Steptoe Launches International Derivatives & Credit Default Swaps Litigation and Restructuring Team

For more information, contact Jamie Moss, newsPRos, 201.493.1027

December 2, 2008, Washington, DC – Steptoe & Johnson LLP, a leading international law firm, today announced the launch of its firmwide Derivatives and Credit Default Swaps Litigation and Restructuring Team, which will represent clients in a wide range of derivatives and swaps litigation and arbitration as well as bankruptcy and restructuring matters. The team will focus on clients which are or have been “buy side” derivatives and credit default swaps end users such as insurance companies, pension funds, university and non-profit endowments and a variety of other US and foreign derivatives and swaps purchasers.

Steptoe partners assuming leadership of the team include New York partner John D. Lovi and Chicago partners Christopher J. Barber and Stephen O’Donnell for litigation and arbitration matters and Washington, DC, partner Filiberto Agusti and Century City partner Robbin L. Itkin for bankruptcy matters. They and other team members have handled such matters for many years and have recovered or avoided hundreds of millions of dollars for derivatives and credit default swaps buyers through court awards or settlements.

“Our firm has a rich history of developing innovative approaches to resolution of disputes involving complex financial instruments though creative application of economic, finance and accounting issues on behalf of financial services and other businesses around the world, ” said Mr. Lovi.  “The new Derivatives and Credit Default Swaps Litigation and Restructuring Team has an exceptionally strong and deep bench of very experienced lawyers committed to ensuring that these companies recoup their losses suffered in these complex instruments.”

The Team is comprised of numerous attorneys across Steptoe’s US and European offices who will represent clients in a wide range of derivatives and swaps litigation and arbitrations. Team members have experience in litigating a wide range of securities, including asset-backed securities, such as collateralized debt obligations, and various types of derivatives, including options, interest rate derivatives, total return swaps and credit default swaps.

“Our long representation of insurers, pension funds and non-profit endowments, and our familiarity with the regulatory and economic issues they face better enable us to help them create, preserve and recover their assets in times of financial prosperity and in times of financial uncertainty,” said Steve O’Donnell of the firm’s Chicago office.

The multidisciplinary group is also structured to provide representation for derivatives and credit default swaps buyers in securing the return of collateral in bankruptcies and restructurings of counterparties and derivatives dealers. “This Team arose from, is attuned to, and supports Steptoe’s national Subprime and Credit Crisis Team, organized more than a year ago as the economy first began to show signs of economic stress,” said Ms. Itkin. “Its formation is consistent with the collaborative and team approach this firm has historically taken in response to emerging client needs in challenging or rapidly changing contexts, such as the current capital market downturn.”

Steptoe’s Subprime & Credit Crisis Team is well-equipped to handle litigation, restructuring and insolvency matters arising from troubled real estate loans, mortgage backed securities, collateralized debt obligations, financial guarantees and mortgage insurance, as well as other real estate arrangements, structures and acquisitions.

Steptoe’s new Derivatives and Credit Default Swaps Team also complements its Troubled Asset Task Force.  Launched in October in response to the newly passed Troubled Asset Relief Program, Steptoe’s Task Force is ready to advise financial institutions, sellers and purchasers of assets, asset managers, and program managers regarding the economic stabilization legislation.  Focused on helping businesses at every scale navigate wisely in the wake of the current tumult in capital markets, the Task Force is structured to advise clients in the post-bailout economy and the new regulatory landscape.

About Steptoe & Johnson LLP
With more than 500 attorneys, Steptoe & Johnson LLP provides counsel and representation in a wide range of legal fields.  In more than 60 years of practice, the firm has gained a national and international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in guiding business transactions.  The firm has offices in Washington, DC, New York, Chicago, Phoenix, Los Angeles, Century City, London, and Brussels.