Brattle was retained by a global investment bank to provide economic analysis and expert witness testimony in defense of a claim brought in the UK High Court related to the alleged manipulation of GBP LIBOR. Brattle examined the LIBOR submission process to evaluate the statistical probability of a panel bank manipulating LIBOR and estimated the effects of the financial crisis on the interbank lending market and the LIBOR submissions of panel banks. We analyzed differences in the USD and GBP interbank markets and the differing effects on USD and GBP LIBOR of macroeconomic developments and policy interventions during 2007-09. Our analysis was used to reach settlement with the claimant.