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&lt;p&gt;Since at least last March&amp;#8212;when Citigroup and the late Wachovia were sued by a hedge fund over derivatives contracts&amp;#8212;BigLaw has been&amp;nbsp; anticipating the next wave of subprime related litigation in the form of credit default swap lawsuits.&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp; &lt;/span&gt;(Recall Professor Greenberger&amp;#8217;s helpful definition of a credit swap: &amp;#8220; Really insurance but not regulated like insurance; really a futures contracts but not regulated like a&amp;nbsp;futures contract.&amp;#8221;)&lt;/p&gt;&lt;p&gt;Yesterday, as reported in&amp;nbsp; &lt;a href=&quot;http://www.law.com/jsp/article.jsp?id=1202425000825 the&quot; target=&quot;_blank&quot;&gt;&lt;em&gt;The&lt;/em&gt;&lt;/a&gt;, the chairs of Paul Hastings&amp;#8217; derivatives and newly-formed&amp;nbsp; credit crisis groups predicted that &amp;#8220;the banking industry&#39;s implosion means that banks with a piece of the $43 trillion market in these unregulated instruments are likely to sue to recoup their losses. And who are they going to sue? Other banks.&amp;#8221;&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp; &lt;/span&gt;(By the way, note the $23 trillion difference with the $66 trillion figure cited&amp;nbsp; here.&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp; &lt;/span&gt;But hey what&amp;#8217;s the big deal: it&amp;#8217;s only a discrepancy equivalent to seven times the annual GDP of China.)&lt;/p&gt;&lt;p&gt;Due to those pesky client conflicts, this impending spate of bank-on-bank litigation will not necessarily translate into a windfall of work for Wall Street litigators. As we noted here back in June, One firm gathers what another firm .&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp; &lt;/span&gt;And just as Quinn Emmanuel stepped up in &lt;?xml:namespace prefix=&quot;st1&quot; ns=&quot;urn:schemas-microsoft-com:office:smarttags&quot;?&gt;&lt;st1:place w:st=&quot;on&quot;&gt;&lt;st1:city w:st=&quot;on&quot;&gt;London&lt;/st1:city&gt;&lt;/st1:place&gt; when the&amp;nbsp; &lt;st1:street w:st=&quot;on&quot;&gt;&lt;st1:address w:st=&quot;on&quot;&gt;&lt;st1:street w:st=&quot;on&quot;&gt;&lt;st1:address w:st=&quot;on&quot;&gt;Magic Circle&lt;/st1:address&gt;&lt;/st1:street&gt;&lt;/st1:address&gt;&lt;/st1:street&gt;, one has to think that the firm will be similarly opportunistic here, despite a&amp;nbsp; rough start with this sort of lawsuit.&lt;/p&gt;&lt;p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; -posted by brian&lt;/p&gt;&lt;p&gt;&lt;?xml:namespace prefix=&quot;o&quot; ns=&quot;urn:schemas-microsoft-com:office:office&quot;?&gt;&lt;o:p&gt;&amp;nbsp;&lt;/o:p&gt;&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;/p&gt;

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