Linklaters has issued a High Court claim against Italian firm Gianni Origoni Grippo & Partners after the magic circle firm was hit with a €136m (£115m) professional negligence claim from Credit Suisse.
The Lawyer revealed last month how the investment bank was seeking compensation from Linklaters over advice it was given for a deal with Italian food giant Parmalat (11 February 2011).
A letter before action sent to Linklaters’ counsel Clyde & Co and seen by The Lawyer revealed how Linklaters capital markets partner Simon Firth led the Linklaters team on the deal in 2001, two years before Parmalat went into administration in December 2003.
Firth sought advice from Linklaters’ then Italian alliance partner Gianni and concluded that Credit Suisse would only be liable for clawback proceedings if it had, or should have had, prior knowledge of Parmalat’s insolvency. Credit Suisse alleges that this advice was negligent.
Linklaters is yet to file details of its claim, but the named legal representativs include the firm and its founding partners Francesco Gianni and GianBattista Origoni, former UK managing partner Bruno Bartocci and former London associate Andrea Platania.
Gianni was Linklaters’ former Italian alliance partner until an acrimonious split in 2004 (15 March 2004).