International banks act as security trustee and collateral manager in context of back-to-back total return swap transaction

Client(s) International banks

Jones Day advised the London branches of two international banks in their capacities as security trustee and collateral manager of a back-to-back total return swap transaction following the receipt of tainted funds that emanated from an alleged multimillion dollar fraud perpetrated by Marc Dreier. Jones Day acted in conjunction with our New York office to ensure both uniformity of strategy in relation to other transactions (non-U.K. related) similarly affected and compliance with various civil and criminal orders of the New York courts.