Law firms react to Supreme Court Brexit ruling

Allen & Overy tops capital markets league table… Goldman Sachs suing Indonesian businessman for $1 billion…

Law firms react to Supreme Court Brexit ruling
Law firms react to Supreme Court Brexit ruling
The UK’s Supreme Court ruled that parliament must pass legislation to begin the official process of the UK leaving the European Union.

The decision upheld a previous ruling of the High Court in the case, which was brought by businesswoman Gina Miller, represented by law firm Mishcon de Reya.

Following the ruling, Mishcon released a statement:

“From the beginning, the purpose of this case was to ensure that the Government followed the correct constitutional process in triggering Article 50. Today 8 out of 11 Judges upheld the judgment of the High Court.

As lawyers, we believe in the rule of law, the separation of powers and the independence of the judiciary. This case has seen challenges to each of these principles we hold dear. We are proud that today the strength and primacy of those principles has been restated by the highest judges in the land.”

Meanwhile DLA Piper litigation and regulatory partner Hazel Moffat said that it may not be the end of court action on the matter, continuing the legal uncertainty of Brexit.

“There are also other legal proceedings in the offing, not least as to whether the Article 50 notice, once given, can be revoked. It is unlikely that we have seen the end of court involvement in the Brexit unwind," she said.

Partner Charles Brasted of Hogan Lovells said that the ruling would be studied by constitutional lawyers as it addressed several issues “including the interplay between the Government's executive powers in international law and legislative sovereignty, the powers of the Court to supervise the exercise of prerogative powers particularly where existing law or rights are affected.” 

Charles Bankes, partner and co-chair of the Brexit task force at Simmons & Simmons commented: “The judgment of the Supreme Court was a careful and balanced one demonstrating the Supreme Court was mindful of its constitutional role.”
Allen & Overy tops capital markets league table
Allen & Overy has topped the league table for advisers on global debt, equity and equity-related capital markets transactions.

Thomson Reuters data shows that the firm advised on 926 deals in 2016 with a value of U$657.9 billion.  It also scored well in the Asia Pacific G3 bonds, Australia international bonds and EMEA equity & equity-related transactions categories.
Goldman Sachs suing Indonesian businessman for $1 billion
An Indonesian businessman who is suing Goldman Sachs for alleged unlawful trades in a property firm, is facing a countersuit from the investment bank.

Reuters says that Goldman Sachs is countersuing Benny Tjokrosaputro for U$1 billion. He businessman filed a suit against the bank in September.

The dispute relates to shares in PT Hanson International, of which Tjokrosaputro is president director. He claims that he owned 425 million shares traded by Goldman Sachs International; the bank says it owned them.

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