Barclays executives warned each other on taped phone calls to 'be careful' before they allegedly went behind a client’s back to make a rival £100m bid for a carbon-trading firm, the High Court heard on Monday.
The Daily Telegraph reports that CF Partners says it hired Barclays in 2008 to help it finance a bid for Tricorona. However, it claims Barclays cut it out of the deal and, 'misusing' confidential information it had given to the bank, made its own offer for the Swedish company in June 2010.
Alleging 'Barclays took its client’s deal for its own account', CF Partners is claiming damages for 'breaches of confidence and contract' by Barclays and Tricorona.
Both deny the claim. The bank says 'no confidentiality or exclusivity undertakings were ever sought from or given by Barclays to CF Partners', while Tricorona has issued a counter-suit, alleging CF 'breached duties of confidence in relation to information regarding Tricorona'.
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