LIBOR scandal: two years on
By Tom Dane
Last summer we provided an overview of the main developments in the first year of the LIBOR scandal. This note looks back at some of the key developments over the second year.
By way of very brief recap, LIBOR (the London Interbank Offered Rate) is an important benchmark interest rate used in many financial contracts. It is prepared by reference to the average of submissions provided by 16 major banks, with the upper and lower quartile of submissions excluded for calculation purposes. The submissions relate to estimated short-term inter-bank borrowing rates (rather than actual transaction data).
In June 2012, the FSA (as it then was) issued a final notice against Barclays for attempting to manipulate LIBOR. Further notices against other banks followed and it became clear that panel banks had been involved in two types of attempted manipulation…
Click on the link below to read the rest of the Nabarro briefing.
News from Nabarro
News from The Lawyer
Briefings from Nabarro
This article focuses on the reforms affecting the generation of electricity, which is a regulated sector in the UK and the EU.
The Pensions Regulator’s financial support direction case against various companies in the Lehman Brothers group has settled.
Analysis from The Lawyer
Nabarro senior partner and self-confessed “IT geek” Graham Stedman is heralding a major set of investments in technology ahead of the firm’s move to 125 London Wall this year.
Clients are more willing to bring claims against professional service providers but the risk to defendants is not as dramatic as it might seem