Trio of Firms Lead on Lloyds £10B Pensions Deal
The deal is the one of the largest longevity de-risking transaction ever written in the U.K.
January 29, 2020 at 06:15 AM
2 minute read
Lloyds bank
Allen & Overy, Eversheds Sutherland and CMS have picked up roles on a de-risking deal for Lloyds Banking Group Pension Trustees worth £10 billion.
The deal, agreed with insurers Scottish Widows and Pacific Life Re, will allow Lloyds to better hedge itself against the costs of its members living for longer than expected.
A&O is advising Lloyds Banking Group Pension Trustees on the transaction, with insurance group head Philip Jarvis leading for the firm.
Eversheds is advising Scottish Widows with a team led by corporate partner Hugo Laing, who advised Scottish Widows on its £880m pensioner buy-in with the Littlewoods pension scheme in 2018. CMS partner Thomas Lockley, meanwhile, is advising Pacific Life.
The transaction comes amid a string of high-value deals in the sector. Last September, four firms, including Linklaters, CMS, DLA Piper and Gowling WLG, took roles on two pensions deals worth £8.5 billion for insurer Rothesay Life.
In 2018, A&O and Eversheds took roles alongside Clifford Chance to advise on Legal & General's £4 billion pension buy-in of a British Airways (BA) scheme
In 2014, BT agreed an industry-leading £16 billion longevity swap deal. A&O, Hogan Lovells, Clifford Chance and Willkie Farr & Gallagher all took roles on that transaction.
This content has been archived.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
Law Firms Mentioned
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
