Debevoise & Plimpton LLP has been recognised by the 2017 Global Legal Awards, an annual scheme from The American Lawyer, as advising on the Grand Prize Winner in the disputes category.
Debevoise advised Ernst & Young as the administrators of Nortel UK and the various European entities in the complex series of litigation concerning the Nortel Networks bankruptcy.
At one stage, Nortel Networks had been one of the largest global companies by market capitalisation. Its collapse triggered a major and unprecedented global dispute over the allocation of the $7.5 billion of sale proceeds between three major competing estates (UK/Europe, Canada and U.S.). The litigation culminated in a settlement in October 2016 following two trials and multiple mediations. This brought an end to the extensive litigation in the U.S. and Canadian Courts, as well as to various other claims between the Nortel EMEA entities. It also ensured the settlement of certain UK pensions claims between the UK Pensions Regulator, the Nortel EMEA companies and Nortel’s English subsidiary’s pension scheme.
Debevoise acted alongside Herbert Smith Freehills on the matter, with Debevoise partner Kevin Lloyd leading the UK/European team.
The Global Legal Awards, now in their fifth year, have Grand Prize Winners in the categories of citizenship, finance, M&A, and disputes. The scheme recognises the best cross-border legal work of the year.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges.