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Barclays Sued by Amanda Staveley’s PCP Over 2008 Fund-Raising

28/1/2016

PCP Capital Partners filed the lawsuit in London on January 25, according to court filings that didn’t give any other details about the claim.

LONDON: Barclays Plc was sued by Amanda Staveley’s investment firm, which helped broker a £7 billion (Dh25.7 billion, $10 billion) fund-raising in the Middle East at the peak of the 2008 financial crisis.

PCP Capital Partners filed the lawsuit in London on January 25, according to court filings that didn’t give any other details about the claim. The suit is seeking nearly $1 billion, according to the Financial Times, which reported the complaint late Thursday.

Barclays avoided a government bailout in 2008 by seeking a capital injection from private investors in Abu Dhabi and Qatar. The bank is being investigated by the UK Financial Conduct Authority over whether it adequately disclosed fees from the transactions.

“We believe the claim against Barclays is misconceived and without merit and Barclays will be vigorously defending it,” the bank said in a statement Friday.

Staveley received as much as £40 million in commissions for her role in raising money for Barclays, the New York Times reported in 2008. Bree Taylor, a lawyer at PCP’s law firm Fladgate, declined to comment.

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