U.K. traders who’ve come under investigation for rigging benchmark rates may find themselves in another difficult situation - unable to find a good lawyer.
Bloomberg reports that the top attorneys at specialist white-collar crime firms say that, in the past few months, they’ve seen the largest number of finance workers ever seeking advice as probes into the London interbank offered rate, or Libor, expand to the manipulation of currency, derivatives and precious metals benchmarks.
About half a dozen law firms in the British capital specialize in advising individuals facing regulatory and criminal probes, while the largest London and based law firms generally represent institutions. The increase in probes means that in a growing number of cases, the most experienced lawyers for individuals are turning traders away.
'There is an unprecedented increase in the number of individuals who need specialist legal advice', said David Corker, a defense lawyer at Corker Binning. 'The supply of such lawyers is limited because hitherto white-collar crime has been seen as largely a boutique or highly specialist area'.
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