Clifford Chance wins RBS role on IT failure review
Clifford Chance has been instructed by the Royal Bank of Scotland (RBS) to carry out a review into a computer failure that left customers without access to information about their accounts.
RBS hired the magic circle firm in the past few weeks to work on the review with technology giant IBM and accountants PricewaterhouseCoopers, with the group of consultants set to report in the coming months. An initial report has already been published.
The incident in mid-June saw roughly 13 million customers lose access to their accounts, resulting in their inability to access wages and pay bills. It is set to cost the bank over £100m, according to reports.
The Clifford Chance team on the matter is understood to comprise members of the litigation practice.
The instruction, first reported by Computerworld UK, follows Clifford Chance’s key role advising on the fallout to the London Interbank Offered Rate (Libor) scandal, with the firm winning a role acting for Barclays Bank (10 July 2012).
Clifford Chance declined to comment.
