(1) Pcp Capital Partners Llp (2) Pcp International Finance Ltd v Barclays Bank Plc

(1) Pcp Capital Partners Llp (2) Pcp International Finance Ltd v Barclays Bank Plc

Barclays, by relying on legal advice in witness statements and trial opening to support the lawfulness of the ASAs, waived privilege over all legal advice relating to the ASAs. Fairness requires disclosure of all such privileged documents, not just those already made public. The application for further disclosure is granted.

Parties
Claimant: PCP Capital Partners LLP; Claimant: PCP International Finance Ltd; Defendant: Barclays Bank Plc
Jurisdiction
England and Wales
Judgment Date
01 June 2020
Procedural Posture
Commercial Court Civil Claim / Interlocutory Application for Further Disclosure
Outcome
Application granted
Legal Topics
Legal Professional Privilege, Waiver of Privilege, Disclosure of Documents, Sham Transactions, Financial Assistance
Civil Procedure Banking Law Evidence Legal Professional Privilege Waiver of Privilege Disclosure of Documents Sham Transactions Financial Assistance

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Parties

PCP Capital Partners LLP

Claimant

PCP International Finance Ltd

Claimant

Barclays Bank Plc

Defendant

Procedural Posture

Commercial Court Civil Claim / Interlocutory Application for Further Disclosure

Legal Issues

  1. 1 Whether Barclays waived legal professional privilege over legal advice relating to the ASAs by references in witness statements and trial opening
  2. 2 Whether further privileged documents relating to the ASAs must be disclosed as a result of waiver
  3. 3 Whether redactions in interview transcripts should be lifted where they refer to the same or substantially the same information as already disclosed documents

Ratio Decidendi

Barclays, by relying on legal advice in witness statements and trial opening to support the lawfulness of the ASAs, waived privilege over all legal advice relating to the ASAs. Fairness requires disclosure of all such privileged documents, not just those already made public. The application for further disclosure is granted.

Court Disposition

Application granted

Orders

  • Barclays to disclose all contemporaneous documents and interview transcripts previously withheld on grounds of privilege concerning the ASAs, as set out in paragraph 1.1 of the Application Notice.