LONDON (Reuters) – British businesswoman Amanda Staveley has lost a long and bitter London court battle against Barclays over whether she is owed damages after alleging she was deceived while negotiating a financial lifeline for the bank in 2008.
Judge David Waksman said on Friday that Staveley’s PCP Capital Partners group, which has claimed damages of around 836 million pounds ($1.16 billion), succeeded in establishing that Barclays was guilty of “serious deceit” but that the group was not entitled to damages.
“While PCP has succeeded on liability, it has failed on causation and loss with the result that the overall claim fails,” he said.
A Barclays spokesman welcomed the decision.
Staveley said she would be taking advice on an appeal.
“In spite of Barclays’ efforts to question my character and credentials, the court has recognised my abilities as a businesswoman and the truth of my account of events,” she said.
“The judgment confirms what I have said from the outset and repeated in my evidence; a senior executive at Barclays repeatedly lied to me when seeking private investment in the bank during the 2008 financial crisis.”
The civil case revolved around how the bank secured billions of pounds from Qatar and Abu Dhabi-backed investors 13 years ago, allowing it to secure its independence – and the jobs of its bosses – by avoiding a state bailout and with markets in turmoil.
($1 = 0.7189 pounds)
Source: Read Full Article