Ex-Barclays CEO Diamond Is Named on Latest Libor-Lawsuit List
Stock Chart for Barclays PLC (BARC)
Ex-Barclays Plc (BARC) Chief Executive Officer Robert Diamond and Former Chief Operating Officer Jerry Del Missier were among 25 bank employees anonymously referred to by regulators when the lender was fined for attempted interest rate rigging.
Diamond and Del Missier were included on a second list released in a London court case linking Barclays staff to the London interbank offered rate. Judge Julian Flaux refused a request by some employees to prevent their names being published in connection to the case.
Barclays, based in London, was fined 290 million pounds ($458 million) over the Libor scandal by U.S. and U.K. regulators last year. The identities of bank executives and employees specifically mentioned in the agencies’ findings were protected until being released today.
Barclays is being sued by affiliates of Guardian Care Homes Ltd. in a lawsuit over a swap contract linked to Libor. The Wolverhampton, England based-company is seeking to learn the identities of bank employees linked to Libor in preparation for a trial scheduled for later this year.
The names come from a longer list of individuals identified in material Barclays gave to regulators. The initial list, released yesterday, included more than 100 Barclays employees who were identified by regulators during their investigation.
“The fact that someone’s documents were reviewed by the bank during its review of millions of documents does not mean that such person was involved in any wrongdoing,” Barclays spokesman Simon Eaton said in an e-mail. Barclays believes the Guardian case has no merit.
Also included in the short-list of people mentioned in the regulatory notice were Mark Dearlove, head of the bank’s money- market desk, and Stephen Morse, its former compliance chief.
Kevin Roberts and Gerard Cukier, two lawyers for the Barclays staff who sought anonymity, didn’t immediately respond to e-mails seeking comment. A spokesman for Diamond declined to comment yesterday.
The case is Graiseley Properties Ltd. & Ors. v. Barclays Bank Plc, High Court of Justice, Queen’s Bench Division Commercial Court, No. 12-1259.
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