Wednesday, December 2, 2009

BofA adds Cleary as Co-Counsel Defense to S/H Suit

I wrote earlier about my confusion with BofA's use of Wachtell Lipton for a new significant merger agreement (in light of the dramatic litigation and investigation that unfolded over BofA's handling of the other merger). It appears others are also scratching their heads ...

AmLaw reported last week that BofA has added Cleary Gottlieb as co-counsel to defend one of several shareholder suits pending against it (although the suit wasn't named in the report, it is likely the suit occuring in either the S.D.N.Y. or the Delaware Chancery Court). The why? Wachtell was defending BofA in the matter as sole counsel, but circumstances suggest that Wachtell will also be a BofA defense witness if the matter reaches trial. Cleary was added as a disinterested co-counsel. While Cleary is not similarly implicated as a BofA defense witness, Cleary is defense counsel to BofA in the SEC litigation pending before the S.D.N.Y.

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