Hogan Lovells, A&O among best paid from €27.6m Irish banking crisis work
Hogan Lovells and Allen & Overy (A&O) have emerged as two of the biggest beneficiaries of legal spend by Ireland's National Asset Management Agency (NAMA) since it was set up to address the crisis in the country's banking system in December 2009. The two firms have collected more than €5m in fees between them since the start of 2010 - with Hogan Lovells earning €2.9m (£2.5m) and A&O €2.5m (£2.1m) - around a fifth of the body's €27.6m (£23.1m) total legal spend over the period.
February 09, 2012 at 08:54 AM
2 minute read
Hogan Lovells and Allen & Overy (A&O) have emerged as two of the biggest beneficiaries of legal spend by Ireland's National Asset Management Agency (NAMA) since it was set up to address the crisis in the country's banking system in December 2009.
The two firms have collected more than €5m in fees between them since the start of 2010 – with Hogan Lovells earning €2.9m (£2.5m) and A&O €2.5m (£2.1m) – around a fifth of the body's €27.6m (£23.1m) total legal spend over the period.
The fees, which were revealed after Sinn Fein leader Gerry Adams requested a breakdown of the top 10 recipients of legal fees in a parliamentary question, make them the second and third largest earners from NAMA behind Dublin's Arthur Cox, which has earned €3.07m (£2.6m).
Many of the firms benefiting from NAMA's spend are Irish, including Matheson Ormsby Prentice, William Fry and A&L Goodbody. Other firms taking in significant fees include offshore player Maples and Calder, while Simmons & Simmons, SNR Denton, Taylor Wessing and DLA Piper have made relatively small amounts of fees so far in 2012.
According to NAMA it has recovered more than a third of the total fees paid out (€10.1m) from a number of financial institutions from which it has purchased loans.
Adams lashed out at the fees, stating: "These same institutions benefitted during the boom which caused the crisis and are now benefitting from the crisis itself. These contracts need to be the result of a fully open and transparent tendering process."
Legal Week reported in October that Hogan Lovells, which was appointed to NAMA's inaugural legal panel in 2010, advised the body on the sale of £660m in debt it held on hotels including Claridges to the Barclay brothers.
The deal, the largest sale completed by that point by NAMA, saw a vehicle owned by the Barclay brothers buy £660m debt of Maybourne Hotels Group – parent company of Claridges, The Berkeley and The Connaught – from NAMA.
NAMA was set up to manage loans held by banks including Anglo Irish Bank and Bank of Ireland after the financial crisis.
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
© 2024 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 All
Leaders at Top French Firms Anticipate Strong M&A Market in 2025 Despite Uncertainty
6 minute read
EU Parliament Gives Blessing to New EU Competition Chief Ribera Rodríguez
2 minute read
Simpson Thacher Becomes Second Firm to Launch in Luxembourg in 2 Days With A&O Shearman Hires
3 minute read
HSF Hires Trio for Luxembourg Launch, Builds Private Capital Practice
Trending Stories
- 1Distressed M&A: Mass Torts, Bankruptcy and Furthering the Search for Consensus: Another Purdue Decision
- 2For Safer Traffic Stops, Replace Paper Documents With ‘Contactless’ Tech
- 3As Second Trump Administration Approaches, Businesses Brace for Sweeping Changes to Immigration Policy
- 4General Warrants and ESI
- 5GC Pleads Guilty to Embezzling $7.4 Million From 3 Banks
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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
