Gianni Origoni Grippo & Partners has instructed CMS Cameron McKenna as it battles a professional negligence claim brought against it by former alliance partner Linklaters.
Camerons insurance and reinsurance partner Peter Maguire is understood to be leading for the Italian firm on the claim.
The action relates to a €500m (£442m) bond issue by Parmalat in 2001 on which Linklaters, led by capital markets partner Simon Firth, acted for Credit Suisse. The magic circle firm turned to then-alliance firm Gianni for additional advice on aspects of Italian law.
In February, The Lawyer revealed that Credit Suisse was suing Linklaters for €136m, claiming that the bank would not have entered into the transaction had it not received negligent advice (11 February 2011).
Linklaters subsequently launched a follow-on claim against Gianni (21 March 2011). As further revealed by The Lawyer, the firm instructed Slaughter and May dispute resolution partner Deborah Finkler, working alongside the firm’s Italian best friend Bonelli Erede Pappalardo, to advise on both matters (28 March 2011).
Allen & Overy litigation partner John O’Conor is advising Credit Suisse, while the bank has also taken advice from newly-appointed Supreme Court judge Jonathan Sumption QC and his fellow Brick Court Chambers silks Mark Howard QC and Tom Adam QC.