Barclays settles carbon deal data lawsuit

Barclays Canary Wharf

Barclays has settled a lawsuit with London trading firm CF Partners after a judge found that the British bank had misused confidential information during its acquisition of a Swedish carbon trading company.

Reuters reports that the ruling comes the same week Barclays was hit with a combined $77 million in fines from British and U.S. regulators as the lender continues to be dogged by problems from its past.

Barclays is trying to improve standards and its corporate culture after being rocked by a series of scandals -- including the mis-selling of loan insurance and the attempted manipulation of Libor interest rate.

CF Partners approached Barclays in 2008 for advice on debt financing for its plan to buy the Swedish firm Tricorona AB.

CF Partners said it gave Barclays confidential information about Tricorona's potential value and signed a confidentiality agreement with the bank.

Barclays then bought Tricorona itself in 2010. The bank said CF Partners had abandoned its acquisition attempt during 2008 after carbon credit prices plummeted.

Hit the link below to access the complete Reuters article:

UK judge rules Barclays breached client trust in carbon deal

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