Goldman Hires Bush v. Gore Law Firm

Jun 14 2010 | 11:45am ET

Goldman Sachs is adding to its powerful legal team, hiring law firm Boies Schiller & Flexner to defend it against a lawsuit filed by a collapsed Australian hedge fund.

Boies will handle the $1 billion claim from Basis Capital Management, which has accused the Wall Street giant of misleading it about a collateralized debt obligation called Timberwolf, Bloomberg News reports. Goldman has called the lawsuit, which deals with a different CDO from that at the center of the Securities and Exchange Commission’s lawsuit against the firm, “a misguided attempt by basis… to shift its investment losses to Goldman Sachs.”

Basis, which collapsed in 2007 after losing $78 million on the Timberwolf CDO, filed its suit after settlement talks between it and Goldman broke down.

Boies Schiller is one of the U.S.’s most successful litigation firms, and is perhaps most famous for its role in the 2000 election legal disputes on behalf of former Vice President Al Gore. It has also worked for the U.S. Justice Dept. in its antitrust lawsuit against Microsoft Corp. It is currently representing Barclays in litigation stemming from the Lehman Brothers bankruptcy and on an effort to overturn California’s ban on gay marriage.

The law firm joins a whole host of other prominent firms working for Goldman. Both Sullivan & Cromwell and Skadden Arps Slate Meagher & Flom are involved in its defense against the SEC lawsuit, and it worked with O’Melveny & Myers prior to an April hearing before a U.S. Senate subcommittee.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of