Linklaters, Slaughters, Clifford Chance, A&O among firms advising as banks face record fines following forex probe
Linklaters and Clifford Chance (CC) were among the firms to have been drafted in by some of the world's biggest banks as UK and US regulators imposed fines totalling £2.65bn over the manipulation of foreign exchange markets.
November 12, 2014 at 12:39 PM
3 minute read
Linklaters, Allen & Overy (A&O), Slaughter and May, and Clifford Chance (CC) are among the firms to have been drafted in by some of the world's biggest banks as UK and US regulators imposed fines totalling £2.65bn over the manipulation of foreign exchange markets.
Linklaters acted for Royal Bank of Scotland (RBS), which was fined a combined £400m settlement by the UK's Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission.
A&O advised Citibank, with Cleary Gottlieb Steen & Hamilton acting for the lender in the US. A&O City partners Arnondo Chakrabarti and Alice Englehart and Cleary New York litigation partner Jon Kolodner led their respective teams. Citi was fined a total of $1bn (£634.6m) by UK and US regulators.
Slaughters acted for JPMorgan Chase, which racked up a combined fine of roughly $1bn (£634.6m).
Gibson Dunn & Crutcher acted for UBS globally on investigation, with London partner Philip Rocher leading team acting for the bank on the FCA settlement. UBS was fined a total of £233.8m by the authority.
HSBC, RBS, Swiss bank UBS and US banks JPMorgan Chase, Citibank and Bank of America have all been fined. The FCA penalties totalled £1.1bn.
The fines are the largest ever imposed by the FCA and mark the first time it has pursued a settlement with a group of banks in this way.
CC is advising Barclays Bank, which was not one of the banks to reach a settlement and is still under investigation by the FCA.
In addition to the FCA fines, the US Commodity Futures Trading Commission issued further penalties totalling $1.4bn (£885m) against the banks while the Office of the Comptroller of the Currency imposed fines of $950m (£600m).
CC advised both Barclays and RBS in 2012 on the fallout from the Libor scandal, with a Chinese wall set up to avoid potential conflicts.
Today's news comes after a class action was filed by US pension funds against major banks accused of rigging rates, handing roles to a host of firms including Allen & Overy and Sullivan & Cromwell.
CC and Linklaters are also among a quartet of firms advising the big four high street banks after the Competition and Markets Authority (CMA) launched an investigation into the current accounts and small business banking market earlier this month.
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