LIBOR Litigation

Civil Cases

• Graiseley Properties v. Barclays Bank and Deutsche Bank v. Unitech [2013] EWCA Civ 1372 
  • This originated as two separate cases involving enforcement of financial agreements that utilized LIBOR. Neither case initially involved allegations relating to LIBOR manipulation but parties later sought to amend their pleadings to include such claims. On Nov. 8, 2013, the Court of Appeal of England and Wales issued this decision to allow such amendments to the pleadings. 

Criminal Cases and Investigations
The Serious Fraud Office (SFO) began investigation into LIBOR manipulation in July 2012. 

• LIBOR (Yen) - Tom Hayes: Tom Hayes was a derivatives trader at UBS and Citigroup in Tokyo, and was the first criminal defendant in London to face trial for LIBOR manipulation. Hayes was found guilty of conspiracy to defraud in August 2015. 
  • News: BBC: Libor trial; The Guardian: First Libor defendant faces trial in London
• LIBOR (Yen) - Interbroker Dealers: Six other traders were charged with conspiracy to defraud, allegedly working with Tom Hayes. All six were acquitted.
• LIBOR (US Dollar) - Barclays: Six people were charged with conspiracy to defraud in relation to alleged manipulation of U.S. dollar LIBOR. One pleaded guilty, three were convicted and two were acquitted. 

HM Treasury

• The Wheatley Review: a report published in September 2012 by HM Treasury and Martin Wheatley, then managing director of the FSA, as an independent review on the regulation of LIBOR (Final Report, HM Treasury Press Release, Initial Discussion Paper)
  • Related: Response to the review by the Association of Corporate Treasurers

Financial Services Authority (FSA)
Note: In April 2013, the FSA was replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) as the government authority overseeing financial services. 

• Feb. 6, 2013: RBS fined £87.5 million for significant failings in relation to LIBOR (Final Notice, FSA Press Release)
• Mar. 25, 2013: FSA finalized new rules and regulations on financial benchmarks, as per the Wheatley Review (Policy Statement, FSA Press Release) 
• Jun. 27, 2013: Barclays fined £59.5 million for significant failings in relation to LIBOR and EURIBOR (Final Notice, FSA Press Release)

Parliamentary Commission on Banking Standards

• A joint commission appointed by Parliament in July 2012 in the wake of the LIBOR scandal to investigate UK banking standards and make recommendations for legislation (Research briefing about the commission)
• July 2013: the commission released a two-part report, Changing Banking for Good (Vol. I and Vol. II)