Today The Lawyer reveals that two top Chinese firms, Jingtian & Gongcheng and Commerce & Finance, are facing claims by 11 international underwriters worth hundreds of millions of pounds.
These are the kind of cases that will put major Chinese firms on the international stage. It will also be one of the rare occasions that a well-established Asian firm has been pursued by global clients in such a high-profile manner.
The case has dropped a bombshell among the country’s legal profession, as this week’s cover feature highlights.
The repercussions will no doubt be far-reaching. The underwriters are currently facing a $9bn class action in Canada by burned investors.
This is one case that will provide a law book full of lessons for the rest of us.
Also on TheLawyer.com:
- This week’s Australia special report finds out that the arrival of specialist international firms has added another dynamic to the fast-changing Australian legal market
- K&L Gates has hired five partners across Melbourne, Perth and Sydney from international and Australian rivals
- Allen & Overy leads on Lloyds Banking Group’s £900m assets sale in Australia
- JP Morgan reports a $400m quarterly loss after taking a $9.2bn (£5.8bn) hit in legal fees to cover a series of regulatory problems, including a bribery investigation into claims that the bank hired the children of high-level Chinese officials to gain business in China