Monday, August 06, 2012

Maybe A Bit Like Reservoir Dogs

Should be fun.

ANY American law firm with a respected financial practice now finds itself tantalised by the prospect of a sinecure from a single emerging line of business: cases tied to the alleged rigging of the London Interbank Offered Rate (LIBOR). With Barclays having acknowledged guilt already in a settlement with regulators, and other large banks expected to follow in the near future, a big legal barrier has already been breached. And since LIBOR was ubiquitous, the potential group of plaintiffs is vast. The result is the stuff of dreams not only for aggressive plaintiff lawyers, but for the large established firms as well, most of which are already logging many billable hours creating defences.