White & Case LLP - News - US Court Dismisses Claims Against White & Case Client Consortium de Realisation

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US Court Dismisses Claims Against White & Case Client Consortium de Realisation

Washington, DC, June 14, 2007 ... A federal judge in Los Angeles granted summary judgment for Consortium de Realisation (CDR), a French government corporation that was a guarantor for Credit Lyonnais, on the last claims brought in the Executive Life matter. White & Case represented CDR and Credit Lyonnais in the case where a billion dollars in damages were claimed by insurer AIG.

George J. Terwilliger III, a partner in White & Case's Washington office and lead counsel for CDR and Credit Lyonnais in the litigation, said, "The judgment was a decisive win in a case arising after almost a decade of litigation." The claims arose out of the rehabilitation in the early 1990's of Executive Life, which had become insolvent as a result of its extensive junk bond holdings. Plaintiff AIG Retirement Services Inc. claimed "fraud and deceit" in a rehabilitation transaction financed by Credit Lyonnais.

The judgment, entered yesterday by US District Judge John F. Walter, resolves the last of the claims against Credit Lyonnais and CDR, which was created as a defeasance entity to assume certain Credit Lyonnais assets and liabilities.

Earlier this year, White & Case obtained dismissal of three other claims brought by the plaintiff. Judge Walter's judgment follows years-long criminal proceedings and civil litigation against CDR and Credit Lyonnais. Those proceedings, initiated by the Department of Justice, the Federal Reserve, the California Insurance Commissioner and other private parties, were successfully resolved by negotiated settlements in 2004 and 2005.

Terwilliger, who is global head of the Firm's White Collar Practice Group, added, "The result in this case demonstrates what a solid job by a great team of lawyers can accomplish, especially where a court so conscientiously considers the factual record and the relevant law."

White & Case's White Collar practice provides counsel to corporations and their leaders in domestic and international civil and criminal enforcement, including criminal and securities fraud, health care fraud, financial institution fraud, antitrust violations, environmental statutory enforcement actions, criminal tax matters, international boycott and trade restriction cases and Foreign Corrupt Practices Act matters. The 2007 PLC Which Lawyer? ranked the group as "highly recommended" and The National Law Journal listed George Terwilliger as one of the "100 Most Influential Lawyers" in 2006.

About White & Case
White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
Reilly Starr
Regional Media Relations Manager - Americas
White & Case LLP
1 212 819 8315

	Press Releases
Expertise White Collar Lawyers George J. Terwilliger III Locations Washington, DC	US Court Dismisses Claims Against White & Case Client Consortium de Realisation Washington, DC, June 14, 2007 ... A federal judge in Los Angeles granted summary judgment for Consortium de Realisation (CDR), a French government corporation that was a guarantor for Credit Lyonnais, on the last claims brought in the Executive Life matter. White & Case represented CDR and Credit Lyonnais in the case where a billion dollars in damages were claimed by insurer AIG. George J. Terwilliger III, a partner in White & Case's Washington office and lead counsel for CDR and Credit Lyonnais in the litigation, said, "The judgment was a decisive win in a case arising after almost a decade of litigation." The claims arose out of the rehabilitation in the early 1990's of Executive Life, which had become insolvent as a result of its extensive junk bond holdings. Plaintiff AIG Retirement Services Inc. claimed "fraud and deceit" in a rehabilitation transaction financed by Credit Lyonnais. The judgment, entered yesterday by US District Judge John F. Walter, resolves the last of the claims against Credit Lyonnais and CDR, which was created as a defeasance entity to assume certain Credit Lyonnais assets and liabilities. Earlier this year, White & Case obtained dismissal of three other claims brought by the plaintiff. Judge Walter's judgment follows years-long criminal proceedings and civil litigation against CDR and Credit Lyonnais. Those proceedings, initiated by the Department of Justice, the Federal Reserve, the California Insurance Commissioner and other private parties, were successfully resolved by negotiated settlements in 2004 and 2005. Terwilliger, who is global head of the Firm's White Collar Practice Group, added, "The result in this case demonstrates what a solid job by a great team of lawyers can accomplish, especially where a court so conscientiously considers the factual record and the relevant law." White & Case's White Collar practice provides counsel to corporations and their leaders in domestic and international civil and criminal enforcement, including criminal and securities fraud, health care fraud, financial institution fraud, antitrust violations, environmental statutory enforcement actions, criminal tax matters, international boycott and trade restriction cases and Foreign Corrupt Practices Act matters. The 2007 PLC Which Lawyer? ranked the group as "highly recommended" and The National Law Journal listed George Terwilliger as one of the "100 Most Influential Lawyers" in 2006. About White & Case White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: Reilly Starr Regional Media Relations Manager - Americas White & Case LLP 1 212 819 8315