Raft of Firms Act On Pension Insurance Giant's Multibillion-Pound Pair of Deals
Rothesay Life has embarked on an ambitious pension transfer deal and a pension de-risking deal in the space of two days.
September 27, 2019 at 05:24 AM
2 minute read
Both deals are worth multiple billions
Linklaters, CMS, DLA Piper and Gowling are advising on two deals totalling £8.5 billion, being undertaken by pension insurer Rothesay Life.
Yesterday (September 26), the insurer agreed to a £4.7 billion buyout of the legacy General Electric Company (GEC) pension scheme from current scheme-holder Telent and the pension trustees.
According to Rothesay, the deal will be the largest full scheme buyout ever undertaken in the U.K. The deal is expected to be completed by 2022.
Gowling WLG is advising Rothesay Life, led by pensions partner Paul Feathers, while CMS is advising Telent and the pension trustees on the terms of the deal. The CMS team is being led by pensions partner James Parker, assisted by partners Maria Rodia and Johanna Clarke.
Today (September 27), Rothesay also announced a £3.8 billion deal to insure the defined benefit liabilities for the Allied Domecq pension fund. According to the firm, the deal terms make it the largest scheme buyin on record that incorporates deferred members.
Linklaters is advising Rothesay Life on the terms of the pension de-risking deal, with pensions partner Philip Goss leading the team. Allied Domecq is being advised by DLA Piper, with pensions partner, Tamara Calvert, leading the team.
The £4.7 billion buyout of the GEC scheme surpasses last year's giant £4.6 billion pension transfer between Rolls Royce and Legal & General.
This content has been archived.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
