International law firm McDermott Will & Emery appointed Mark Fennessy and Sunay Radia to partners in its global transactions practice based in London. Fennessy will serve as head of UK restructuring and both individuals will focus on restructuring and insolvency matters.
ABF Journal illustrator Jerry Gonzalez provides his take on a Bloomberg report finding that, five years after the Lehman collapse, Dodd-Frank and new international capital rules haven’t made the U.S. banking system safe enough or kept banks from being too big to fail.
Bloomberg reported that for all the efforts to regulate banks since Lehman Brothers collapsed, stock investors have no more faith in U.S. financials now than they did in early 2008, relative to the rest of the market.
Five years after the Lehman Brothers collapse, professionals assisting in the bankruptcy earned more than $2.2 billion, CNNMoney reported.
In a filing, First BanCorp disclosed that a U.S. bankruptcy court has denied the bank’s motion for summary judgment filed in connection with its claim to recover certain assets posted as collateral with Lehman Brothers.
The New York Times reported that creditors of the Lehman Brothers’ European division might receive all of their money back, citing a report from PricewaterhouseCoopers.
JD Journal reported that a U.S. district judge refused JPMorgan’s motion to dismiss a lawsuit by the Operating Engineers Pension Trust of Pasadena accusing JPMorgan of mismanaging the trust’s money by investing in Lehman notes.