Unfortunately, that is not case. The burden of proof on this could well be on City (I think the difference comes if the accusation becomes fraud which it could well be). It is not always the accuser who has to prove guilt.
My point is that the people on the independent panel, whilst not being unjust or corrupt they still have a slight side.
This is not a court and the panel are not there free of charge (paid by PL).
In work I have experience of this, one where I am on the board and we refer matters to an independent panel that we present to a long with the other party.
I have no doubt the integrity of the parties to make the correct decision.
However, there are small differences in us using our independent party to a truly independent party, not saying it would change the verdict but they are little differences you know from that situation.