Amanda Staveley sued the bank for hundreds of millions after complaining about managers’ behaviour when negotiating investment deals during the 2008 financial crisis. She said PCP Capital Partners, a private equity firm she runs, would have invested in the bank on “vastly better terms” 13 years ago, but for its “false representations”.
Mr Justice Waksman concluded Barclays had been guilty of “serious deceit”. He also said Roger Jenkins, a Barclays boss in 2008, had knowingly made false representations.
Nevertheless, he dismissed Ms Staveley’s claim after deciding that she had not established “loss”.
Now he has declared a fight over each side’s legal bills as a draw.
After hearing Barclays ran up around £30million in lawyers’ bills and PCP £20million, he said each side should pay its own costs. Ms Staveley welcomed the decision.
She said: “I am grateful that the court has again recognised the significance of the deceit which was perpetrated on PCP and the ‘very large financial benefit’ which Barclays obtained from its deceit, by ensuring that PCP does not pay Barclays’ legal costs.”