Suit against Barclays by French firm dismissed.
Global Banking News - 28 April 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
A state judge in the US had dismissed a suit filed against UK-based Barclays Plc (LSE: BARC) by a French investment firm.
The suit was filed against the bank and another company by Oddo Asset Management, a unit of France's Oddo et Cie, over two structured investment vehicles that were placed under receivership in 2008.
The judge said, 'Here, as Barclays contends, Oddo is a sophisticated entity in the position of appreciating the inherent risks associated with debt securities, including the fact that, under certain circumstances, interest payments may cease and the principal may be lost.'
Oddo Asset Management invested about USD50m in structured investment vehicles, Golden Key Ltd and Mainsail II Ltd, in 2005 and in 2006. Barclays Plc created and structured the vehicles.
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|Publication:||Global Banking News (GBN)|
|Date:||Apr 28, 2010|
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