Debevoise & Plimpton LLP has been awarded Litigation Team of the Year, alongside Herbert Smith Freehills, in the 2017 Transatlantic Legal Awards.

The awards, which were judged by a panel of senior editors and reporters from The American Lawyer and Legal Week, recognised firms, lawyers and in-house legal departments for their work spanning the world’s two largest and most fiercely competitive markets.

Debevoise and Herbert Smith Freehills were jointly awarded Litigation Team of the Year in recognition of their work advising on the litigation following Nortel Networks entering into administration in 2009.

At one stage, Nortel Networks had been one of the largest global companies by market capitalisation. Its collapse triggered a major and unprecedented global dispute over the allocation of the $7.5 billion of sale proceeds between three major competing estates. The litigation culminated in a settlement in October 2016, bringing an end to the extensive litigation in the U.S. and Canadian Courts, as well as to various other claims between the Nortel EMEA entities.

It also ensured the settlement of certain UK pensions claims between the UK Pensions Regulator, the Nortel EMEA companies and Nortel’s English subsidiary’s pension scheme.

Debevoise acted alongside Herbert Smith Freehills on the matter, with London partner Kevin Lloyd leading the Debevoise team.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges.