Barclays bests hedge fund in court ruling

Hedge Fund

New York state's top court on Thursday reversed a 2013 ruling that found Barclays liable in a $300m dispute with hedge fund Black Diamond Capital over the British bank's refusal to pay back collateral.

Reuters reports that Black Diamond filed a lawsuit against Barclays in 2008, claiming it had defaulted on a $40m collateral call made at the height of the financial crisis.

A lower court agreed and ordered Barclays to return $297m in collateral it was holding under a 2005 agreement with Black Diamond.

The New York Court of Appeals in a unanimous decision said it was unclear whether Barclays failed to follow the contract's procedures for disputing a collateral call and sent the case back to a state judge in Manhattan.

To access the complete Reuters article hit the link below:

Barclays wins reversal of liability ruling in $300 million dispute

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