Bank of America moves to force Quinn Emanuel off $10bn AIG case
Bank of America (BoA) has filed a motion to disqualify US law firm Quinn Emanuel Urquhart & Sullivan from representing AIG in a $10bn (£6.3bn) securities litigation case, reports The Am Law Litigation Daily. The bank argues that Quinn Emanuel is conflicted because Marc Becker, a London partner the firm recruited in 2009, had previously represented Merrill Lynch and a subsidiary as a partner at Munger Tolles & Olson, BoA's lawyers. Becker joined Quinn Emanuel's London office shortly after it opened for business in in the City in October 2008.
October 19, 2011 at 11:12 AM
3 minute read
Bank of America (BoA) has filed a motion to disqualify US law firm Quinn Emanuel Urquhart & Sullivan from representing AIG in a $10bn (£6.3bn) securities litigation case, reports The Am Law Litigation Daily.
The bank argues that Quinn Emanuel is conflicted because Marc Becker, a London partner the firm recruited in 2009, had previously represented Merrill Lynch and a subsidiary as a partner at Munger Tolles & Olson, BoA's lawyers.
Becker joined Quinn Emanuel's London office after it opened for business in in the City in October 2008.
BoA asserts that before leaving his former firm, California's Munger Tolles, Becker had provided representation to Merrill Lynch and a subsidiary, First Franklin Financial, as part of the firm's work beginning in early 2008 advising on potential claims by mortgage-backed securities purchasers. According to BoA's motion, Becker billed more than 120 hours at Munger looking into Merrill's underwriting practices.
BoA claims it discovered Becker's alleged conflict on 8 September, a few months after Munger Tolles signed on to represent the bank. After BoA first raised the issue, Quinn Emanuel founder John Quinn sent the bank's lawyers an email on 20 September claiming that Becker "has had and will have nothing to do with this case."
However, in a 5 October letter, Quinn Emanuel's counsel Gregory Joseph acknowledged that Becker had reviewed a draft of AIG's complaint and later edited a motion to remand the case back to New York state court. Joseph also acknowledged that Quinn had not taken any affirmative action to screen Becker's involvement until BoA voiced its concerns.
Joseph's letter nevertheless asserts that Becker "is not, and never was, a member of the Quinn Emanuel team on the BoA action," that his work on the case spanned just 5.8 hours, and that he was never privy to confidential Merrill Lynch information during his days at Munger.
"Marc Becker practiced at Munger Tolles for 19 years as a highly respected and trusted associate and partner," Joseph said in his statement. "They know perfectly well that he would not share any confidential information, and he never did. This motion is simply tactical: BoA doesn't want to face Quinn Emanuel on the other side."
Both AIG and Joseph dismissed the notion that Quinn was conflicted in its representation. "The motion has no merit and is simply an attempt to distract from the merits of the case: that Bank of America sold AIG fraudulent residential mortgage-backed securities," said AIG spokesman Mark Herr.
Quinn Emanuel has turned to New York litigation lawyer Gregory Joseph as outside counsel. Joseph last year successfully went up against Quinn Emanuel and Morgan Stanley in defending Citigroup in a suit over a $245m (£155m) collateralised debt obligation.
The Am Law Litigation Daily is a US affiliate title of Legal Week.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllClaus von Wobeser: Mexico's ‘Godfather of Arbitration’ Becomes Firm’s Honorary Chair
Slaughter and May Leads As Government Buys Back £6 Billion of Military Homes
2 minute readLatAm Moves: DLA Piper Chile, Brazil’s Demarest Build Out Disputes Muscle
Kingsley Napley and Lord Pannick Spearhead Private Schools' Challenge to Government VAT Policy
Trending Stories
- 1Silk Road Founder Ross Ulbricht Has New York Sentence Commuted by Trump
- 2Settlement Allows Spouses of U.S. Citizens to Reopen Removal Proceedings
- 3CFPB Resolves Flurry of Enforcement Actions in Biden's Final Week
- 4Judge Orders SoCal Edison to Preserve Evidence Relating to Los Angeles Wildfires
- 5Legal Community Luminaries Honored at New York State Bar Association’s Annual Meeting
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250