The big names of the financial crisis bring in the big name firms.
Jones Day, Boies Schiller and Weil, Gotshal are all involved in this round.
Jones Day is representing Lehman Holdings in the suit filed Monday against Barclays, which claims Barclays received a $5 billion windfall when it purchased certain Lehman assets shortly after the bank collapsed.
Barclays is represented by Boies. The firm will also be representing Barclays is similar suits filed by the Lehman estate and the Lehman creditors committee, Am Law Daily said.
Zach Lowe at Am Law Daily points out that the lawsuit is no surprise, considering Lehman asked the bankruptcy judge in September to modify the terms of the Barclays sale and suggested, as is now stated in the suit, that a small number of executives conspired to assure the Barclays “windfall.” It was also suggested that Lehman’s bankruptcy attorneys at Weil, Gotshal were not told of the arrangement.
As a result of that September filing, Boies, on behalf of Barclays issued subpoenas to Weil “demanding that they turn over documents related to the Lehman motion to modify the terms of the sale,” Am Law Daily reported. A “source familiar with the matter” previously told the Web site that the documents turned over by Weil include documents previously covered by the attorney-client privilege.
This has happened without the great fanfare of the Bank of America privilege waiver of documents relating to the Merrill merger, but it is still interesting that another financial crisis-related suit has resulted in a major firm turning over its work for inspection.
The Weil documents are being reviewed in a different context — on an initial level, Boies is presumably looking for what Weil was told about the details of the deal and the alleged windfall, rather than any advice it gave about the bankruptcy in general or how to do the deal itself. But “documents related to the Lehman motion to modify the terms of the sale” would by its nature include that type of information, which will provide Boies a rare look at Weil’s usually privileged work in bankruptcy deals.
Weil’s is, of course, one the world’s premiere bankruptcy firms. So even if their advice is not part of a scandal, the attorneys at Boies are probably enjoying their peak behind the curtain.
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