News and Media

Jan 27, 2016 Byrne and Partners client acquitted in LIBOR trial, Matthew Frankland comments. Matthew Frankland, partner at Byrne and Partners, comments on the acquittal of LIBOR brokers today (Wednesday 27 January) including Byrne and Partners' client, Danny Wilkinson: "We are extremely happy with today's result for our client, Danny Wilkinson. We believe the Judge's decision further underlines that the LIBOR system was broken well before this indictment period, both in terms of banks submissions and the British Bankers Association (BBA). Indeed, the evidence of John Ewan was likened to consulting a clairvoyant, and Mr Wilkinson’s statement that the BBA was ... Read More
Oct 5, 2015 The Brokers LIBOR trial begins. “This week the trial began for the six brokers who will face prosecution in the global LIBOR investigation. The trial comes more than seven years after U.S. regulators first examined how LIBOR rates were set, and a global investigation which led to 21 individuals charged, some of the world's leading banks being fined around $9 billion and a “complete overhaul” of the regulatory regime. This overhaul included the Financial Conduct Authority (FCA) amending existing legislation to make the setting of LIBOR a “regulated activity” and the creation of two new SIF ... Read More
Jul 10, 2015 Bruno Iksil Vindicated by Regulatory Decisions Committee The FCA Enforcement Division (“Enforcement”) has failed to convince the FCA’s Regulatory Decisions Committee (“RDC”)  that Mr Iksil engaged in misconduct during his employment in the Chief Investment Office (“CIO”) at JPMorgan Chase Bank (“the Firm”). Enforcement had maintained that Mr Iksil was knowingly concerned in breaches by the Firm of Principles 2 and 5 of the FCA Principles for Business, as described in the Final Notice issued against the Firm on 18 September 2013 as part of an agreed settlement between the Firm and the ... Read More
Mar 23, 2015 Republic of Djibouti, Gibson Dunn and Kroll severely criticised by High Court for campaign to crush innocent businessman False accusations, lies and erroneous claims made against Abdourahman Boreh misled the court as the judge declares them "egregious examples of reprehensible conduct". The English High Court today severely criticised the Republic of Djibouti, US law firm Gibson Dunn and Kroll investigators for misleading the court over a terrorism conviction in an improper campaign against prominent Djiboutian businessman Abdourahman Boreh and political rival of Djiboutian President Ismail Omar Guelleh.  In his ruling published today and available here, Justice Flaux stated that ... Read More
Jul 30, 2015 Michael Potts named Lawyer of the Week in The Times Michael Potts, managing partner at Byrne and Partners, has been named Lawyer of the Week in The Times. Michael recently advised the former JP Morgan Chase trader, Bruno Iksil, who will not be pursued by the Financial Conduct Authority (FCA) over allegations of misconduct in relation to $6.2 billion (£4 billion) of trading losses. In the article Michael discusses the challenges of persuading the FCA and the regulatory decision committee that the media narrative surrounding Mr Iksil - the so-called "London Whale" - was wrong. The full article is available to subscribers ... Read More
Apr 30, 2015 Michael Potts comments in Times article on Navinder Sarao prosecution Michael Potts is quoted today in an article in The Times on the arrest of the alleged “Flash crash” day trader Navinder Sarao last week. Sarao is accused by US prosecutors of wire fraud, commodities manipulation and ‘spoofing’. The Times reports that the case has opened the eyes of many people to the world of high-frequency trading and the vulnerability of financial markets to technological manipulation.  Michael notes that, against a background of the Libor and Forex scandals the authorities have shifted their focus away from insider trading and are now much ... Read More
Jun 11, 2015 Michael Potts quoted in Bloomberg article on FCA ‘identification’ cases Michael Potts is quoted in a new Bloomberg article on the current wave of law suits brought by senior bankers who claim that that the Financial Conduct Authority (FCA) improperly identified them in bank penalty notices. The article notes that most recently Joerg Vogt, a former trading executive at Deutsche Bank AG, has sued the U.K. financial regulator for indirectly identifying him in its Libor settlement with the bank. The agency lost a landmark appeal on the issue last month when a judge found it failed to properly anonymize Achilles Macris, the former JPMorgan Chase & Co. ... Read More
Aug 4, 2015 Nicola Boulton quoted in CDR News article on Senior Managers and Certification Regime Nicola Boulton has been quoted today in an Commercial Dispute Resolution News article on the forthcoming Senior Managers and Certification Regime (SMR). The SMR comes into force in March 2016 and replaces the Financial Conduct Authority’s existing Approved Persons Regime which has been criticised for its failure to impose accountability on senior individuals at banks in the wake of the LIBOR market-rigging scandal. The article questions the efficacy of the SMR. One concern is that it could lead to a defensive culture within banks whereby overly cautious managers create a paper trail ... Read More
Jun 17, 2015 LIBOR - what's the big deal? In a new article in welathadvisor magazine, Byrne and Partners' criminal/regulatory partner Sara Teasdale has explained the background to the LIBOR scandal and its impact for investors. Full article Part of those standards included the LIBOR predecessor, and in 1986 the BBA published the first LIBOR interest rate in three currencies: US dollar, Japanese yen and British sterling. In short, the LIBOR rate reflects the average rate that banks have to pay to borrow cash from rival banks, across a range of currencies and time periods. Fast forward 30 years and ... Read More
Feb 25, 2014 Double boost to partner team at Byrne and Partners Experienced complex white collar crime and contentious regulatory specialist recruited String of successes rewarded by partner appointment for commercial litigation expert   18 February 2014, London; Byrne and Partners LLP, one of London’s top rated law firms specialising in complex financial fraud and commercial litigation, has boosted its partnership team this month.   The firm, which is frequently engaged on some of the biggest and most complex fraud cases involving the FCA, SFO and OFT, has recruited white collar crime and contentious regulatory specialist Sara ... Read More