A collection of some of Europe's strongest antitrust practices have been advising some of the world's largest global banks as they today (4 December) agreed fines with the European Commission for their participation in illegal cartels to rig interest rates.
Cleary Gottlieb Steen & Hamilton, Slaughter and May and Clifford Chance were among the law firms advising a total of eight international financial institutions – including the Royal Bank of Scotland, Deutsche Bank, JPMorgan, and Citigroup – who have been fined a total of €1.7bn for their roles in the cartels.
Clifford Chance is among the creditors of the European operations of Lehman Brothers set to receive a windfall after administrator PwC announced a total payout of $7.8bn, the latest in a series of payments made to creditors of the former US investment bank as it nears the end of its mammoth winding-up process.
According to one partner at the Magic Circle firm, the payment could be as much as £10m and a spokesperson for PwC said creditors are likely to receive payment before the end of the calendar year.
Lehman Brothers filed for Chapter 11 bankruptcy in September 2008, listing $639bn of assets against $613bn of outstanding debt but within days creditors filed claims of $1.2trn, double its assets.
The US bonus season has kick-started with elite New York firm Cravath, Swaine & Moore setting the tone by revealing it will pay its associates the same end-of-year bonuses as 2012, ranging from $10,000 to $60,000.
Lawyers who joined Cravath in September this year will receive a $10,000 bonus on Friday 20 December, identical to last year's sum. First-year associates will also receive $10,000 while the most senior associates will receive $60,000.
The former head of legal for The Times newspaper, Alastair Brett, will appear before the Solicitors Disciplinary Tribunal (SDT) tomorrow (5 December) to face allegations that he allowed a court to be misled over the unveiling of anonymous Nightjack police blogger and Lancashire detective, Richard Horton in 2009.
Last year the Leveson inquiry into press standards heard from former Macfarlanes litigator Brett that, during an injunction brought by Horton to prevent The Times from revealing his identity, high court judge Mr Justice Eady was not informed that Horton's identity had originally been discovered as a result of hacking his email.