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Staveley lawyer surprised by outcome of Barclays case

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August Graham
·2-min read
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A lawyer for the businesswoman who unsuccessfully sued Barclays said he was surprised that the judge found his client had not suffered any loss.

Amanda Staveley was denied the hundreds of millions of pounds in damages she had sought in the High Court over investment deals during the 2008 financial crisis.

Richard East, who represented Ms Staveley and PCP Capital Partners, the private equity firm she runs, said he was surprised by some of the judge’s ruling.

“Despite Barclays’ attempts to besmirch Ms Staveley’s character during six days of no-holds-barred cross-examination, this judgment makes clear that Ms Staveley was a reliable and honest witness and that, by contrast, Barclays was dishonest in its dealings with PCP and misled Ms Staveley as to the true nature of its deal with Qatar,” he said.

He added: “It is disappointing that, despite the judge finding that Ms Staveley was a tough, persistent, clever and able negotiator, that he found ultimately that she could not have completed the deal which she had put in place and hence no loss was suffered. This is a surprising outcome.

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“We hope that the regulators will have a close look at this judgment and the conclusions the judge reaches on the behaviour of senior personnel within Barclays.”

Ms Staveley had complained that Barclays had made “false representations” in 2008 when it was trying to secure investment to fend off a government bailout.

The bank disputed her claim.

After the ruling was handed down, Ms Staveley said she would consider whether to appeal.

She added: “The evidence at trial was clear and unequivocal – PCP was an investor in the transaction and played an integral role in the capital raising, which ultimately prevented the bank from being nationalised.

“I will be taking advice on appealing (against) the judge’s decision not to award damages.”

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