Norton Rose has secured a high-profile mandate to advise former Barclays chief executive Bob Diamond in relation to the Libor rate-fixing scandal.

The City firm is fielding a team of banking disputes and anti-corruption specialists for Diamond, with litigation partner Dorian Drew leading the London team.

Drew focuses on financial services regulatory enforcement and litigation, having advised clients on investigations and disciplinary action brought by the Financial Services Authority, the Department of Trade and Industry and the London Stock Exchange.

bagge-jamesNorton Rose has also instructed former banking litigation partner James Bagge (pictured) – who left the firm at the end of March to join QEB Hollis Whiteman as a barrister – on the sought-after mandate.

The team has been advising Diamond on his high-profile resignation from the bank, which was prompted last Tuesday (3 July) by a meeting between chairman Marcus Agius with the Bank of England, at which it was made clear that Diamond no longer had the support of regulators. Diamond was interviewed by a Treasury select committee last week, but according to press reports is likely to be recalled.

It was confirmed yesterday (10 July) that Diamond is set to receive a £2m payout from the bank following his exit, with the former chief executive forgoing around £20m in bonuses and shares.

Confirmation of Norton Rose's role comes after it emerged that Sullivan & Cromwell and Clifford Chance (CC) had advised Barclays on its $450m (£290m) settlement with UK and US regulators relating to charges that it attempted to manipulate interest rates and made false reports to benefit its derivatives trading positions.

CC is also advising longstanding client RBS on Libor-related issues, with the magic circle firm acting as defence counsel to RBS in relation to Libor-linked litigation – including several ongoing US class actions.

Norton Rose declined to comment.

For more, see CC takes on double Libor role for Barclays and RBS with Chinese wall.

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