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Sovereign Wealth Fund Litigation

Sovereign Wealth Fund Litigation
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Quinn Emanuel has a large and dynamic practice representing sovereign wealth funds, their portfolio companies, and central banks in myriad disputes around the globe.  We have assisted these clients in highly confidential and sensitive investigations at the fund level, their subsidiaries and vendors, and have successfully assisted them with regulatory inquiries in the United States and other countries.  We have also handled litigations and arbitrations involving their subsidiaries, as claimants/plaintiffs as well as a respondents/defendants.  These disputes range from discrete issues in one jurisdiction to complex multi-jurisdiction litigation and international arbitrations. 

 

There are several attributes of Quinn Emanuel that set us apart from other firms in this area.

 

Unique Resources and Experience.  Our firm brings a commitment of resources and depth of experience in litigation, arbitration and investigations that no other firm can provide.  Quinn Emanuel is not just a large firm, with over 800 lawyers in 27 offices worldwide, but we also have over 25 partners who are former prosecutors and high level government lawyers.  As a result, we are keenly attuned to the sensitives and needs of sovereign wealth funds and government agencies. In every matter, we are sensitive to the unique commercial and governmental considerations of sovereign wealth funds, and help them devise strategies to account for those considerations. 

Rare Insight into the Other Side.  Quinn Emanuel is also unique in that we represent both plaintiffs and defendants in different cases.  This gives us rare insight into the thinking of the parties and lawyers on the other side.  It also helps bring a level of credibility to our representation of sovereign wealth funds that no other firms can provide.

Balanced Advice Combined with Unparalleled Trial Experience.  Quinn Emanuel also brings unique credibility to its representation of sovereign wealth funds because we do not encourage our clients to file every possible case.  Instead, we give balanced advice, including when appropriate the advice that a case is not worth pursuing.   When we do advise clients to file litigation, we do not push our clients to take a cheap settlement, like some other firms do.  Rather, we work to maximize the value of cases, including by trying them when necessary.  Quinn Emanuel’s lawyers have handled over 2,500 trials and arbitrations – including on behalf of funds and government entities – and won over 86% of them.  Thus, when Quinn Emanuel serves as counsel to sovereign wealth funds, the message is clear that the case will be tried if necessary and that the lawyering will be of the highest caliber.  In other situations where the sovereign wealth fund wishes to avoid escalating the confrontation, we have worked behind the scenes, sometimes without making any appearance in the dispute, to help resolve the matter.

Absence of a Corporate Practice and Its Conflicts.  As the largest pure litigation firm in the world, the absence of any corporate practice leaves us free to represent sovereign wealth funds vigorously against issuers of securities and banks, without conflicts and without any hesitation about losing transactional matters as a result of our litigation strategies against the money center financial institutions. 


Representative Clients:

  • Abu Dhabi Investment Authority
  • Central Bank of Colombia
  • Central Bank of Peru
  • GIC
  • Kuwait Investment Authority
  • Mubadala
  • National Bank of Azerbaijan
  • National Holdings (Abu Dhabi)
  • Temasek Holdings

Recent Representations

  • We represent sovereign wealth funds and numerous other sophisticated clients in a collection of securities suits filed by our firm in Germany against Volkswagen related to the scandal arising out of VW’s manipulation of the emissions systems in its vehicles. 
  • We asserted securities claims on behalf of Kuwait Investment Authority and the affiliated Kuwait Investment Office in London, National Pension Service (South Korea), and public pension funds The Nova Scotia Teachers’ Pension Fund and The Nova Scotia Public Service Superannuation Fund arising from the corruption scandal at the Brazilian state-owned oil company Petrobras; we achieved successful settlements for the funds after less than a year of litigation and as part of $353 million in settlements and reserves announced by Petrobras.
  • We obtained a complete defense verdict for our client Dubai World after a two week trial. Dubai World had been sued by Herve Jaubert, a Florida resident, alleging among other things that Dubai World had promised him tens of millions of dollars to lead a recreational and commercial submarine manufacturing venture in Dubai. He claimed that Dubai World reneged on the deal, used the police to have him arrested and threatened him with torture. Jaubert wrote a book about his allegations and tried to extort $30 million from Dubai World NOT to publish the book. At trial we proved that Jaubert had fabricated much of his book, including a recording of Jaubert's alleged interrogation and threatened torture in Dubai.
  • We represented Infinity World, a subsidiary of Dubai World, in its dispute against MGM Mirage over the funding of the $8.5 billion CityCenter project in Las Vegas. A little over one month after we filed a complaint against MGM in the Delaware Chancery Court, MGM and CityCenter's lenders capitulated to Dubai World's demands. MGM agreed to fund its remaining equity contributions, to be solely responsible for potential cost overruns, and to pledge additional collateral as security for its funding obligations. CityCenter's lenders agreed to fund the full $1.8 billion promised under CityCenter's senior credit facility. The settlement ensures that the CityCenter project, which is expected to be a powerful engine for growth and employment in Las Vegas and Nevada, will be completed.
  • We advised Dubai World in connection with the aftermath of the Emirate of Dubai’s announcement that it would not guarantee Dubai World's debts.  Specifically, we advised Dubai World and the  Dubai Government to amend its bankruptcy code to permit debtor in possession and worked with Latham & Watkins to rewrite the bankruptcy code over a long weekend.  The new code became law less than a week later.
  • We represented Dubai Ports World in an ICSID arbitration concerning Yemen’s expulsion of the company from the Port of Aden and claims by Yemen DPW was contractually responsible for investing over $500 million in the underutilized Port of Aden.  The matter was settled when Yemen agreed to pay back DPW for its entire investment.
  • We represented Dubai Ports World in an LCIA arbitration in which Djibouti is seeking to rescind a $2 billion concession to build and operated a container terminal.  Evidence has closed.  We are awaiting the tribunal’s award.Platinum Services vs Dubai Ports World. 
  • We represented Dubai Ports World in a trial in Dubai of Platinum Services claim that DPW had breached a contract Platinum to provide certain services to the Egyptian port of Sokhna.  Platinum and DPW settled the case after one week of trial when Platinum agreed to drop all charges.
  • We represented Dubai World’s subsidiary Infinity World in a nine figure claim MGM filed for breach of contract.  The matter was settled for a confidential amount.
  • We represented a subdivision of National Holdings in several international arbitration proceedings involving distressed investments
  • We represented an Asian Sovereign Wealth Fund in a dispute arising out of its $800 million investment in commercial mortgage-backed securities in New York, achieving a swift settlement that avoided any adverse press in the United States or in the fund’s country.  
  • We advised an Asian Sovereign Wealth Fund in on its sovereign immunity in the United States.
  • We represented two Asian Sovereign Wealth Funds in inquiries from the U.S. Department of Justice concerning the bailout of AIG, successfully avoiding any subpoena being issued.
  • We represented a Gulf Sovereign Wealth Fund in an arbitration with a US financial institution. 
  • We represent Mubadala in a variety of US regulatory and compliance matters and global internal investigations.
  • We represented an energy subsidiary of an Gulf Sovereign Wealth Fund in a dispute with an EPC contractor in Asia, achieving a swift and favorable settlement that enabled the energy project to be completed.
  • We represent the former CEO of an energy subsidiary of an Asian Sovereign Wealth Fund in government investigations in Brazil and the United States relating to the corruption at Petrobras.
  • We represent Middle East Sovereign Wealth Fund in several matters involving efforts to recover damages from investments induced through fraud and misrepresentations as well as defending that fund in Madoff clawback cases.
  • We represent one of the Middle East’s largest sovereign wealth funds in all of their significant internal and government investigations spanning the globe, from the U.S. to the Middle East to Europe to Asia.
  • We represented a fund charged with the duty of investing public assets – in connection with an investigation of potential claims involving investments in structured finance securities.
  • We have counseled the Central Bank of Colombia with respect to litigation and arbitration matters.
  • We advised the Central Bank of Peru in a dispute related to the sovereign immunity of its assets.
  • We advised the National Bank of Azerbaijan in a dispute related to the sovereign immunity of its assets.
  • We advised an Asian Central Bank in a dispute relating to the manipulation of its currency.
  • We advised an Asian Central Bank on communications it had with a banker in London who was suspended in a currency manipulation investigation.
  • We are advising a subsidiary of an FSU sovereign wealth fund in connection with a multi-billion-dollar arbitration against various oil companies over the development of a major oil and gas field in the Caspian Sea.
  • We represented GIC’s subsidiary Pure Magenta in the Delaware Chancery Court in an action arising from a contemplated transaction of shares (involving another sovereign wealth fund) in AmEx Global Business Travel during the COVID-19 pandemic, resulting in a confidential settlement agreement amicably resolving all outstanding litigation arising from the transactions contemplated.
  • We represent Gulf Investment Corporation in connection with fraud litigation currently pending in Georgia state court as well as advise it in connection with related proceedings in Cayman Island courts.