A host of City firms are lining up for a $1bn claim being brought against a set of financial institutions accused of co-operatively manipulating the Libor rate.
Quinn Emanuel Urquhart & Sullivan partner Kate Vernon (pictured) is representing the US Federal Deposit Insurance Corporation (FDIC) in the case, with Macfarlanes, Hogan Lovells and Milbank, Tweed, Hadley & McCloy acting for the defendants.
Macfarlanes head of banking and finance Barry Donnelly is leading for his firm, representing the British Bankers’ Association (BBA) and BBA Libor Limited. It is understood Hogan Lovells banking litigation partners Andrea Monks and Whiston Bristow are acting on the case on behalf of one of the banks.
Other banks known to be involved in the case are Barclays, Royal Bank of Scotland, Deutsche Bank, a unit of Rabobank Group, UBS and Lloyds Banking Group.
The rigging of Libor rates has been a well-publicised scandal in recent years, and earlier this month the Bank of England was implicated in the controversy dating back to the 2008 financial crisis.
Other competition mandates for Quinn Emanuel include partner Boris Bronfentrinker defending Daimler in relation to a 14 year price cartel. Herbert Smith Freehills partner Kim Dietzel is acting for Inveco, while Slaughter and May is representing MAN. So far, the only UK-based claimants are Royal Mail and the Road Haulage Association.
In July last year, the Serious Fraud Office (SFO) found three former Barclays traders guilty of conspiring to manipulate the Libor Rate. Jay Merchant, Jonathan Matthew and Alex Pabon were all convicted, but a jury was unable to reach a verdict on two other defendants named Ryan Reich and Stelios Contogoulas.