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‘Wave’ of credit crunch cases set to emerge

Times Online UK – Litigation departments at the City’s leading law firms have grown significantly busier in recent weeks as investors turn to legal action to recover losses suffered as a result of the financial crisis.

Although lawyers have been predicting an upturn in litigation since the credit crunch began last summer, that has yet to emerge as investors were reluctant to admit to holding negative positions.

But Jonathan Kelly, a partner at Simmons & Simmons, the international law firm, said that financial institutions, hedge funds, municipalities and other investors had begun considering legal action as the market showed signs of settling.

Mr Kelly said that there had been a significant increase in instructions and conflict referrals in recent weeks — an observation confirmed by lawyers at other City firms.

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