News

Top defense lawyer Levander to represent former Barclays CEO Bob Diamond

Bob Diamond

Former Barclays CEO Bob Diamond will be represented by top corporate defense lawyer Andrew Levander in the widening scandal involving the manipulation of Libor, a key interest rate used by financial institutions around the world.

Levander is a partner at the international law firm Dechert LLP and currently represents former New Jersey governor Jon Corzine in an investigation related to the failed commodities brokerage he managed. During congressional hearings in Washington last year, Levander sat alongside Corzine while he was questioned by regulatory authorities, Business Standard reports.

Additionally, Levander has represented former Merrill Lynch CEO John Thain, outside directors of Lehman Brothers and hedge-fund manager Ezra Merkin, who was sued over lost assets related to Bernard Madoff’s Ponzi scheme.

Barclays agreed last month to pay $453 million to U.K. and U.S. regulatory authorities to settle claims that the bank manipulated the London interbank offered rate, commonly known as Libor. Libor is calculated using a daily survey, in which the world’s largest banks are asked to estimate the interest rate at which they could borrow. Libor is a key benchmark used in $550 trillion of interest rate derivatives, according to Business Standard.

Diamond resigned as Barclays CEO less than one week after the settlement with U.S. and U.K. authorities. U.K. authorities allege that Diamond misled investigators in a probe into allegations of Libor manipulation, which Diamond denied.

Comments are closed.