LG has picked up a lead role advising the British Bankers Association (BBA) on an independent investigation into the Libor rigging scandal.

The firm, which is fielding a team led by employment partner Helga Breen, was appointed last week after the BBA confirmed an investigation prompted by evidence of rate rigging gathered by the Financial Services Authority (FSA), the US Commodity Futures Trading Commission and the US Department of Justice (DoJ).

The London-based team charged with conducting the investigation, which also includes white collar crime and fraud partner Eoin O'Shea and financial regulatory partner Richard Everett, as well as six additional lawyers, has not been given a particular time frame in which to complete the review.

Confirmation of LG's role comes after it emerged last month that Sullivan & Cromwell and Clifford Chance (CC) have been advising 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.

Barclays today (27 July) revealed as a part of its first-half results announcement that litigation costs totalled £187m for the first six months of 2012 and provided details of a number of Libor related claims against the bank. It also confirmed it had set aside a £450m fund to compensate small to medium sized companies mis-sold interest rate hedging products.

The bank also confirmed that five current and former executives at the bank are being investigated by the FSA over whether they failed to disclose fees during the depths of the financial crisis in 2008. Among the five individuals is finance director Chris Lucas.