LONDON: A judge ruled Barclays will have to pay its own £33 million ($46.09 million) legal bill despite winning a case against British businesswoman Amanda Staveley’s PCP Capital Group over how the bank negotiated a financial lifeline during the credit crisis in 2008.
Judge David Waksman said on Thursday he made “no order as to costs,” meaning both sides will pay their own legal costs. PCP had been potentially liable for both sides’ expenses under England’s “loser pays” laws.
Waksman in February had found Barclays guilty of “serious deceit” over the deal which offered Barclays a lifeline during the crisis, but denied Staveley damages and dismissed her claim.
Staveley incurred costs of nearly £20 million in fighting the case, court documents showed.
The civil case revolved around how Barclays secured billions of pounds from Qatar and Abu Dhabi-backed investors 13 years ago, allowing it to secure its independence — and the jobs of its bosses — by avoiding a state bailout.
PCP, which led a £3.25 billion, Abu Dhabi-backed investment into the bank, alleged it was induced to fund Barclays on much worse terms than Qatar — despite assurances it would get the same deal.
While Waksman said Barclays had deceived Staveley, he ultimately ruled in February that PCP had not proven its case on causation and loss, meaning the overall case failed.
“We welcome the Judge’s decision, which justly ensures that PCP is not liable to pay Barclays any of its costs of the litigation,” Khaled Khatoun, a lawyer representing Staveley, said on Thursday.
Barclays to pay own $46 million legal bill in case over 2008 bailout from Qatar and Abu Dhabi
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Barclays to pay own $46 million legal bill in case over 2008 bailout from Qatar and Abu Dhabi
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
