PCP Capital Partners LLP & Anor v Barclays Bank PLC [2021] EWHC 307 (Comm) (26 February 2021)

PCP Capital Partners LLP & Anor v Barclays Bank PLC [2021] EWHC 307 (Comm) (26 February 2021)

The court found that while Barclays made certain representations to PCP, PCP failed to prove, on the balance of probabilities, that the representations were false, dishonest, or that PCP relied on them to its detriment in the manner alleged. The court held that the Advisory Services Agreements were not shams, the...

Source-derived case information.

Citation
[2021] EWHC 307 (Comm)
Parties
Claimant: PCP Capital Partners LLP; Claimant: PCP International Finance Limited; Defendant: Barclays Bank PLC
Jurisdiction
England and Wales
Judgment Date
26 February 2021
Procedural Posture
Commercial Court Claim / Final Judgment After Trial
Outcome
Claim dismissed
Legal Topics
Fraudulent Misrepresentation, Sham Contracts, Remedies for Misrepresentation, Banking Regulation, Loss of Chance, Causation and Quantum of Damages
Commercial Law Contract Law Fraud Banking Law Fraudulent Misrepresentation Sham Contracts Remedies for Misrepresentation Banking Regulation +2 more

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Parties

PCP Capital Partners LLP

Claimant

PCP International Finance Limited

Claimant

Barclays Bank PLC

Defendant

Procedural Posture

Commercial Court Claim / Final Judgment After Trial

Legal Issues

  1. 1 Whether Barclays made fraudulent misrepresentations to PCP regarding the equivalence of terms with Qatar (Same Deal Representation, SDR)
  2. 2 Whether the Advisory Services Agreements (ASA 1 and ASA 2) were shams
  3. 3 Whether the £66m arrangement fee and £3bn loan to Qatar were undisclosed benefits rendering representations false

Ratio Decidendi

The court found that while Barclays made certain representations to PCP, PCP failed to prove, on the balance of probabilities, that the representations were false, dishonest, or that PCP relied on them to its detriment in the manner alleged. The court held that the Advisory Services Agreements were not shams, the payments to Qatar were not undisclosed benefits constituting fraud, and PCP's counterfactual loss scenarios were speculative and unsupported by the evidence. Accordingly, PCP's claim for damages failed.

Court Disposition

Claim dismissed

Orders

  • PCP's claim against Barclays is dismissed in its entirety.
  • No damages are awarded to PCP.