On December 16, 2008, Judge William J. Hibbler ruled in favor of our client, the Northern Trust Corporation, by denying a preliminary injunction sought by BP p.l.c. Northern Trust serves as investment manager for various BP pension plans and engaged in securities lending pursuant to its management agreements. After the securities lending program suffered losses, BP sought to withdraw its investments, and it objected to Northern Trust’s requirement that BP accept as part of its withdrawal a pro-rated slice of the assets in the securities lending collateral pool. BP sought a preliminary injunction requiring Northern Trust to distribute the BP plans’ assets in cash or liquid securities only. Vince Warther, supported by a team in our Chicago office, testified that, among other things, BP’s alleged damages could be measured in monetary terms. In its decision, the Court agreed and denied the request for a preliminary injunction, concluding that “the BP plans’ injuries are purely monetary and easily measured.” We worked with Caryn Jacobs, John Tharp, and Zachary Ziliak of Mayer Brown LLP on the case.