(Reuters) – A judge ruled that Barclays PLC would have to pay its own bill of 33 million pounds (46.1 million dollars) despite winning a lawsuit against British businesswoman Amanda Staveley's PCP Capital Group over how the bank negotiated a financial lifeline during the credit crunch in 2008.
Judge David Waksman said on Thursday that he made "no order for costs", meaning both sides will pay their own legal costs. The PCP had been potentially responsible for both sides' spending under England's "loser pays" laws.
Judge Waksman in February had found Barclays guilty of "serious fraud" over the deal that gave Barclays a lifeline during the crisis, but denied wife. Staveley injured and rejected his claim.
Ms. Staveley received costs of almost 20 million pounds to fight the case, court documents showed.
The civil case revolved around how Barclays secured billions of pounds from Qatar and Abu Dhabi-backed investors 1
PCP, which led a £ 3.25 billion Abu Dhabi-backed investment in the bank, claimed it was forced to finance Barclays on much worse terms than Qatar – despite assurances it would get the same deal.
While Judge Waksman said that Barclays had deceived Staveley, he finally ruled in February that the PCP had not proved its case in terms of causation and loss, which means that the overall case failed. We welcome the judge's decision, which rightly ensures that PCP is not obligated to pay Barclays any of its costs for the disputes, "Khaled Khatoun, a lawyer representing Staveley, said on Thursday.