Michael Green QC, Fountain Court
Finance, Property and Business Litigation in a Changing World 25-26 April 2013 Supreme Court Auditorium Organisers: Finance, Property and Business Litigation in a Changing World Plenary Session 1: Finance Litigation Chairperson Mr Alvin Yeo SC , WongPartnership LLP Speakers Ms Geraldine Andrews QC, Essex Court Chambers Mr Peter de Verneuil Smith, 3Verulam Buildings Mr Hri Kumar Nair SC, Drew & Napier LLC FINANCIAL DERIVATIVES LITIGATION Geraldine Andrews Q.C. Essex Court Chambers The 2008 financial crisis Sept-Oct 2008 – the eye of the storm • 7th Sept - Freddie Mac and Fannie Mae effectively nationalized by US Government. • 14th Sept - Merrill Lynch shotgun wedding to Bank of America amidst fears of liquidity crisis • 15th Sept - Lehman Bros filed for Chapter 11 Bankruptcy protection. Periodically thereafter various of its subsidiaries did the same, including, on 3 Oct, LBSF, the dedicated subsidiary for derivative transactions. • 17th Sept - AIG, the USA䇻s largest insurer, was bailed out by US Govt with a loan of $85bn (insufficient funds to meet its CDS insurance obligations) Geraldine Andrews QC, Essex Court Chambers FINANCE, PROPERTY AND BUSINESS LITIGATION IN A CHANGING WORLD Sept-Oct 2008 – the eye of the storm • 17th Sept – Lloyds TSB takes over HBOS following a run on HBOS shares • 25th Sept – Washington Mutual sold to JP Morgan Chase for $1.9bn. • 3 Oct – US Congress approves 700bn bailout of the banks – the biggest financial rescue in US history. • 6-10 Oct - The worst week for the global stock market for 75 years. The Dow Jones index lost 22.1%, its worst week on record. Geraldine Andrews QC, Essex Court Chambers FINANCE, PROPERTY AND BUSINESS LITIGATION IN A CHANGING WORLD Sept-Oct 2008 – the eye of the storm • 7 Oct - Icelandic banking system collapses • 11 Oct Highest volatility day recorded in the 112 year history of the Dow Jones Industrial Average.
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