Scott B. Klugman(L) and Seth L. Levine(R) of Levine Lee . Courtesy photos How Manhattan Boutique Levine Lee Unraveled the Government's Final LIBOR Conviction
"What we've advocated since before the indictment is if you simply read the actual rule, the question of LIBOR must have an answer: There was no crime here and that's where our representation started and that's where we are at this point ending up," Seth Levine says.
February 09, 2022 at 07:30 AM
6 minute read
"Could."
The word was right there in the middle of the British Bankers' Association's instruction for the banks who participated in the process to set the London Interbank Offered Rate, or LIBOR. At a certain time each day, a bank participating in the group cooperating to set LIBOR was required to submit the rate "it could borrow funds" on the interbank market for loans of a certain size and length.
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