Robert Hickmott, partner, Quinn Emanuel Urquhart & Sullivan

Barclays to be held to account

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  • At what point does the Barclays in-house legal and compliance team take responsibility for matters such as this and sanctions busting that have taken place on their watch?

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  • Anonymous | 10-Jul-2012 0:23 am - I think this is a fact-sensitive question which is impossible to answer in the abstract. Sometimes there is a genuine limit on what compliance and legal can keep tabs on; sometimes, not!

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  • What's the legal basis of the traders' claim against Barclays? Also, is it likely that those submitting LIBOR rates within the bank will face criminal prosecution?
    A "proliferation of claims"; what is that likely to mean for the legal market? And will the courts be willing to allow the 'floodgates to open'?

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  • Remember that the most senior lawyers in the BarCap legal team moved into senior BarCap business roles a couple of years ago.

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  • On the flip side, could this present any opportunities for law firm's corporate practices (or indeed any of there other core practice areas)?

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  • Barclays should be made to pay for its role in this scandal. A fine of £290m when the bonus pool is £2.7bn, the fact that the fine will go towards reducing the FSA levy and the emphasis on institutional responsibility rather than individual responsibility are unacceptable.

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