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International Edition

Quinn Emanuel raises stakes in Lehman-Barclays dispute

The official creditors committee in the Lehman Brothers bankruptcy fired the latest shot on Tuesday (24 November) in the dispute between Lehman and Barclays over whether Barclays received an improper 'windfall' in its purchase of Lehman's North American assets and liabilities last September. The dispute has been brewing for months and has resulted in several motions for discovery and at least three lawsuits. In short: Lehman, its creditors and the trustee of its estate allege that certain higher-ups at both Lehman and Barclays arranged - without the knowledge of Lehman's counsel at Weil Gotshal & Manges - to sell most of Lehman's North American assets to Barclays in late September 2008 under terms that were far too favourable to the buyer.
3 minute read

International Edition

Mayer Brown completes merger deal with Paris litigation boutique

Mayer Brown has sealed a merger deal in Paris that will gift the firm a seven-lawyer litigation and arbitration team in the French capital. The firm's Paris office has completed a tie-up with boutique Ayela Semerdjian & Associes, which is led by Christophe Ayela and Renaud Semerdjian, who both join Mayer Brown as partners.
2 minute read

International Edition

Withers recruits six-strong Eversheds team in Milan

A six-lawyer team from Eversheds' Milan office is set to join Withers next week. Italy dispute resolution co-head Riccardo Buizza will join Withers along with corporate tax partner Luigi Macioce and four associates from Eversheds' Italian practice, known locally as Eversheds Bianchini.
2 minute read

International Edition

Eversheds recruits five partners for international network

Eversheds International has made five new lateral partner hires, with the network bulking up in South Africa, the Netherlands and Switzerland. The firm's Johannesburg office has seen the bulk of the hires, with the addition of three new partners. Mondli Sibisi and Sibusiso Masondo have joined the resources and finance group from DLA Piper's South African ally Cliffe Dekker Hofmeyr and local firm Khumalo Masondo respectively.
2 minute read

International Edition

Jones Day leads as Lehman files suit against Barclays over $5bn 'windfall'

Jones Day has won a lead role on the latest lawsuit to arise from the bankruptcy of Lehman Brothers. Lehman Brothers Holdings has filed suit against Barclays, claiming the bank received an undeserved windfall of at least $5bn (£3bn) when it purchased much of Lehman's North American operations after Lehman's collapse last September.
2 minute read

International Edition

Fired Bank of America GC tells his side of the story

When former Bank of America general counsel Tim Mayopoulos learned on 9 December last year that losses at Merrill Lynch were almost twice what he was originally told, he asked to speak with the bank's chief financial officer (CFO) about it immediately. Instead, he was told to wait until the next day. "We never met," Mayopoulos says, in remarks prepared for delivery to Congress today (17 November). That's because a little before noon the next day, Mayopoulos was pulled from a legal department meeting and told that he was fired on the spot, without notice and without reason.
5 minute read

International Edition

DLA appoints new head of Dubai office

DLA Piper has appointed its Middle East litigation chief to head up the Dubai office in the wake of the departure of the firm's current managing partner earlier this month. Jim Delkousis will take on the role from 1 January 2010, while remaining head of the Middle East litigation and regulatory practice group.
2 minute read

International Edition

CC asked to provide billing info as India tax dispute reaches Supreme Court

Clifford Chance's (CC's) India tax dispute has reached the country's Supreme Court, with the firm asked to provide details of fees it received for advising on projects during the late 1990s. The long-running dispute has been closely watched by lawyers hoping for greater clarity on how legal fees for India-related work are taxed.
2 minute read

International Edition

Bear Stearns hedge fund managers found not guilty of fraud

A federal jury in New York has found two former Bear Stearns hedge fund managers not guilty of fraud charges, reports The Am Law Daily. The jury found that Matthew Tannin and Ralph Cioffi did not lie to investors in painting a rosy picture of the health of two funds backed by subprime mortgages which later collapsed and cost investors $1.6bn (£960m).
3 minute read

International Edition

A&O targets white collar crime with hire of Hong Kong litigation partner

Allen & Overy (A&O) has added to its Hong Kong offering with the hire of a litigation partner from Mallesons Stephen Jaques. Hong Kong-based white collar crime specialist Simon Clarke is currently in discussions with Mallesons about the terms and timing of his intended departure from the firm.
2 minute read

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