It’s been a month of banking fines and heavy-hitting probes but it looks like the tension wasn’t just between the banks and the regulators.
RBS has turned to Herbert Smith Freehills (HSF) to defend the case. But HSF is just one of the many advising the bank on a veritable tidal wave of banking litigation, including the mammoth Financial Conduct Authority (FCA) fines handed down last week.
Linklaters advised on that probe as well as the investigation into retail banking competition led by the Competition and Markets Authority (CMA). As if that wasn’t enough, the bank is also bracing itself for another round of FCA fines in relation to a 2012 IT breakdown.
Clifford Chance won that mandate, with partners Kelwin Nicholls and Carlos Conceicao advising. Looks like it’s a bad time to be a banker but a good time to be a banking litigator.
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