Barclays PLC expects High Court judgment on Amanda Staveley case imminently
Staveley is asking for £819mln in damages through a civil lawsuit over the bank’s emergency cash call during the 2008 financial crisis
() said the High Court has indicated that a judgment regarding the Amanda Staveley case is imminent.
Staveley is asking for £819mln in damages through a civil lawsuit filed by her PCP Capital Partners investment advisory firm, over the bank’s emergency cash call during the 2008 financial crisis.
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Barclays raised £7.2bn in October 2008 from Qatar’s sovereign wealth fund to avoid the same sort of bailout from the UK government that saved rivals RBS and Lloyds.
PCP Capital invested £3.3bn in Barclays on behalf of Abu Dhabi’s Sheikh Mansour bin Zayed Al Nahyan, but Staveley claims that she lost out on fees because Barclays gave her worse terms compared to other investors, such as the state of Qatar.
The financier said these terms were among the reasons that she was ousted as an investor and cost £660mln in lost gains.
She initially claimed up to £1.5bn in damages but it was then reduced.
Barclays said the outcome of the judgment and any consequent financial impact is unknown and repeated it “is defending the claim”.
Shares in Barclays shed 3% to 149.1p on Thursday afternoon.
Read More: Barclays PLC expects High Court judgment on Amanda Staveley case imminently