Regulators Come Knocking Again in Wake of Libor Scandal
Amy Hinzmann leads DiscoverReady’s team of full-time discovery practice professionals as they provide cost-effective, high quality document review services.
Last September, e-discovery vendors touted the idea of “new” task forces to address mounting litigation and regulatory activity related to mortgage-backed securities. At that time, I wrote about DiscoverReady’s foresight in establishing a practice devoted exclusively to addressing the specific needs of our financial-service clients — way back in 2005.
Last year, it was mortgage-backed securities. Today, many financial-services institutions face tough decisions on how to prepare for Libor-related investigations and litigation. Libor is used as a reference rate for approximately $350 trillion in financial products, ranging from the cost of borrowing for major institutions to mortgage loans and money markets purchased by individual consumers.
The allegations and controversy around Libor surely will surely ratchet up the already intense scrutiny of the financial-services sector. In these unsettling and predictable times, a proven, trusted resource can be invaluable. Just this week, the Wall Street Journal reported that regulators are now investigating individual traders in connection with allegations that banks attempted to influence Libor rates illegally.
Financial Services Law and DiscoverReady
At DiscoverReady, we’ve been working side-by-side with financial-services clients to navigate even the most treacherous legal and regulatory waters. For the past seven years, our financial services team has been staying on top of the ever-evolving challenges faced by the financial-services industry. From a technological standpoint, our suite of offerings has continued to mature, so we are more prepared than ever to help our clients react to demands for data by third parties.
And there’s little doubt that these requests will keep coming for the foreseeable future. When they do, there’s no substitute for experienced people, efficient processes and effective technology.