Legal Business

No let up for Libor claims as FSA issues record fines

With the Financial Services Authority (FSA) issuing a record £300m of total fines in the UK in 2012, up from £65.5m in 2011, litigation teams in the City are predicting a further surge in banking litigation in 2013 thanks to the Libor scandal.

Barclays’ fine of £59.9m in June was dwarfed by UBS’ £160m fine in December. Clifford Chance and Sullivan & Cromwell were brought in to advise Barclays, while Gibson, Dunn & Crutcher advised UBS in both the US and the UK.