Barclays to pay own $46M legal bill in Staveley court case
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(Reuters) — A judge ruled Barclays PLC will have to pay its own 33-million-pound ($46.1 million) legal bill despite winning a case against British businesswoman Amanda Staveley’s PCP Capital Group over how the bank negotiated a financial lifeline during the credit crisis in 2008.
Judge David Waksman said on Thursday he made “no order as to costs,” meaning both sides will pay their own legal costs. PCP had been potentially liable for both sides’ expenses under England’s “loser pays” laws.
Judge Waksman in February had found Barclays guilty of “serious deceit” over the deal which offered Barclays a lifeline during the crisis, but denied Ms. Staveley damages and dismissed her claim.
Ms. Staveley incurred costs of nearly 20 million pounds in fighting the case, court documents showed.
The civil case revolved around how Barclays secured billions of pounds from Qatar and Abu Dhabi-backed investors 13 years ago, allowing it to secure its independence - and the jobs of its bosses - by avoiding a state bailout.
PCP, which led a 3.25-billion-pound, Abu Dhabi-backed investment into the bank, alleged it was induced to fund Barclays on much worse terms than Qatar - despite assurances it would get the same deal.
While Judge Waksman said Barclays had deceived Ms. Staveley, he ultimately ruled in February that PCP had not proven its case on causation and loss, meaning the overall case failed.
“We welcome the Judge’s decision, which justly ensures that PCP is not liable to pay Barclays any of its costs of the litigation,” Khaled Khatoun, a lawyer representing Ms. Staveley, said on Thursday.
