Governor Pat Quinn’s Office of Management today announced that it has selected a new law firm to serve as the state bond counsel, dumping its current counsel, Mayer Brown.
The Quinn Administration has selected the law firm Chapman & Cutler.
In a story broken by Capitol Fax’s Rich Miller, Mayer Brown’s former chairman and current partner, Ty Fahner, got embroiled in a controversy last summer over seeming to claim in a speech, which was recorded, that he had encouraged Wall Street ratings agencies to downgrade Illinois’ credit score over the state’s financial problems. […]
Now it seems that Mayer Brown, which won the contract in 2011, has paid the price for Fahner’s claims, which he later attempted to walk back – losing at $1 million in bond fees that come with being the state’s bond counsel.
In addition to Mayer Brown, Chapman & Cutler beat out 12 other firms to snag the contract.