Eversheds Sutherland joins magic circle duo on British Airways £4bn pension deal
The deal with BA-sponsored Airways Pension Scheme (APS), which closed in the 1980s, will cover historic pension payments at the airline
September 13, 2018 at 06:10 AM
2 minute read
Clifford Chance (CC), Eversheds Sutherland and Allen & Overy (A&O) have checked in on insurance company Legal & General's £4bn pension buy-in of a British Airways (BA) scheme that will cover historic pension liabilities for the airline company.
Airways Pension Scheme (APS), which closed in the 1980s, is made up of about 24,000 members, 200 of who still work for BA.
A&O and Eversheds Sutherland are advising the scheme's trustees, with insurance partner Philip Jarvis and counsel Kate McInerney leading for A&O, while pensions partner Anthea Whitton is leading for Eversheds alongside head of pensions Francois Barker.
CC is advising Legal & General on the deal with a team led by corporate partner Katherine Coates and pensions partner Sarah McAleer.
Virginia Holmes, chair of the scheme's trustee, said: "This transaction is the latest in a number of insured arrangements entered into by the Airways Pension Scheme. It demonstrates the vision and determination of the trustee to reduce risk and increase security for members. Today's announcement is the culmination of much hard work undertaken over several months and we are pleased to be taking this significant step in the scheme's de-risking journey."
Eversheds is also advising the trustees of specialist insurer the Pension Insurance Corporation (PIC), on an £800m deal to secure the pensions of 9,000 former employees of collapsed retailer BHS. Herbert Smith Freehills is advising PIC with a team led by pensions partner Samantha Brown, while pensions partner Mark Latimour led for Eversheds.
This content has been archived.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 All
Jones Day, BCLP & Other Major Firms Boost European Teams with Key Partner Hires
4 minute read
$13.8 Billion Magomedov Claim Thrown Out by UK High Court
Trending Stories
- 1'A Death Sentence for TikTok'?: Litigators and Experts Weigh Impact of Potential Ban on Creators and Data Privacy
- 2Bribery Case Against Former Lt. Gov. Brian Benjamin Is Dropped
- 3‘Extremely Disturbing’: AI Firms Face Class Action by ‘Taskers’ Exposed to Traumatic Content
- 4State Appeals Court Revives BraunHagey Lawsuit Alleging $4.2M Unlawful Wire to China
- 5Invoking Trump, AG Bonta Reminds Lawyers of Duties to Noncitizens in Plea Dealing
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
