Has Greece Caused a Credit Event?
David M. Lindley
Mr. Lindley co-leads Pillsbury's Financial Services Litigation team. His practice focuses on financial and capital markets litigation with an emphasis on disputed, transnational hedging and swap transactions, such as: credit default swaps (including sovereign risk), interest rate swaps, currency swaps, energy swaps, aluminum and other commodity swaps, and equity derivatives. Some of these disputes involve alleged fraud and claims of breach of fiduciary duty. Mr. Lindley also represents agencies and instrumentalities of foreign states, including central banks, and litigates M&A and joint venture disputes.
- Defended a French banking institution in litigation relating to a credit derivative swap. (Aon Financial Products, Inc. and Aon Corporation v. Société Générale, , 476 F.3d 90 (2d Cir. 2007): Second Circuit Court of Appeals reversed District Court and entered judgment in favor of our client. There had been no credit event as a matter of law.
- Represented a major financial institution in connection with an International Swaps and Derivatives Association (“ISDA”) deliverability dispute regarding "loan only" credit default swaps (“CDS”).
- Represented a major aluminum refiner in connection with the unwinding of hedging strategies which required recapitalization of our client.
- Favorably settled disputes arising out of default by Baring Bros. on various open derivative transactions. Client’s position secured by order of attachment.
- Handled claims arising out of oil trading transactions and purported joint venture arrangements.
- Defended a financial entity in litigation in which the target of a hostile takeover asserted claims against financing entities based on theories arising under banking laws. Claims dismissed voluntarily on eve of trial.
- Defended financial institutions against claims arising out of purported fraud in foreign exchange and foreign exchange option transactions. Filed an Amicus Brief on behalf of financial institutions to US Supreme Court supporting defendant Dunn's arguments with respect to the Treasury Amendment. The position of the financial institutions was sustained by the US Supreme Court. (Sundial International Fund Ltd., et al. v. Delta Consultants, Inc., et al., 94 Civ. 118 (TPG) (923 F. Supp. 38) (S.D.N.Y. 1996) and William C. Dunn & Delta Consultants, Inc. v. Commodity Futures Trading Commission, et al., No. 95-1181 (519 U.S. 465) (1997)
- Favorably settled assertion of breach of fiduciary duty and related claims against officers and directors of a failed Florida-based financial institution.
- Successfully represented a brokerage firm in litigation and arbitration relating to claims by founding partner upon his withdrawal from the brokerage firm.
- Advised an activist investor hedge fund with respect to various portfolio company investments.
- Represented foreign investors in connection with failure and bankruptcy of Manhattan Investment Fund Limited and its manager.
- Represented a German life insurance company in connection with a Holocaust litigation. Litigation dismissed after filing of motion papers.
- Represented a central bank in connection with Holocaust and World War II related claims.
- Represented client in connection with purported insider trading by hedge fund and SEC subpoena.
- Involved in a special investigation regarding a former chairman of a consumer bank focused on particular ethnic community.
- Represented an arms manufacturer in a dispute with joint venturers and financing entities.
- Represented minority shareholder against a majority shareholder arising out of fees paid by corporation to majority shareholder.
- Defended a securities firm against claims by founding partner.
- Represented client against claims of fraud, misrepresentation and breach of contract and post-closing adjustment disputes arising out of acquisitions.
- Defended a bank from various claims arising out of purported fraudulent forex scheme.
- Represented an oil trader in dispute among minority refiner, financial institutions and other energy companies.
- Represented Zimbabwean and South African entities in a fraud case brought against exclusive amethyst sales agent.
- Represent senior foreign government official in U.S. litigation arising out of home country violence.
The Fellows of the American Bar Foundation
Member, Foreign & Comparative Law Committee, New York City Bar Association