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UK: Barclays accused of abusing adviser role, swiping merger out from client

By  |  May 16, 2013
UK: Barclays accused of abusing adviser role, swiping merger out from client

Just days after Barclays won an important dismissal of a LIBOR case, the bank is now facing new troubles as a former client told a court in London on Thursday that the bank abused its position as an adviser. The ex-client, CF Partners, accuses Barclays of acquiring Tricorona AB in 2010, two years after CF Partners first began looking into buying Tricorona itself, eventually hiring Barclays to advise on the deal. A spokesperson for Barclays, however, denies ever having an advisory relationship with CF Partners; which focuses its businesses on emissions trading and renewable energy. The buyout of energy expert Tricorona was a move for the UK’s second-largest bank by assets to enter into the carbon credits market, worth about $78 billion globally.

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