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International Edition

Banking and finance: The credit crunch after-party

In 2002, a German bank in the backwater of Kiel, on the shores of the Baltic Sea, sought to boost its returns by investing in a synthetic credit default obligation (CDO) issued by Swiss banking giant UBS. The investment was a disaster: a near-total loss of $500m (£306m). When the German investor, now called HSH Nordbank, sued in February 2008, it became the first non-US party to bring a significant credit default case and made UBS the first non-US bank on the receiving end of one. This case between two European financial institutions is at the forefront of financial crisis claims on two continents - but mostly, ironically, in the US.
11 minute read

International Edition

CC litigator takes up new role as London IP chief at Baker Botts

Clifford Chance (CC) has lost its last dedicated intellectual property (IP) litigator in London with the departure of Peter Taylor to Baker Botts. Taylor joined the US firm's London office in November after serving more than a decade as a partner at the magic circle giant.
2 minute read

International Edition

SFO recruits former Morgan Lewis City chief

The former London managing partner of Morgan Lewis, Bob Goldspink, has been appointed as a non-executive director of the Serious Fraud Office (SFO). The high-profile litigator retired from Morgan Lewis at the end of September after 12 years at the US firm. He had been managing partner of the firm's City office since 2004.
2 minute read

International Edition

Stewarts Law leads on Hull City FC's lawsuit against ex-chairman Duffen

Stewarts Law is advising Hull City FC on its claim against former chairman Paul Duffen for misuse of the club's expenses and improper payments to football agents. It is understood that Stewarts fraud specialists Andrew Shaw and Clive Zietman have been instructed on behalf of Hull City, with the claim filed in the High Court last week (15 January).
3 minute read

International Edition

Litigation funder recruits Lightman QC as investments committee chair

Harbour Litigation Fund has strengthened its ranks with the appointment of Mr Justice Gavin Lightman. Lightman, a retired High Court Judge, joined the third party litigation funder at the beginning of the year (1 January) as chairman of its investments committee, as part of a recruitment drive from the funder to bring in 'heavy hitters' from the UK legal profession.
2 minute read

International Edition

DLA Piper makes up City trio to partner in global promotions round

DLA Piper has announced its 2010 promotions, with 41 lawyers joining the firm's partnership around the world. The firm's City office received the largest share of the UK promotions, with three new partners made up in London. In total, nine partners have been promoted in the UK, with Leeds and Manchester gaining two new partners apiece, while Liverpool and Edinburgh each gain one new partner.
4 minute read

International Edition

Palmer set to lead corporate in Herbert Smith practice shake-up

Herbert Smith is gearing up for a management overhaul of its practice groups, with partners set to vote on new leaders for the corporate, litigation and finance practices. Finance partners Ewen Fergusson and Malcolm Hitching are going head-to-head to lead the finance group after the practice's incumbent head, Jason Fox, decided to stand down after five years in the role and return to full-time fee-earning work.
2 minute read

International Edition

Clifford Chance signs up Milbank partner in US litigation boost

Clifford Chance (CC) has bolstered its litigation and dispute resolution offering in Washington DC with the hire of William Wallace from Milbank Tweed Hadley & McCloy. Wallace joins CC after nine years as a partner with Milbank and will head up the magic circle firm's US corporate and financial services litigation group.
2 minute read

International Edition

Mishcons set for New York litigation launch with hire of 15-strong team

Mishcon de Reya has launched in New York with the hire of a team of lawyers from US firm Sheppard Mullin Richter & Hampton. The surprise move will see a 15-strong team of lawyers and support staff set up shop in the highly competitive New York litigation market, headed up by white collar litigator Jim McGuire.
2 minute read

International Edition

Action Jackson?

I don't know about you, but reviews of litigation procedure and costs just don't get my heart pumping like they used to. More than 10 years after the Woolf reforms largely failed to achieve the aims of faster dispute resolution and more proportionate costs (it did rather better on the access to justice front), it's hard to have much confidence in a solution for what ails civil litigation emanating from within the legal profession.
4 minute read

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