Links to sue former Italian ally Gianni over Credit Suisse-Parmalat deal
Linklaters has filed negligence claims against Italian law firm Gianni Origoni Grippo & Partners relating to advice given by the magic circle firm to Credit Suisse on a deal with Italian food company Parmalat nearly 10 years ago. The claims, which were filed in the Admiralty and Commercial division of the High Court earlier this month (10 March), see Linklaters suing the Italian independent law firm as well as launching a number of claims against individuals. These include Gianni's former UK managing partner Bruno Bartocci, now a partner at Legance in Italy, and former London associate Andrea Platania. Gianni founding partners Francesco Gianni and GianBattista Origoni are named as legal representatives of the firm.
March 21, 2011 at 12:17 PM
2 minute read
Linklaters has filed negligence claims against Italian law firm Gianni Origoni Grippo & Partners relating to advice given by the magic circle firm to Credit Suisse on a deal with Italian food company Parmalat nearly 10 years ago.
The claims, which were filed in the Admiralty and Commercial division of the High Court earlier this month (10 March), see Linklaters suing the Italian independent law firm as well as launching a number of claims against individuals.
These include Gianni's former UK managing partner Bruno Bartocci, now a partner at Legance in Italy, and former London associate Andrea Platania. Gianni founding partners Francesco Gianni and GianBattista Origoni are named as legal representatives of the firm.
News of the lawsuit comes after it emerged earlier this month that Credit Suisse had sent a letter before action to Linklaters laying out a claim worth around €136m (£115m) against the firm regarding advice the bank was given on a 2001 bond deal with Parmalat, before the company went into administration in 2003.
Capital markets partner Simon Firth advised on that deal, taking advice from then Italian alliance partner Gianni.
Linklaters declined to comment on either its claim against Gianni or the Credit Suisse claim. Clyde & Co is advising Linklaters, with Allen & Overy advising Credit Suisse.
Claims of this kind between law firms are rare. Gianni formerly had an alliance with Linklaters until 2004, with the Italian firm's reluctance to merge widely reported as the reason for the end of the relationship.
Credit Suisse settled all claims with Parmalat in Italy in 2008, agreeing to pay €172.5m (£106m) to settle without admission of liability.
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