The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy (A&O) and Sullivan & Cromwell will play key roles when Goldman Sachs defends fraud allegations brought by the Securities and Exchange Commission (SEC).
Sullivan & Cromwell is representing Goldman Sachs, while A&O New York partner Pamela Chepiga is representing Fabrice Tourre, the Goldman trader also named as a defendant in the civil suit.
Chepiga is a former chief of the securities and commodities frauds unit at the state attorney’s office in the Southern District of New York, where she coordinated criminal prosecutions with the SEC.
Sullivan & Cromwell partners Richard Klapper and Rodgin Cohen are expected to take lead roles in representing Goldman, with whom the firm has a long-term relationship.
Goldman is accused of two counts of misleading investors over the level of risk involved in a synthetic collateralised debt obligation (CDO) transaction that took place before the collapse of the sub-prime mortgage market.
It is alleged that Goldman did not disclose that hedge fund Paulson & Co, which took a short position in the portfolio, played a major role in putting it together.
Goldman denies the allegations. In a statement released on Friday it said: “We’re disappointed that the SEC would bring this action related to a single transaction in the face of an extensive record which establishes that the accusations are unfounded in law and fact.”
The company said it lost more than $90m (£58.41m) in the transaction and argued that extensive disclosure was provided by German bank IKB.