British financier Staveley’s $2bln Barclays lawsuit hits High Court – ZAWYA

  • Date: 09-Jun-2020
  • Source: Zawya
  • Sector:Economy
  • Country:UAE
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British financier Staveley’s $2bln Barclays lawsuit hits High Court – ZAWYA

LONDON- British buinesswoman Amanda Staveley's private equity firm told London's High Court on Monday it had received a "substantially worse" deal than Qatar when its syndicate invested billions of pounds in Barclays during the financial crisis in 2008.. Claiming damages of up to 1.5 billion pounds ($1.9 billion) for alleged deceit, a lawyer for Staveley's PCP Capital Partners alleged Barclays had reneged on written and oral representations that PCP's syndicate would get the same terms as Qatar.. The civil case hinges on the terms Barclays offered Qatar and PCP's syndicate, which included Abu Dhabi investors, for taking part in a 7.3 billion pound cash call in October 2008 that allowed the British bank to avoid a state bailout.. PCP, whose syndicate invested about 3.25 billion pounds in Barclays in 2008, was paid 30 million pounds in April 2009 for its work on the transaction..