PCP Capital Partners LLP v. Barclays Bank Plc; John Varley intervening
(Robin Knowles J CBE, Commercial Court, Thursday 9 November 2017)
14 Nov 2017
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On applications brought by Barclays Bank and ex-CEO John Varley, the Commercial Court has stayed the claims brought by PCP Capital Partners against Barclays in connection with the Bank’s capital raising exercises during the height of the credit crunch.
On applications brought by Barclays Bank and ex-CEO John Varley, the Commercial Court has stayed the claims brought by PCP Capital Partners against Barclays in connection with the Bank’s capital raising exercises during the height of the credit crunch. The Court held that the claim should not be listed to be heard until October 2019, to enable a criminal trial based on charges brought by the SFO in respect of the Qatar subscriptions to be heard first. The case is a significant example of a civil court being prepared to stay a substantial trial to permit criminal proceedings to take precedence, on the grounds of possible jury contamination. Javan Herberg QC and Shane Sibbel acted for Mr Varley; Robert Weekes and David Lowe acted for PCP.
