Feb 26, 2021

Barclays ‘guilty of serious deceit’ during 2008 fundraising, High Court rules

Barclays was "Guilty of serious deceit" towards Amanda Staveley's PCP over its 2008 Qatar fundraising which allowed the bank to avoid a UK government bail out, a High Court judge ruled on Friday. Staveley's PCP had brought a High Court lawsuit against Barclays, alleging deceit over its 2008 capital raising with Qatar. PCP sued Barclays in the High Court after it found out that Abu Dhabi was not getting the same deal as Qatar, which also invested in the bank. The judge said: "I can understand why this outcome will be a serious disappointment to PCP, especially after I have found Barclays to be guilty of serious deceit towards it." Three former Barclays executives were cleared by a jury over the 2008 fundraising in a fraud case brought by the Serious Fraud Office last year.

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