The London-based Law Gazette reports that – in addition to existing US claims -- counterparties from housing associations and insurers are examining past trades to determine whether they made a loss as a result of misconduct around the London inter-bank offered rate (Libor).
Robert Hickmott -- a partner at Los Angeles-based litigation practice Quinn Emanuel -- confirmed that the firm has begun work on potential claims with clients in the UK and the US. ‘We are looking at higher-value trades,’ he said. ‘Where [clients] reached the opt-in or opt-out trigger points when the rate was artificial a loss could have been incurred.’

Possible fraud investigation

The $6bn figure quoted by the Gazette is based on the volume of Barclays’ global trades, as estimated by London-based investment bank Liberum Capital.
The report also suggests that individuals may face action by Britain’s Serious Fraud Office, with offences possibly committed under the Fraud Act 2006 and Theft Act 1968. Andrew Oldland QC, a partner at Exeter-based Michelmores, told the Gazette: ‘Proving dishonesty is a key element.’