SWS Financial Fund A v. Salomon Brothers Inc.

790 F. Supp. 1392 (1992)

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SWS Financial Fund A v. Salomon Brothers Inc.

United States District Court for the Northern District of Illinois
790 F. Supp. 1392 (1992)

  • Written by Sharon Feldman, JD

Facts

Salomon Brothers Inc. (Salomon) (defendant) retained law firm Schiff, Hardin and Waite (Schiff) to draft part of a compliance manual and consulted with Schiff on other discrete research projects, posing questions as they arose for more than 13 months. Salomon also retained other large firms to provide legal counsel. After Salomon announced it had admitted to rule violations in connection with Treasury-auction bids, Robert Hickey, the agent for a group that traded government securities (collectively, Hickey) (plaintiffs) consulted Schiff. Hickey sued Salomon after settlement negotiations failed. Salomon moved to disqualify Schiff from representing Hickey, contending that Schiff’s adverse representation of Hickey violated conflict-of-interest rules.

Rule of Law

Issue

Holding and Reasoning (Duff, J.)

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