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Barclays wins reversal of liability ruling in $300 mln dispute

Reuters - UK Focus

By Daniel Wiessner

ALBANY, N.Y., Feb 19 (Reuters) - New York's top state court on Thursday reversed a 2013 ruling that had found Barclays PLC (LSE: BARC.L - news) liable in a $300 million dispute with hedge fund Black Diamond Capital (Other OTC: CGHC - news) over the British bank's refusal to pay back collateral.

The Connecticut-based fund filed a lawsuit against Barclays in 2008, claiming it had defaulted on a $40 million collateral call made at the height of the financial crisis. A lower court agreed and ordered Barclays to return $297 million in collateral.

The New York Court of Appeals on Thursday said it was unclear whether Barclays failed to follow the contract's procedures for disputing a collateral call and sent the case back to a state judge in Manhattan (Hamburg: 32U.HM - news) . (Reporting by Daniel Wiessner)