “Changing UK Inflation indexation and the end of RPI: some financial and legal considerations”, Butterworths Journal of International Banking and Financial Law, February 2020, Vol. 35 – No. 2, pp. 86 – 93.
Hanif Virji, Arif Merali and Paul Marshall, “Facing the end of LIBOR: the financial and legal implications”, Butterworths Journal of International Banking and Financial Law, December 2019, Vol. 34 – No. 11, pp. 715 – 722.
Talks
Hanif is often asked to speak at conferences and seminars, both nationally and internationally, on a wide range of financial markets topics: from s90 “stock drop” loss quantification methods to LIBOR; from mis-selling to how derivatives work.
We are available to give talks and presentations, or to lead or participate in seminars. We can provide briefing talks to law firms and their clients on how the markets or particular products work, and financial services disputes.