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Linklaters ‘could face litigation’ over explosive Lehman report

According to the recent filing Lehman once had $639bn in assets. No idea how much potential litigants are after, if this was all 'lost', or if they would try to target Linklaters, but even 1% of these assets would be a significant multiple of the firm's annual profits and how an English LLP holds up to a $6bn+ claim I guess no one yet knows. (And that's not counting punitive US damages if any were envisaged). Meanwhile, to 'settle' as some suggest would be madness. What happens to PEP if you settle for even a fraction of this figure? That's a lot of cash out the window. Or would PI insurance cover that kind of settlement? The only logical solution is, if any US firm is crazy enough to even try it on, to fight this to a standstill, and fight it all the way and see who blinks first. It would be one hell of a distraction for Linkies, but what other choice would they have?

15-Mar-2010

5:16 pm