Financial Conduct Authority fined lender £50mn over 2008 emergency fundraising
John Varley is about to be dragged into yet another a British courtroom, where the former Barclays chief executive will feature as the main witness in the bank’s challenge against a £50mn fine over an emergency fundraising with Qatari investors at the height of the financial crisis.
“It is time to impose strict deadlines and timetables on the regulators themselves to ensure regulatory outcomes are reached before everybody has forgotten what the original fuss was all about,” said Harvey Knight, a partner at City law firm Withers. In an unusual twist, it was Barclays itself that summoned Varley as a witness as part of its ultimately unsuccessful Catch-22 legal argument to try to get the case dismissed.
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