Peter E. Calamari

 

New York Office
Tel: +1 212-849-7000
Fax: +1 212-849-7100
petercalamari@quinnemanuel.com

Practice Areas
Lender Liability and Other Banking and Financial Institution Litigation
Class Action Litigation
Employment Litigation and Counseling
Intellectual Property Litigation
Securities Litigation
Structured Finance and Derivatives Litigation
Transnational Litigation

Education


Fordham University School of Law
 
(J.D., magna cum laude, 1973)

Manhattan College
(B.E.E. 1967)






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Biography


Peter Calamari has 30 plus years of experience representing clients in complex commercial  litigation, particularly in the financial services industry.  Over the years he has been involved in some of the most significant international disputes, as well as responsible for oversight of cases producing some of the biggest settlements in US history for his clients, with recoveries totaling in excess of $15 billion. Recently, Mr. Calamari has focused on representing institutional investors in claims involving complex financial products in court proceedings and international arbitrations. He was the lead attorney for Washington Mutual, Inc. in connection with its claims against JP Morgan Chase which resulted in a settlement valued at $ 7.5 billion. Currently, he is the lead attorney for MBIA in connection with its multibillion claims against Bank of America and others arising out of collapsed RMBS.  Also he represents the extraordinary commissioner of Parmalat in his effort to recover amounts for the Parmalat bankruptcy estate.  Additionally, Mr. Calamari has represented parties in the Enron litigation, the Banco Ambrosiano collapse, the BCCI collapse, the Drexel collapse and the EF Hutton check kiting scandal.

He is a magna cum laude graduate of Fordham Law School, where he also was an adjunct professor of law.  Between 2000 and 2004, he was a managing director at Credit Suisse, assisting in various administrative functions at the most senior level.  In that capacity he helped organize a new division specializing in hedge funds, private equity and alternate capital investments.

Chambers USA (2013) reports that Mr. Calamari is highly regarded for his commercial litigation expertise and praised for his “excellent instincts and great courtroom presence.”






Notable Representations

 

Secured a multi-billion dollar settlement, involving both cash payments and the commutation of swaps, for our client MBIA Insurance Corporation, after a series of victories in the New York state trial and appellate courts.  In the rulings immediately prior to settlement, Justice Bransten ruled substantively in MBIA's favor on the parties' summary judgment motions, adopting virtually the entire legal framework advocated by Quinn Emanuel.  

 

Representing MBIA in an action against J.P. Morgan Securities (“JPMS”) based on misrepresentations made by Bear, Stearns & Co. Inc. (“Bear Stearns”), JPMS’s predecessor-in-interest, in connection with a 2006 securitization of mortgage loans.  Filed in September 2012, the Complaint in this action alleges that Bear Stearns intentionally altered the contents of a due diligence report before providing it to MBIA to induce MBIA to insure the securitization, causing MBIA has paid in excess of $168 million in claims when the securitization suffered massive losses from delinquencies and defaults. 

 

Representing a Mid East sovereign wealth fund in an ICC arbitration against the manager of a US based Hedge fund in which our client was the largest shareholder.  Peter and his team asserted claims of breach of contract, breach of fiduciary duty, and fraud (among other claims) when the fund manager applied default provisions of the fund’s shareholders agreement so as to deprive our client of its entire investment in the fund.  As a result of a multi-faceted tactical approach that placed the fund manager under significant pressure both inside and outside the arbitration, they obtained a confidential settlement that completely achieved their client’s financial objectives.

 

Representing AEP Generating Company (“AEPG”) and Indiana Michigan Power Company (“I&M”) in a $1.4 billion breach of contract and indemnification case brought by a series of trusts on behalf of corporate investors.  The case, Wilmington Trust Co. et al. v. AEP Generating Co. et al., (filed July 26, 2013 in the S.D.N.Y), concerns the operation of a coal-fired power plant located in Rockport, Indiana, which was sold to Plaintiffs in 1989 in a sales/leaseback transaction. 

 

Representing Fifth Third Bank, a major banking corporation, in parallel actions against Concord Capital Management, LLC and related entities (collectively, "Concord") in the Circuit Court of Cook County, Illinois.  These actions arise out of Concord's failed “Ultra” program to lend money to high net worth individuals to pay premiums on life insurance policies. 

 

Represented MBIA in Minnesota Federal Court against Ally Financial and associated Ally entities such as Ally Bank pursuing claims arising out of the Ally entities’ aiding and abetting their subordinate companies’ fraudulent misrepresentations to MBIA regarding the quality of the loans included in their RMBS offerings.  On June 26, 2013, an agreement was reached settling this case, along with other claims brought by MBIA against various Ally subordinate companies that had been placed in Chapter 11 bankruptcy in the Southern District of New York, resulting in a nine figure recovery for MBIA.  This settlement is conditional on the bankruptcy court’s approval of the Ally subordinate companies’ Chapter 11 plan.

 

Obtained a 2.1 billion settlement in connection with claims asserted against bank defendants involving the issuance of 2.4 billion in Enron Credit linked notes.