BCL partner, Shaul Brazil has been quoted in GIR (Global Investigations Review) titled ‘Euribor: “The senior managers should have known”’.
Below is a short excerpt from the article:
“While sentencing former Barclays trader Carlo Palombo and ex-managing director Colin Bermingham, who was responsible for submitting the dishonest rates, Gledhill J drew attention to two issues that he had raised in a previous Euribor trial: absent oversight by senior bank executives and the unclear motives of a convicted individual.
Shaul Brazil at BCL Solicitors in London said that in Bittar’s sentencing remarks “the judge appeared to indicate that others at the bank above Bittar were aware of the request culture, that is, asking submitters to submit in such a way that would suit the traders. The court seems therefore to have believed that knowledge of the conduct existed in the bank at higher levels”.