Linklaters for derivatives lawsuit defence” />Linklaters has bagged the mandate from Barclays to defend it against a second major derivatives lawsuit in as many years.
The magic circle firm is acting for Barclays Capital as it fights off a E36.2m (£24.4m) claim from Italian bank Banca Popolare di Intra (BPI) over collateralised debt obligations (CDOs).
Last year Barclays Capital settled a similar £80m claim brought by German bank HSH Nordbank, on which Linklaters also acted. That case ended just a week before it was due to go to trial in February 2005.
The current claim was filed in the High Court in February 2006 by partner Dario Loiacono of boutique banking firm Loiacono e Associati, which has an office in London as well as Milan.
Loiacono previously acted for BPI in a £50m CDO claim against Bank of America, which also settled last year.
However, it is understood that, following a disagreement with BPI, Loiacono has been replaced by Edwin Cheyney at London firm Middleton Potts, instructing Brick Court Chambers’ Andrew Henshaw.
In the claim form BPI says that Barclays Capital is in breach of an oral contract made over a February 2000 deal, carried out through BPI intermediary Banca Intermobiliare di Investimenti e Gestioni.
BPI is also claiming for deceit and negligent advice on top of the breach of contract claim.
A Barclays Capital spokesperson said the claims were without merit and would be contested.