Big U.K. Firm Breaks With Tradition, Takes Case Against Bank
In a tradition-breaking move that could soon be copied by other renowned “magic circle” law firms in London, Linklaters is helping a longtime client file suit against another financial institution.
It is advising Barclays Capital in a major dispute with the U.S.-based Bear Stearns investment bank, with Lawrence Byrne, co-managing partner of the firm’s New York office, at the helm, reports Legal Week. Bear Stearns is being defended by Wilmer Cutler Pickering Hale and Dorr.
Lawsuits have been anticipated for months concerning the collapse of two Bear Stearns Cos. hedge funds which, as discussed in earlier ABAJournal.com posts, reportedly resulted—along with big losses at other financial institutions also facing a potential tidal wave of litigation—from the subprime mortgage meltdown in the U.S. this year.
As a result of the all the work to be done, a number of major law firms have been at least eyeing the possibility of establishing a bank litigation practice.
