Amanda Staveley lost her High Court case against Barclays, despite the judge’s ruling that the bank was “guilty of gross deception” against her investment firm, PCP Capital Partners, in a 2008 fundraiser.
The PCP had taken legal action against Barclays, alleging a deception over its 2008 capital raising with Qatar. The case was heard last year.
During the 2008 banking crisis, the PCP was involved in failed efforts to form a consortium to invest in Barclays with Royal Sheikh Mansour of Abu Dhabi. PCP sued Barclays in the High Court after discovering that Abu Dhabi was not getting the same deal as Qatar, which had also invested in the bank.
Ruling on the case, Judge David Waksman said Barclays made false statements to the PCP, but added that the company’s overall lawsuit failed because he could not prove it would have secured the funding. of the debt needed to make a deal.
He said Staveley was a “tough, smart and creative entrepreneur,” who brokered a “great deal” with Barclays and said he rejected the bank’s attempts to portray her as a slight and a “lucky” who engaged in a “fuss” to insert herself in the middle of the 2008 fundraiser.
The judge said: “I can understand why this result will be a serious disappointment for the PCP, especially after finding Barclays guilty of gross deception against him.”
The case raises new questions about the bank’s behavior during the 2008 emergency cash call in which Barclays relied on money from Middle Eastern investors rather than taking a bailout from the British government.
The bank escaped criminal charges during the 2008 Serious Fraud Office fundraiser in 2018 when the Criminal Appeal Court dismissed the charges against it. Three former Barclays executives were cleared by a jury during the 2008 fundraiser in a fraud case brought by the Serious Fraud Office last year.
Barclays said: “We welcome the court’s decision to dismiss the PCP application in its entirety and not award it any damages.”