Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Last week, as shareholders for Bear Stearns threatened action over JPMorgan’s $2-per-share offer, the Federal Reserve Bank of New York quietly called on Simpson Thacher & Bartlett to represent its interests, according to a source close to the deal. Apparently Simpson’s lawyers were brought on to represent the Fed in a role it disclosed in a statement today. Through an LLC set up just for this deal, “the New York Fed will take . . . control of a portfolio of assets valued at $30 billion as of March 14, 2008,” the statement read. It continued, “the assets will be pledged as security for $29 billion in term financing from the New York Fed at its primary credit rate.” Simpson Thacher had no comment and a spokesperson for the New York Fed could not be reached for comment. The law firm finds itself on one of the most high-profile matters in the financial world, despite the fact that it is not representing longtime client and Bear Stearns acquiror JPMorgan. [See "Wachtell in for JPMorgan on Bear Stearns Deal".] Today, after reported misgivings about the merger contract and the price, JPMorgan increased its offer to $10 per share.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.