Ex-Barclays CEO Diamond Advised by Two Law Firms on Libor
Former Barclays Plc (BARC) Chief Executive Officer Robert Diamond is being advised by the law firms Dechert LLP and Norton Rose LLP on the Libor scandal that led to a record fine against the U.K. bank and his resignation.
Dechert, based in Philadelphia, has advised Diamond since 2010 when an investigation into the attempted rigging of interest rates first began, Will Salomone, a spokesman for Dechert in London, said in an e-mailed statement.
Norton Rose is also advising the former bank boss on the issue, according to a person familiar with the situation.
Diamond and Chief Operating Officer Jerry Del Missier both resigned over the scandal, which resulted in a $451.4 million fine against the London-based bank and a criminal probe by the U.K. Serious Fraud Office.
White-collar defense litigator Andrew Levander of Dechert’s New York office, who has previously advised Jon Corzine, former New Jersey governor and CEO of MF Global Inc., is acting as lead partner on the matter along with Cheryl Krause, who is based out of Dechert’s Philadelphia headquarters, according to its website.
Krause accompanied Diamond on July 4 to a U.K. Parliamentary hearing where he apologized for Barclays’s rigging the London interbank offered rate, as well as Euribor, its equivalent in euros, as early as 2005. He said 14 bankers at Barclays were involved.
Dorian Drew, a financial-services litigator at Norton Rose in London, is leading his firm’s team, according to the person, who asked not to be identified because the matter is private.
Norton Rose declined to comment.
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