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

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...