International eDiscovery: Barclays Gearing up to be Battle Royale
Author: Eric Everson, MBA, MSIT-SE (Juris Doctorate Candidate, May 2013)
In a new twist to what is likely to become the major international eDiscovery case of the century, Barclays CEO, Bob Diamond announced Tuesday that he will be resigning from his post. The embattled CEO is at the center of the Libor trading scandal that has rocked the international financial markets.
Barclay’s previously agreed to pay the Commodity Futures Trading Commission (CFTC), the U.S. Department of Justice (DOJ) and the U.K.'s Financial Service Authority (FSA) a total of $454 Million. In an interesting international eDiscovery development, investigators uncovered a myriad of smoking gun emails during this investigation which revealed a conspiracy stretching from the banks trading desks to top senior management. These emails reportedly demonstrate barking orders from the trading desks and willful compliance by the managers involved. This scheme accused Barclay’s of attempting to manipulate the bank's true funding costs, which are key in setting short-term interest rates used in approximately $350 trillion of financial market contracts.
In a new development this week Bob Diamond will face-off with British lawmakers on Wednesday, likely dragging the Bank of England, government, and other international banks deeper into the scandal. International electronic discovery is the pursuit of digitally native filetypes for use in matters of litigation that transcends international borders. Barclay’s operates as a Multinational Enterprise (MNE) and is subject to a global standard of Electronically Stored Information (ESI) preservation. Multination Enterprises (MNE) are a special kind of corporation that combines multiple entities of incorporation located throughout the global marketplace and most often include at least one American corporation in the business unit hierarchy. MNE’s are especially subject to a diverse global framework of laws, but are equally subject to a litany of international eDiscovery practices.
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About the Author: Eric Everson is a 3L law student at Florida A&M University – College of Law. Prior to law school he earned an MBA and Masters in Software Engineering while he tenured ten years of executive leadership in the U.S. telecommunications industry. The views and opinions presented in this blog are his own and are not to be construed as legal advice. Eric Everson currently serves on the Board of Governors for The Florida Bar Young Lawyers Division Law Student Division and is the President of the Electronic Discovery Law Student Association at Florida A&M University – College of Law. Follow @IntleDiscovery
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