Was there Legal Malpractice in the Bear Stearns Takeover?
This report from the Wall Street Journal Law Blog suggests that JP Morgan may have had to raise its buying price from $ 2 to $10 because of legal malpractice. What was the legal malpractice? A sentence inadvertently left in the agreement, which required JP Morgan to guarantee certain trades.
Whether this is true or not, this Law blog sentence certainly sounds right: "M&A lawyering, remunerative though it may be, is a bit of a thankless job. If you do it well, and the deal goes off smoothly, perhaps you get a Lucite deal toy and a seat at the closing dinner, but no one really notices. But the moment there’s an un-dotted i or an un-crossed t, or if negotiations head south, then all eyes are on you: Must be the lawyers’ fault! "
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