The past few weeks have been a legal and financial rollercoaster for Freshfields Bruckhaus Deringer and its client Deutsche Bank.
Last week $300tr worth of Deutsche Bank and Barclays Libor-backed derivatives were opened up to questioning after the banks lost a landmark appeal hearing.
The eye-watering amount was part of a historic ‘David and Goliath’ decision that could see both banks forced to answer deceitful misrepresentation claims over Libor-backed trading.
But the following week Deutsche Bank handed the majority of a £60m legal bill to Norwegian fund Sebastian Holdings, whose $8bn counter claim against the bank was thrown out in the High Court. Mr Justice Cooke awarded $240m damages as well as £51m indemnified costs in a marker of his irritation with the “almost unmanageable” case involving multi-billionaire Andrew Vik.
That’s good news for Freshfields and counsel Essex Court’s David Foxton QC and 3 Verulam Buildings’ Sonia Tolaney QC, among others, as well as their client. A nice pick-me-up after the Libor judgment.
Also on TheLawyer.com:
- Slaughter and May has been slammed over its relationship with Ernst & Young in a High Court battle over fee charging
- Lloyds is putting its litigation unit out to tender as its in-house teams merge
- A former Stewarts Law partner is to challenge an SDT strike-off decision