Howard Rice Represents Charles Schwab in $3.3 Billion Sale of U.S. Trust to Bank of America

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San Francisco, CA — November 20, 2006 — Howard Rice Nemerovski Canady Falk & Rabkin today announced that the firm represented The Charles Schwab Corporation in the negotiation of the agreement to sell U.S. Trust Corp. to Bank of America for $3.3 billion in cash.

Lawrence Rabkin, Howard Rice’s chairman and longtime outside corporate counsel for Schwab, said, "Our relationship with Schwab goes back more than 25 years and we have represented them on every significant transaction since 1980. It is a particular pleasure to have this kind of relationship with such an outstanding client."

Howard Rice represented Schwab in its acquisition of U.S. Trust in 2000 for $2.7 billion in stock. Since that time, the firm has worked on numerous acquisitions and dispositions for Schwab and U.S. Trust, including the 2003 acquisition by U.S. Trust of the private asset management unit of State Street Corp. of Boston for $365 million.

Richard Canady, director and head of Howard Rice’s Mergers & Acquisition practice, led the team, which included directors Edward Deibert, André Brewster, Stuart Lipton, Teresa Johnson, Larry Smith, Kenneth Neale, Thomas Larsen, and associates Celia Van Gorder, Alison Wright, David Tang, Thomas Magnani, Ellen Fleishhacker, Bradley Armstrong, Robert Hallman, Seth Sternglanz, Noah Rosenthal and Patrick Corrigan. Howard Rice’s attorneys worked hand in hand with Mark Tellini, Susan Stapleton, Henry Hernandez, Kathryn Morrison and Laurie Schaffer in Schwab’s legal department.

Christopher V. Dodds, Schwab’s executive vice president and chief financial officer, commented, "Howard Rice played a critical role in providing the legal talent that was necessary to successfully accomplish this complex strategic disposition. They have been instrumental partners in every significant transaction in our company’s history."

Howard Rice Nemerovski Canady Falk & Rabkin P.C. is a San Francisco-based law firm with leading national and international practices, representing entities and individuals across a comprehensive range of practice areas. Our clients are among the most sophisticated consumers of legal services and include: Amazon Digital Services, Inc.; Beverages & More!; The Charles Schwab Corporation; Citigroup Global Markets, Inc.; Digital River, Inc.; First Republic Bank; Genentech, Inc.; Google, Inc.; Hewlett-Packard Co.; Morgan Stanley; The Oakland Raiders; PlanetOut Inc.; Sony Online Entertainment; United States Olympic Committee; and Wells Fargo & Company.