Santander has won an appeals court victory in its £677m indemnity dispute with AXA, after Slaughter and May was brought in as co-counsel with Reed Smith.
The Court of Appeal today (15 September) overturned a 2025 High Court judgment that ordered Santander to pay £677m to French insurer AXA – represented by Quinn Emanuel – over costs arising from the misselling of payment protection insurance (PPI).
For Santander, the in-court legal team comprised of Brick Court’s Mark Howard KC, Fountain Court’s Adam Zellick KC and Aaron Taylor, and Andrew Scott KC from Blackstone Chambers.
They were instructed by Reed Smith financial markets and regulatory team co-head Robert Falkner and commercial disputes partner Eleanor Chapman.
Slaughter and May acted as co-counsel for the appeal, with disputes partner and financial institutions group co-head Gayathri Kamalanthan leading.
Kamalanthan has advised Santander on multiple litigation and regulatory issues arising out of its UK motor finance business, including an application for a collective proceeding before the Competition Appeals Tribunal.
For AXA, Quinn London managing partner Richard East instructed Blackstone Chambers’ Andrew Green KC and Fraser Campbell KC.
AXA said in a statement that it is ‘considering all of its options, including further appeal to the UK Supreme Court.’
LB understands that AXA has 28 days to appeal the ruling.
