Amanda Staveley appeals High Court decision on Barclays damages

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Howard Mustoe
·2 min read
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Amanda Staveley
Amanda Staveley

Financier Amanda Staveley has begun an appeal following the defeat of her High Court legal action case against Barclays.

The appeal, filed on Friday afternoon, is challenging the court’s decision not to award her damages.

Ms Staveley's firm PCP Capital Partners sued the bank for more than £600m, claiming other parties in Barclays' 2008 multi-billion-pound fundraising received better terms.

In February, the court found that the bank acted with “deceit” after hearing of complaints about the conduct of senior bosses.

Mr Justice David Waksman criticised Barclays for attempts to discredit Ms Staveley as a lightweight "chancer" who engaged in a "hustle" to get involved in the deal. He said in his view she was a "tough, clever and creative entrepreneur".

Ms Staveley’s client, Abu Dhabi royal Sheikh Mansour bin Zayed Al Nahyan, ultimately became the lender’s biggest shareholder after injecting more than £3bn into Barclays.

However, the judge declined her claim, saying she would probably not have had access to the resources to be able to pull off a more lucrative deal.

The fundraising helped Barclays avoid needing to be bailed out by the taxpayer - fates suffered by rivals Royal Bank of Scotland (since renamed NatWest Group) and Lloyds Banking Group.

Ms Staveley's company had initially sought damages of as much as £1.6bn, but this figure was reduced as the trial continued.

The five-month trial revealed colourful detail about how Ms Staveley was referred to by Barclays executives.

The court heard that its former investment banking boss Roger Jenkins, who played a central role in the fundraising, referred to her as “the tart” while discussing the fund raising.

Immediately after the ruling, Ms Staveley indicated that she was considering an appeal.

At the time of the ruling, Barclays said it “welcomed” the court’s decision to dismiss the claim and award no damages.

During the trial last year, former Barclays boss John Varley said it was his view that Ms Staveley's firm “greatly overstates its own role and significance in the events of October 2008”.

Barclays and PCP declined to comment.