Partner Simon Bushell comments in The Times, City A.M., Legal Week and Law360 in relation to the SFO bringing charges against Barclays and four former executives in relation to their actions during the 2008 financial crisis.
Simon’s comments were published in The Times, City A.M., Legal Week and Law360.
“Herbert Smith Freehills (HSF) and Willkie Farr & Gallagher are among a line-up of firms advising Barclays and four former executives following the Serious Fraud Office’s (SFO) announcement of fraud charges relating to the bank’s capital raising arrangements with Qatari investors during the 2008 financial crisis.
The SFO announced today (20 June) that it was charging the bank and four individuals with “conspiracy to commit fraud and the provision of unlawful financial assistance” after an investigation which began in August 2012.
The charges relate to Barclays’ 2008 capital raising arrangements with with Qatar Holding and Challenger Universal, as well as a $3bn loan facility made available to the State of Qatar…
Signature Litigation partner Simon Bushell commented: ”It is striking that this announcement comes some nine years after the events in question and relates, not to the causes of the global financial crisis, but to a ‘clean-up’. The decision to charge Barclays shows that the idea that claims arising from the crisis are fizzling out is wide of the mark.
“It is often the case that the more serious the issues, the harder it is to get to the bottom of them, especially where fraud is alleged. We know from our own ongoing mandates that there are some very large claims out there which have not yet been brought, and which go right back to the lead-up to the crisis.””