Barclays Exploits Funds' Bankruptcy For $17M, Suit Says

Law360, New York (August 2, 2013, 6:56 PM EDT) -- A group of investment funds brought suit against Barclays Bank PLC in New York state court Wednesday alleging the bank is taking advantage of the funds' bankruptcy in an attempt to obtain $17 million more than it is due under a 2005 loan agreement.

LibertyView Leverage Plus Fund Ltd. and its affiliates filed the complaint, claiming Barclays is using a “flawed interpretation” by asserting that the bank is entitled to an extra $17 million under an alleged early termination provision after the funds’ assets were frozen...
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