Northern Rock has paid out more than $40 million to law firms and accountants over the course of its struggle for survival, it has emerged, with Freshfields and Allen & Overy both in line for bumper paydays. According to its latest annual report, published Monday, Northern Rock paid 21.2 million pounds ($41.9 million) in professional fees in the second half of 2007 before its controversial nationalization. Freshfields, Northern Rock's main legal adviser, is poised to collect the lion's share of legal fees.
Freshfields, Allen & Overy in Line for $40 Million Northern Rock Bonanza
April 2, 2008