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Clifford Chance is facing a £130m negligence claim after being joined to a suit brought by JP Morgan against German transport provider BVG.
The magic circle firm has turned to Clyde & Co partner Richard Harrison and Essex Court’s David Foxton QC to defend the claim in the High Court. The case will be heard later this month before Mr Justice Eder.
Transport provider BVG is accused by JP Morgan of having spread risk by insuring a deal through a collateralised debt obligation (CDO) in 2007. BVG has joined Clifford Chance to the$210m (£130m) claim as a third-party defendant, alleging that the firm’s German operations gave negligent advice in relation to the transaction.
Clifford Chance is one of three firms to be fighting significant negligence claims this year. Nabarro is being called into question over its handling of a litigation for a former client (11 December 2013 ), while Weil Gotshal & Manges faces claims relating to the takeover of an ice cream company that went sour (4 December 2013 ).
A Clifford Chance spokesperson told The Lawyer: “We do not consider that BVG should have joined us to this action. We believe the claims against us are misconceived and entirely without merit and we will continue to defend our position robustly.”