• 06 Jun 2014 at 1:15 PM

Lawyer Watch ’14: Citi, Steve Cohen

It’s never good when you have to call the high-powered, high-hourly-rate attorneys in. And things are not good for Mike Corbat and Steve Cohen.

The board of Citigroup Inc. has enlisted its outside law firm to help it oversee the bank’s investigation into what went wrong with loans at the bank’s Mexico unit, Banamex, according to a spokesman for the company’s board….

The board tapped its longtime law firm, Willkie Farr & Gallagher, “immediately” after being alerted to the losses, the spokesman said. Citigroup director James Turley is serving as the board’s point person on the investigation. Mr. Turley is chairman of the board’s audit committee.

Hedge fund mogul Steven A. Cohen hired high-profile lawyer David Boies last year to defend him in a U.S. Securities and Exchange Commission proceeding that arose from a long-running insider trading probe, a person familiar with the matter said on Thursday.

Boies was retained by Cohen in 2013 to help handle matters with the regulator, which last year initiated an administrative proceeding against the SAC Capital Advisors founder for failing to supervise two employees and prevent insider trading, the person said….

The hiring of Boies, who chairs the law firm Boies, Schiller & Flexner, added to Cohen’s defense team a lawyer well-known for his trial exploits.

Citigroup Board Turns to Law Firm [WSJ]
Hedge fund mogul Cohen hired legal titan Boies: source [Reuters]

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Comments (3)

  1. Posted by No. Thank YOU. | June 6, 2014 at 1:42 PM

    That's some brilliant comedy writing, Shazar.

  2. Posted by John St Cannibal | June 6, 2014 at 2:06 PM

    Shazar, the Skinnyman is telling me to stab you at Minetta's. stabby stab stab.

  3. Posted by klhoughton | June 6, 2014 at 6:11 PM

    Boies is coming out to New Jersey with some dude named Olsen (I think he's related to Mary-Kate, Ashley, and not-either-of-those) in a week or so. Should I ask him if .72 is anything close to SAC's usual BAC?