Tech Mahindra plays favorites in the Satyam Class action suit Jones Day replaces Wachtell Lipton

Tech Mahindra has replaced New York firm Wachtell Lipton with its preferred advisers Jones Day. Jayant Tambe [pictured], a securities litigation expert and Partner at Jones Day, is heading the team. Satyam was previously being represented by Warren Stern, head of Litigation at Wachtell Lipton Rosen & Katz, a top-tier M&A firm in New York..Tech Mahindra has replaced New York firm Wachtell Lipton with its preferred advisers Jones Day. Satyam was previously being represented by Warren Stern, head of Litigation at Wachtell Lipton Rosen & Katz, a top-tier M&A firm in New York..Jayant Tambe [pictured], a securities litigation expert and Partner at Jones Day, is heading the team which filed an application for consent to substitution of counsel before judge Barbara Jones at the Manhattan federal district court on behalf of Satyam. Satyam was hit by several class action law suits by investors in the US after its Chairman Ramalinga Raju confessed to accounting fraud earlier this year. The Government of India intervened, and expedited the sale of Satyam Computers to Tech Mahindra in April..Jones Day has previously advised Tech Mahindra on a series of transactions, including its successful bid for the purchase of Satyam. Tambe’s prior experience with securities litigation includes the representation of Rediff.com and its directors in a securities fraud class action lawsuit alleging violations in Rediff’s ADS offerings in the US..The investors who lost their money in the Satyam accounting scam are being represented by Keith Fleischman, Director of Grant & Eisenhofer. Keith Fleischman, speaking to Bar & Bench said, “Both Wachtell and Jones Day are top law firms and it’s not unusual for clients to change counsels at the early stage of the trial”. He also mentioned that he is unaware of the reasons for the change in counsel but added that the substitution of counsel will not have any bearing on the progress of the case.