Bloomberg Businessweek

Password? Legalio

Wall Street’s lawyers get together at a discreet yearly meeting. One topic: battling class actions | “They realize they are stronger when they stick together than when they splinter”

It’s a Wall Street club that’s virtually unknown on Wall Street. It has no name or official membership list, and it meets only once a year, in locations such as Switzerland’s Lake Lucerne, Connecticut’s Litchfield County, and, this year, Versailles.

The attendees are top in-house lawyers for some of the world’s most powerful banks—people who sit at the table for decisions that can shape multibillion-dollar litigation tabs for the likes of Barclays, Citigroup, Goldman Sachs, Deutsche Bank, and JPMorgan Chase. For this year’s meeting, in late May,

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