SocGen turns to Skadden for class action battle
Societe Generale has called in US giant Skadden Arps Slate Meagher & Flom to battle a class action law suit brought by shareholders following recent heavy losses sustained by the French lender. The class action has been filed against SocGen, France's second-largest bank, by a shareholder in the US as a result of losses sustained following its exposure to sub-prime loans and alleged fraudulent dealing by employee Jerome Kerviel.
March 26, 2008 at 12:29 PM
2 minute read
Societe Generale has called in US giant Skadden Arps Slate Meagher & Flom to battle a class action law suit brought by shareholders following recent heavy losses sustained by the French lender.
The class action has been filed against SocGen, France's second-largest bank, by a shareholder in the US as a result of losses sustained following its exposure to sub-prime loans and alleged fraudulent dealing by employee Jerome Kerviel.
Paris co-chief Pierrre Servan-Schreiber is leading the team for Skadden, alongside New York-based litigation partners Scott Musoff, Keith Krakaur and Christopher Gunther.
Last year Skadden launched a class action defence unit in the UK ahead of an anticipated rise in US-style group actions in Europe. The New York giant's contentious team has previously fought class actions brought against major clients including financial services giants Citigroup, Bank of America and Merrill Lynch.
The suit, which alleges that SocGen misled shareholders over its exposure to the sub-prime mortgage market and failed to act on information regarding the activities of Kerviel, was filed earlier this month by New York class action specialist Cohen Milstein Hausfield & Toll. Managing partner Steve Toll is leading the team for Cohen Millstein.
SocGen last year revealed losses of around €4.9bn (£3.8bn) following allegations of fraudulent dealing by Kerviel, a junior trader at the bank.
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