Tip Leads to Price-Fixing Probe of Two UK Law-Firm Lenders

Two law firm lenders in the United Kingdom are under investigation for possible price fixing.

Barclays and Royal Bank of Scotland are being investigated in connection with their professional services loans, Legal Week reports. The institutions are the U.K.'s two largest lenders to law and accounting firms.

The Office of Fair Trading launched the investigation after Barclays notified the agency of a possible problem. The bank said in a statement it told OFT that “certain members of its professional services team in Barclays Commercial Bank had been approached from outside Barclays in a manner which we regarded as inappropriate.”

The Royal Bank of Scotland says it is also cooperating in the probe.