Report: DOJ Probing Irish 'Bad Bank' Deal Involving Brown Rudnick
The Boston-based Am Law 100 firm, already caught up in an Irish investigation into its role advising private-equity giant Cerberus Capital Management on its purchase of a troubled Northern Ireland property portfolio last year, must now deal with another inquiry by the U.S. Department of Justice.
September 08, 2015 at 11:36 AM
4 minute read
The U.S. Department of Justice has reportedly landed on Project Eagle.
The code name for the April 2014 transaction, which saw Brown Rudnick advise private-equity giant Cerberus Capital Management on its $1.82 billion acquisition of a $7.5 billion property portfolio from the National Asset Management Agency (NAMA), the Republic of Ireland's “bad bank,” made headlines in the country this summer over allegations of political payoffs and monies stashed in offshore accounts.
Back in July, The Am Law Daily noted that an audit of Belfast-based Tughans—a law firm that had been retained by Brown Rudnick as local counsel for the deal with NAMA—revealed that the equivalent of $10.7 million in fees had set aside for an account on the Isle of Man. The monies in question were reportedly set aside for a Northern Ireland politician and additional fixers, according to various stories in the Irish press.
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