Last week, IFLR analysed the fallout from Lehmans Repo
105 opinion. One lawyer raised the question of responsibility:
A general counsel at a US bank in Asia had told him that he
expected their relationship law firms to make sure that the
banks transactions were appropriate.
So this week, we asked both in-house and private practice
lawyers whether they agreed:
Whose responsibility is it to ensure
transactions are appropriate?
European lawyers were split. One argued that if increased
due diligence was required on every legal opinion then
opinion committee meetings would go on for