Bank sued for £240m
BARCLAYS has been sued for £240m for alleged involvement in a scandal that almost put a Netherlands housing corporation out of business.
Stichting Vestia almost collapsed in 2012 after losses neared £1.5bn. Vestia had bought derivatives contracts from groups including JP Morgan, Barclays and Credit Suisse, to protect it against sudden interest rate changes but were found to be flawed because Vestia’s treasurer was allegedly taking bribes.
Vestia says Barclays ‘failed to make inquiries as a reasonable person would make’ into the deals. Most of the lenders have agreed to unwind the deals and offer Vestia new financing. Barclays declined to comment.
CITY & FINANCE
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2021-09-25T07:00:00.0000000Z
2021-09-25T07:00:00.0000000Z
https://mailonline.pressreader.com/article/282763474784492
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