Pinsent Masons has filed a High Court claim for £700,000 plus interest against broker client RP Martin after the company failed to stump up fees for advice relating to its Libor investigation.
The Financial Times reported that court filings detail six unpaid Pinsents invoices billed between March 2013 and January 2014. The highest outstanding bill is for £209,560.
A spokesperson for Pinsent Masons said: “We can confirm that the firm is taking legal action against RP Martin in respect of unpaid fees. This is not a course of action we have entered into lightly, however on this occasion we felt we were left with no alternative. As the matter is subject to legal proceedings it would be inappropriate to comment further.”
RPC partner Nick Bird is representing Pinsents and has not yet instructed counsel. RP Martin declined to comment but is expected to file a defence in due course.
On 15 May RP Martin was fined $1.2m by the US Commodity Futures Trading Commission (CFTC) and £630,000 by the Financial Conduct Authority (FCA) after an investigation into Libor-rigging found that the company had accepted bribes in return for sending misleading rate estimates to banks.
The FCA’s final notice shows that had RP Martin been in a stronger financial position it would have been expected to pay £3.6m.
However, the fine was reduced by 75 per cent to £900,000 when RP Martin claimed it faced collapse if asked to repay the fine in full. A further 30 per cent discount was given for settlement at an early stage of the investigation.