We are currently acting for a number of witnesses in relation to an international investigation conducted by the Financial Services Authority, Department of Justice, Securities and Exchanges Commission, Federal Bureau of Investigation and the US Commodities Future Trading Commission.
Regulators in London, European, North America and Japan have been investigating whether traders at big European and US banks colluded to influence London Inter Bank Offered Rate or LIBOR or other benchmark leading rates. That probe has recently widened as the investigation gathers pace. As the probe gathers pace national enforcement agencies have begun to reveal additional information about their investigation into the setting of LIBOR rates which serves the reference for 350 trillion dollars of financial products.
Regulators have expanded their enquiries to include hedge funds who have placed large bets on movements in LIBOR and other key borrowing rates as well as inter dealer brokers.