Litigation storm expected after interest rate debacle
29th June 2012
It is being widely predicted that a wave of commercial litigation cases will be contested following recent revelations surrounding the manipulation of interest rates by Barclays bank.
The coming months are expected to be an extremely busy time for the many solicitors in London lawyer jobs who have been called upon to represent either the various banks at the heart of the scandal or the industry’s regulators, with every major law firm in the city reportedly being instructed.
With a host of other major British and international banks now also being investigated over the same practices, Barclays themselves are yet to reveal the fate of Mark Harding, the general counsel who headed up the group’s legal team when the abuses took place.
Although the fine levied on the bank – a total of £290m – is the largest of its kind to be handed out in history, this figure will most likely be eclipsed by the substantial legal fees that are sure to follow.