Wachtell replaced by Jones Day in Satyam shareholder suit
US elite law firm Wachtell, Lipton, Rosen & Katz, which came under heavy criticism for its work on Bank of America's merger with Merrill Lynch in the last weeks, has suffered another blow.
Wachtell's client Satyam Computer Services Ltd. asked to substitute Jones Day for the firm in the software services provider's shareholder lawsuits in the U.S.
Satyam, the company at the center of India’s biggest corporate-fraud inquiry, made the request in papers filed in federal court in Manhattan by Jones Day partner Jayant Tambe, reports Bloomberg. The company gave no reason for the requested switch.
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