Slaughter and May has taken a lead role on the high-profile BA price-fixing investigation by the Office of Fair Trading (OFT) opposite City rival Herbert Smith, with Sullivan & Cromwell and Simpson Thacher & Barlett also picking up advisory roles.

Competition partner William Sibree is leading the Slaughters team acting for regular corporate client BA, which was today fined a record £121.5m by the OFT after admitting speaking to Virgin Atlantic about fixing prices for fuel surcharges on long-haul passenger flights.

Herbert Smith is advising longstanding client Virgin, which was granted full immunity by the OFT for reporting the collusion. Competition head Jonathan Scott is leading the team for the top 10 City law firm, with competition partner James Quinney also closely involved.

The fine comes aftrer BA admitted to colluding with Virgin between August 2004 and January 2006 over the surcharges, which were added to rates for ticket in response to rising oil prices. In May the airline announced that it had set aside £350m to cover fines and the costs of legal action relating to the investigation.

In addition to the £121.5m penalty imposed by the OFT, BA is also facing a separate fine from the US Department of Justice, set to be announced later this afternoon (1 August).

Elite Manhattan duo Sullivan and Simpson Thacher also picked up roles on the investigation, with Sullivan advising BA on US-law issues through Washington DC managing partner Daryl Libow. Simpson Thacher advised Virgin on US issues, with litigation partners David Vann and Chuck Koob spearheading the team for the New York law firm.