Barclays Bank Plc applied to the Commercial Court for a stay of this high-profile claim. The claim arises out of Barclays’ re-financing which took place at the height of the financial crisis in 2008. The Claimant private equity firms claim that Barclays made fraudulent misrepresentations as to the terms on which other investors were offering to invest in the Bank. The claim is for more than £700m. A Serious Fraud Office investigation has been proceeding into related matters since August 2012. Barclays sought a stay or an extension of time for filing of their defence, on account of the SFO investigation. After hearing argument from the parties and the SFO, Barclays abandoned its stay application and was granted a short extension of time, with an order that it should pay the Claimants’ costs.
Robert Weekes acts for the Claimants.