A trainee's role in...

Hebe Larkin worked on the LIBOR Transition Test Case for Standard Chartered PLC when she was in the first seat of her training contract.

LIBOR was a historic benchmark interest rate calculated by reference to estimates provided by leading banks. It was used to determine the cost of borrowing between banks, and was therefore a common reference point for interest rates in many transactions and contracts. Following allegations of wide-scale manipulation, certain currency denominations of LIBOR were gradually phased out, with the last synthetic USD LIBOR rate being published on 30 September 2024. 

At what stage did you become involved in the case?

I joined the matter right at the start of my training contract in September 2024, just before it was due to go to trial. Litigation can often run over the course of several years, and it’s quite unusual to get the opportunity to go to court at the start of a Disputes seat – so it was exciting to attend a trial within my first month of being at the firm.

What did you find most interesting about the case?

There were many things that I found interesting about the case, but it was particularly exciting to be involved in a case which had such significance and wider relevance for the market. First, it was only the second case to be heard under the Financial Markets Test Case Scheme, which is a scheme reserved for claims giving rise to issues of general importance to the financial markets. Second, and relatedly, it was the first time the effects of the cessation of the publication of LIBOR had been litigated in this jurisdiction. 

How many lawyers worked on the case and how was the responsibility allocated?

It was a small team, with partners, associates and trainees from our Disputes and Investigations, Finance and Financial Regulation departments working on the matter. This meant that I had exposure to the type of work done by other departments and saw how different departments worked together on a day-to-day basis, which was a really valuable insight as a first seat trainee. 

How did you help get the case over the line?

The matter was at quite a late stage by the time I joined, so a great deal of the work had already been completed. That being said, there were a lot of moving parts in the lead up to - and the days of - the trial, and I worked together with an associate and another trainee on coordinating logistics to ensure that the trial ran smoothly and our client, counsel and internal team had everything they needed for court. This involved working long hours both in the lead-up to and during the trial, but being part of the preparation and excitement made it all worthwhile.

Going to court was a definite highlight for me. In the week or two before trial, there was a lot of build-up and anticipation, so it was exciting to get there on the day and see the product of months of hard work play out as counsel made their submissions and cross-examined the expert witnesses.

What kind of work were you doing?

I had exposure to a wide range of work, including:

• Assisting with the preparation of letters to the Defendants’ solicitors;
• Assisting with the preparation of physical trial bundles to be used by the Judges at court;
• Helping with case management by keeping track of the progress on the various workstreams;
• Attending meetings with our expert witness; and
• Assisting with logistics during trial, including setting up the consultation room and the court room, organising food and drink, and providing the expert witness with relevant documents during cross-examination.

How did you feel when the case completed?

When the Court handed down judgment in our client’s favour, it was very rewarding to see that the team’s hard work had paid off, and the client had achieved their desired result. It was also exciting when the judgment was reported in the media, knowing that I had been part of something that was of real significance and interest to the market.

What was your favourite moment?

Going to court was a definite highlight for me. In the week or two before trial there was a lot of build-up and anticipation, so it was exciting to get there on the day and see the product of months of hard work play out as counsel made their submissions and cross-examined the expert witnesses.