Barclays looking at £1bn lawsuit

29 January 2016

Barclays-PA It has been a tough time for banks and financial institutions in recent years, but there's little sympathy for them, as it was their own stupid fault. Well, Barclays are looking at a £1 BILLION lawsuit, after the person who play a huge role in brokering the deal which saw backers being found for Barclays getting bailed out during the 2008 financial crisis, is looking to sue.

The person in question is Amanda Staveley, and a spokesperson for her said that she is indeed looking to take legal action, but would not confirm the figure being sought by her, and her firm PCP Capital Partners.

So why is she taking legal action? Well, Staveley is unhappy that Barclays haven't (allegedly) fully paid up their fees, which they owed to her for setting up a multi-billion pound investment in the bank from Abu Dhabi’s Sheikh Mansour bin Zayed Al Nahyan.

During the financial crash, the bank wanted to get their balance in order, so they could stay out of the hands of the government. According to the FT, Barclays have said: "We believe the claim against Barclays is misconceived and without merit and Barclays will be vigorously defending it."

That's not all the hassle Barclays are dealing with - the Serious Fraud Office are looking into an investment they got from a subsidiary of the Qatar Investment Authority.

TOPICS:   Banking

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