5 St Andrews Hill

��David has a wealth of experience in business crime, commercial insurance and financial regulation.

David has a wealth of experience in business crime, commercial insurance and financial regulation.  He is ranked in Chambers & Partners as a leader in the field of Financial Crime (London) as well as the Legal 500 for Business and Regulatory Crime (including Global investigations) (London).

David regularly acts for large financial institutions and other corporations with compliance and enforcements matters or those seeking to recover insurance losses in the London Market and has a proven track record in successfully resolving policyholder claims through negotiated settlement, litigation and mediation.

David’s practice focuses on corporate regulation, business crime and serious fraud with a particular emphasis on financial services and insurance.

David is Joint Head of the Regulation and Business Crime Practice Group at 5 St Andrew’s Hill and has acted in many of the most high-profile proceedings in England, especially cases brought by the Serious Fraud Office and the FCA as well as internationally in Europe and the US.

David was at the forefront of the recent LIBOR benchmark manipulation scandal involving trading in excess of £350 trillion. He successfully represented three banking clients from Barclays, ICAP (UBS and Citibank), Lloyd’s and HBOS in SFO criminal prosecutions and investigations. He is currently retained by several clients with exposure to the CumEx trading investigations involving alleged losses against certain EU treasuries with a value of several billion Euros.  He has published several key articles on CumEx and is considered to be a leading expert in the field.

David also leads the Corporate Advisory Service provided by the Practice Group.  He has a particular expertise in advisory, regulatory and tribunal work arising out of financial transactions. He is regularly instructed to represent both corporates and individuals in FCA regulatory investigations and wider risk-related matters.  He has developed an innovative service for corporations and multi-nationals through conducting risk assessment, compliance, governance and internal investigations as part of team focussed on ensuring his clients with best practice with business and financial crime prevention measures. David founded Settlement Counsel in 2000 and has acted in many leading high value insurance claims for North American policyholders in the London Insurance Market, including acting as lead London counsel in the World Trade Center coverage case.

He is also a highly respected commercial mediator and handles a range of commercial matters with a particular emphasis on the resolution of financial services and insurance disputes.

David is also Special Counsel at Edmonds Marshall McMahon providing specialist advice on private prosecutions.

Seminars and lectures

David regularly provides lectures and seminars on a variety of subjects, including financial services, business crime, the London Financial and Insurance Markets and mediation. He has presented keynote speeches for several international bar organisations, including the American Bar Association.

Direct Public Access David accepts Direct Public Access instructions. David is able to take instructions directly from law firms, government agencies, corporations and HNW individuals.

What the Legal Directories say about David Stern:

‘ David is an exceptionally good barrister well able to persuade judges and jurors alike. His detailed approach to cases is impressive. He is calm and unflappable. His cross-examination ability is first-class. ’

The Legal 500 2022.

"Has a real depth of knowledge and is a smooth advocate. He's very tactically aware." "He's very thorough and exceptional in front of a jury, but equally hard-working on the papers."

Chambers and Partners 2021.

"He has a first-class brain and is very innovative in developing legal arguments."

The Legal 500 2020.

"He has a very high intellect, is able to develop very compelling legal argument and is extremely good at analysis of the papers."

Chambers and Partners 2019.

"He is an absolutely first-rate junior and his intellectual and legal arguments are outstanding. He is a talented and pragmatic defence counsel, who is tactically astute and very hard-working."

Chambers and Partners 2015.

"(David) Stern is the key business crime and financial regulation barrister at the set. His areas of expertise include advising on rate rigging, corruption and investment fraud cases."

Chambers and Partners 2017.

"Working with David is a pleasure because he combines an ability to master almost any problem with an impressive talent for hard work. He analyses the minutiae of a case without losing sight of the larger picture and is a great asset to any team who wants to get it right from the start."

Chambers and Partners 2018.

David was called to the Bar in 1989.

Business Crime & Financial Regulation

David has a proven track record in handling complex commercial fraud, serious fraud and business crime cases. His commercial experience in insurance and financial services often proves invaluable working on complex fraud trials.

His strengths are his tactical and analytical approach, commercial acumen and creative flair.

David's advice is often sought by UK and international corporates on ensuring compliance with their business crime responsibilities, with particular emphasis on anti-bribery and corruption, AML and under the Criminal Finances Act 2017.

“He is very responsive to instructions, has a brilliant and incisive brain, is exceptionally bright and good with clients.”

Chambers and Partners 2023.

"Has an extremely high intellect and an ability to identify critical legal factual points very quickly. He's also particularly strong in developing pre-trial arguments."

Chambers and Partners 2020.

 ‘ A sure hand with complex legal arguments. ’

Legal 500 2020.

David acted as leading junior defence counsel in the first prosecution of the alleged manipulation of the US$ Libor rate (SFO v Contogoulas) and in the first ever acquittal of the alleged manipulation of the Libor benchmarks (Yen Libor – SFO v Wilkinson) and is currently acting for several clients concerned with the CumEx investigations in Europe.

David acts as leading junior and junior counsel in commercial fraud, serious fraud and business crime investigations and prosecutions. While he handles a wide variety of serious matters, the principal areas of his business crime practice are:

Serious and complex fraud, including SFO and HMRC prosecutions, especially those involving financial institutions and professional advisers Money-laundering compliance, investigations and prosecutions Director disqualification Price fixing, cartels, anti-trust and Enterprise Act investigations Commercial and personal mortgage fraud and related business crime involving other financial instruments LIBOR/FX and other investigations and prosecutions of benchmark manipulation CumEx tax dividend arbitrage trading investigations and proceedings Bribery and corruption Misconduct in the public office.

A key area of success has been the early dismissal of proceedings on grounds of abuse of process and non-disclosure. He appears in the Crown Court, Divisional Court and Court of Appeal and has appeared in the House of Lords.

“Recognised for his skills in a broad sweep of white-collar criminal matters, including prosecutions led by the SFO and FCA. He elicits particular praise for his skill in handling various types of investment fraud, property fraud and corruption matters.“

Chambers and Partners 2016

He has acted in several high-profile cases for commercial and private clients for example: HSE and corporate manslaughter investigation arising out of the Marchioness; anti-trust investigations involving Cable & Wireless, and several “big ticket” fraud prosecutions and appeals, arising out of allegations concerning Guinness II, Smith, McNicholas Construction and Butte Mining.  Asset Recovery, Civil Fraud & Confiscation David has considerable experience in restraint and confiscation hearings. He has been instrumental in testing the mechanics of this complex and evolving area of law under CJA 1998, DTA 1994 and more recently under POCA 2002 and the Criminal Finances Act 2017. His advice and representation is regularly sought by the authorities, defendants and third parties in respect of all aspects of confiscation and civil recovery proceedings. Criminal Prosecutions - Private & Public David has many years’ experience in general crime. In particular he has advised and appeared in private prosecutions and for the defence in cases including large scale drug importations, murder, manslaughter and HSE prosecutions. Chancery & Commercial

Over the last three decades, David has developed a unique commercial insurance practice, which focuses on the resolution of London Market insurance claims on behalf of international policyholders, with a particular emphasis on North America.

He is considered to be a leading expert on legal issues arising out of Lloyd’s of London, Equitas and its successors and the London companies market.

Founder of Settlement Counsel in 2000, he has been retained in some of the largest commercial insurance settlements and litigation to act on behalf of the corporate policyholder, usually with the assistance of foreign counsel in both long and short tail claims.

He has acted in settlements, mediations and as expert counsel to assist in foreign litigation against the London Market.  He has assisted in the taking of depositions in London and acted as an expert witness in proceedings abroad which require an understanding of English law as applied to various insurance matters, including insurance business transfers under FSMA 2000.  He has also been retained to assist in finding so-called “missing” policies and has particular expertise in London Market insurance archaeology projects.

He takes a pragmatic and commercial approach to the resolution of insurance claims, often achieving favourable outcomes for his clients without the recourse to litigation.  Where litigation is required, he uses his insight to ensure a level playing field.

A current feature of his practice relates to Covid business interruption insurance losses.

He has been a regular speaker at the American Bar Association and other professional associations.

Lincoln’s Inn. Criminal Bar Association. Fraud Lawyers’ Association. Proceeds of Crime Lawyers’ Association. Association of Regulatory and Disciplinary Lawyers.

King’s College, London (LL.B.) and Jesus College, Cambridge (LL.M.)