Barclays Plc is headquartered in London.
Photographer: Hollie Adams / Bloomberg
Photographer: Hollie Adams / Bloomberg
Barclays Plc won a bitter fight with trader Amanda Staveley over a rescue package that helped her engineer at the height of the financial crisis more than a decade ago.
Despite the cancellation of Staveley ‘s suit, Judge David Waksman found that the bank had misled her about the terms of the 2008 investment in the middle of the case.
Photographer: Chris J. Ratcliffe / Bloomberg
But Barclays will not have to find the 660 million pounds ($ 918 million) that Staveley was seeking because Waksman found that even if the bank had been honest, the Staveley company would not have been able to raise enough money to funding agreement.
“I understand why this result will be a major disappointment for PCP, especially after I found out that Barclays is guilty of gross fraud,” Waksman said in the conclusion.
The case went back to the chaos of the financial crisis when Barclays officials fought to stop government support. At a lawsuit last year exposed by a subspecies of sexuality among former bank officials, Staveley argued that the bank defrauded its company out of millions in potential profits to be there.
Following the decision, PCP Capital Partners stated in a statement that they hoped regulators would “take a close look at this judgment and the decisions that the judge is taking. reach the senior staff behavior within Barclays. ”
Read more: The sexuality of a banker at Barclays has been heard again in a suit from time of crisis
Barclays said in a statement that it welcomed “the court’s decision to dismiss the application altogether.
The case focused on the treatment of Middle Eastern investors who took part in the fundraiser that saved Barclays from government funding in 2008. Staveley, which was in partnership with Abu Dhabi, said: that the bank was lying that Qatari investors got much better terms.
Her investment would have been much more valuable had it not been for the misrepresentation made by the bank, her lawyers said.
The rescue contract has plagued Barclays for more than a decade. Some of the key figures at the Staveley trial were evicted from criminal charges over the Qatari side of the affair just months before the civil trial was expected to begin.
(Add a PCP statement in the sixth paragraph)