Mayer Brown grabs final Northern Rock mandate" />Mayer Brown has won the last major role up for grabs on the Northern Rock saga, with litigation partner Clare Canning advising the valuer of the bank’s compensation scheme.
Canning, who gave up her role as Barlow Lyde & Gilbert’s commercial litigation head to join Mayer Brown last year (26 September 2007), is advising Andrew Caldwell of BDO Stoy Hayward, who has been appointed by the treasury to put a value on the scheme.
Caldwell will calculate what value, if any, shares in the bank had immediately prior to nationalisation, with the figure being used to work out the level of compensation former shareholders are entitled to.
The Government has been looking to appoint an independent valuer since the bank was nationalised in February. A group of former shareholders representing institutional and individual investors has launched a judicial review against the Government claiming that their shares in the ailing bank were confiscated on nationalisation with insufficient allowances made to compensate them.
The Government will defend itself in court in January, advised by Slaughter and May partner Elizabeth Barrett and represented by Lord Anthony Grabiner QC, Philip Sales QC, Clive Lewis QC and Paul Nicholls, all of 11KBW.
Edwin Coe partner David Greene, who has called on George Bompass QC of 4 Stone Buildings, is advising a group of Northern Rock’s smaller shareholders while hedge funds RAB Capital and SRM, which both had significant positions in the bank, are using Nabarro and White & Case respectively.
SRM will be represented by David Pannick QC and Claire Weir of Blackstone Chambers, as well as Matthew Collings QC of Maitland Chambers. RAB Capital is using Michael Beloff QC and Iain Steele of Blackstone and David Wolfson of One Essex Court.
Canning was head of BLG’s commercial litigation practice from 2004 until her departure last September. Her experience includes advising financial institutions, hedge funds and private equity houses and she led the team that defended Equitable Life’s £2.6bn claim against Ernst & Young.