The Banking Litigation Network was formed by London Law Firm Collyer Bristow LLP in response to difficulties found in many countries by clients wanting to appoint a law firm experienced in banking litigation that was willing to act in disputes with banks and other financial institutions. A very large number of law firms are not willing to do so because of conflicts of interest or commercial reasons.
The main objective of the Network is that a member should have ready access to a law firm in another country whom the member might want to appoint for assistance on a client’s behalf. Members are not obliged to refer cases to each other. The network also provides potential clients with a means to find a suitable law firm to act for them.
Member firms are able to exchange information that is of interest to other members – examples are claims against banks relating to interest rate swaps and also the manipulation of LIBOR, EURIBOR and FOREX benchmarks. There are court actions already in place in a number of countries against banks in relation to these areas. Analysis of these claims made by judges in one country can possibly lead to new legal areas of approach by lawyers in another country, with consequent value to the clients.
The common language of the network is English but in many of the member firms, many other languages are, of course, spoken.