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  • A London court on Friday ruled that financier Amanda Staveley was not entitled to hundreds of millions of pounds in compensation from Barclays bank over an investment deal during the 2008 financial crisis. Staveley, 47, had claimed her private equity firm PCP Capital Partners was induced to invest on "manifestly worse terms" than Qatari investors. The businesswoman also made complaints about the behaviour of bank bosses during evidence heard last year. PCP initially fought for damages of up to £1.6 billion ($2.2 billion, 1.84 billion euros) and later lowered that amount to between £600 million and £830 million. Barclays however rejected her allegations and argued the case should be dismissed. High Court judge David Waksman ruled against her on Friday. The bank welcomed the dismissal but Staveley said she would consider appealing. In order to avert a UK government bailout during the global financial crisis in 2008, Barclays raised nearly £12 billion from Gulf investors, including the Qatari state sovereign wealth fund. As part of the deal, Barclays loaned $3.0 billion to the State of Qatar. However, Staveley argued that the loan was "concealed" from the market, shareholders and PCP. She argued that PCP would have invested on "vastly better terms" but for Barclays' "false representations". Staveley's lawyers also claimed during the trial that PCP had introduced Barclays to Manchester City football club owner Sheikh Mansour, a member of Abu Dhabi's royal family, as an investor. Barclays lawyer Jeffery Onions argued that Staveley had a "tendency to exaggerate" when giving evidence. However, in his summary, Waksman concluded that she was a "tough, clever and creative entrepreneur". He noted that one Barclays' boss had "knowingly" made false representations. And he added PCP had established that "Barclays was guilty of fraudulent misrepresentation". However, he also concluded that PCP would have negotiated the same deal with Barclays, had it uncovered the terms of Qatari investors. As a result, the overall claim failed. "I can understand why this outcome will be a serious disappointment to PCP, especially after I have found Barclays to be guilty of serious deceit towards it," Waksman said. bcp/rfj/phz/rl
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  • UK financier loses Barclays court battle over Qatar deal
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