Dewey Ballantine, Kingsley Napley and SJ Berwin are preparing for the possibility of a second round of their fight with the Financial Services Authority (FSA). They are looking at ways to appeal the £750,000 fines meted out to client GLG, a hedge fund, as well as one of its former traders Phillipe Jabre.
Last month, the FSA's Regulatory Decisions Committee (RDC) took its first stand against the hedge fund industry, which had previously escaped scrutiny.
The FSA instructed Barbara Dohmann QC of Blackstone Chambers and found GLG and Jabre responsible for market abuse and violating market conduct. The decision followed a two-year investigation by the FSA.
Jabre and GLG have 28 days from the RDC's decision to challenge the ruling at the independent Financial Serv-ices and Markets Tribunal.
If they decide to fight on, Dewey, Kingsley and SJ Berwin would find themselves going head-to-head with the FSA for a second time. Kingsley litigation partner Stephen Pollard and Dewey partner Camille Abousleiman acted for Jabre, instructing Charles Flint QC of Blackstone Chambers, while SJ Berwin litigation specialist Craig Pollack advised GLG, instructing Lord Grabiner QC of One Essex Court.