News

HHR Wins $5.5M Treasury Bid

News is Reported by Associated Press, Reuters, Wall Street Journal Law Blog, Dow Jones Capital Markets Report, National Law Journal, Am Law Daily and ABA Journal

Hughes Hubbard has won a $5.5-million contract to help the U.S. Treasury Department complete contracts for equity purchases in banks as part of the Department’s $700-billion financial rescue. The firm was one of two selected for the work; the other was Cleveland-based Squire Sanders & Dempsey. The news has been widely reported in the media, including the Associated Press, Reuters, Wall Street Journal Law Blog, Dow Jones Capital Markets Report, National Law Journal, Am Law Daily and ABA Journal.

In addition, there are thousands of other banks whose stock is privately held that can also apply for government purchases of their stock. The government distributed the first $125 billion available under this program to nine of the biggest banks in the country last week.

Ron Abramson and John Hoyns worked on the bid for the contract. Chuck Samuelson will be in charge of the legal work. Samuelson will be assisted by numerous corporate associates in the coming weeks.