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Barclays decides on Libor probe legal team

13th July 2012

Barclays Bank have announced that they have hired one of the most powerful legal practices in the City to represent them in their internal investigation into the Libor rate-fixing scandal.

The Magic Circle firm, whose partners are responsible for holding roles which rank amongst the senior financial solicitor jobs in London, has joined forces with a US group as officials try to get to the bottom of what exactly went on at the corruption-hit high street giants.

The probe, a statement sent to the Treasury Select Committee reported, has already been ongoing for over three years, and will be in addition to the recently announced parliamentary inquiry into the matter.

Although the private practice in question has not commented on its instruction, their appointment is not the first time they have been involved in giving advice on Libor issues; back in 2008, they worked with the British Bankers’ Association in a review of how the rate is governed.