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New York firm Davis Polk & Wardwell is losing one of its leading securities litigation partners to Credit Suisse First Boston (CSFB).
Gary Lynch is becoming the new global general counsel at the bank, taking over from current incumbent Joseph McLaughlin, who is set to become chairman of the CSFB Foundation Trust, the bank's charitable arm. His move follows that of Stephen Volk, the former senior partner at New York rival Shearman & Sterling, who joined CSFB in July as vice-chairman. CSFB's advisers in London include Freshfields Bruckhaus Deringer, Linklaters & Alliance and Allen & Overy; it is also one of Clifford Chance's biggest clients. CSFB chief executive John Mack said in a statement: "Gary Lynch brings to CSFB an impeccable reputation for complete integrity and credibility - and his service as head of the SEC's [Security Exchange Commission] enforcement division is widely hailed as among the most effective ever." The bank is now the subject of a US federal investigation, examining whether it improperly allocated shares in IPOs; while in India, CSFB is under fire over accusations of market manipulation.