Lovells picks up ING work

Lovell White Durrant continues to act for Dutch bank ING Group in the aftermath of the rescue of crashed UK merchant bank Barings. It has also won new work from its ING clients in New York and Prague.

Slaughter and May continues to act for Barings administrators Ernst & Young.

Lovells worked closely with ING's Amsterdam-based general counsel Philip Klopper and his team earlier this year to hammer out a rescue package after the Bank of England's 'lifeboat' attempt had failed.

Lovells still has two senior assistants – Mark Darley and Frances Le Grys – seconded to the Barings Brothers and Barings Securities offices respectively, carrying out a post-acquisition tidy-up.

However, Lovells continues to advise ING on the progress of various investigations into the Barings crash, with a fraud investigation team originally led by partner Cary Kochberg.

Capital markets issues are handled by partners David Harris and David Hudd. Litigation partner Myfanwy Badge deals with contentious matters.

The Lovells team is headed by Nicholas Frome and Marco Compagnoni, who led the acquisition work. The team is involved in the integration of Barings into ING.

Lovells is understood to be getting on well with the Dutch in-house team and has just won capital markets and investment-related business from ING which will be handled at the firm's Prague and New York offices.

Slaughter and May is advising the Barings administrators on banking and securities law and technical aspects of administration.

Remaining businesses in administration, now renamed, are: Bishopscourt (Baring Group Holdings Ltd), Bishopscourt (Baring Brothers & Co), Bishopscourt (Baring Securities Ltd).

Slaughters' original team included mergers and acquisitions partner Rupert Beaumont. His role is now taken up by George Seligman and Jonathan Rushworth, partners with banking and insolvency expertise.

Slaughters' lawyers are keeping a watching brief on the three creditors' groups of noteholders to various Barings' companies. The Dutch company faces applications for liquidation in the Dutch Courts.

Seligman says: “I don't see any major decisions being made in the short term. There's a lot of on-going legal work we are getting through day-to-day.”