Orrick and Allen & Overy May Be Pulled Into Spotlight in Squared CDO Suit if Defendant Steffelin Raises Advice of Counsel Defense

Edward Steffelin — the only individual charged in the SEC’s case involving a collateralized debt obligation sold by JPMorgan — may raise an advice-of-counsel defense, which means Orrick (and possibly Allen & Overy) might face scrutiny over their roles in the deal.