Elite Manhattan firm Wachtell Lipton Rosen & Katz has bagged a lead role on what could be one of the biggest law suits in history with Bank of America reportedly threatening to sue Dutch bank ABN Amro for $220bn (£110bn).

Bank of America is preparing to take legal action for breach of contract if its $21bn (£10.5bn) acquisition of LaSalle from ABN Amro falls through as a result of the Dutch group’s own proposed takeover.