Barclays Pretty Disappointed In Lawsuit Against It
The bank expects better from the private-equity firms it does business with on the brink of collapse than the mess it got from the amazingly-named PCP Capital Partners, which apparently wrote its complaint while in an enraged hallucination.
No, wait! Put it back!
Barclays has described as "fundamentally misconceived" a $1.0 billion-plus lawsuit brought by British financier Amanda Staveley over the bank's emergency fundraising from Gulf investors at the height of the credit crisis in 2008….
Laying out a 44-page defense in a court document seen by Reuters on Thursday, Barclays denied dishonesty and recklessness and called PCP's assertion it had been a potential investor in the Abu Dhabi syndicate at the time "utterly speculative and flawed".
C’mon Amanda: Get off the dust, clean yourself up and try a little harder the next time you haul Barclays into court. Don’t waste its time.
Barclays labels $1.0 billion lawsuit over 2008 fundraising ‘misconceived’ [Reuters]
