LONDON (Alliance News) - Barclays PLC could face a claim of up to USD10 billion after a Saudi businessman took legal action against its US law firm relating to a decade old settlement between Barclays and two Saudi Arabian ministries, the Financial Times reports Wednesday.
Mohammed bin Issa al Jaber, chairman of MBI International and founded of the Jadawel property group, wants access to documents White & Case has relating to the settlement, according to court documents filed in New York. The businessman alleges that Barclays' so-called "corrupt activities" cost his companies USD10 billion in revenue over ten years.
Barclays declined to comment to Alliance News.
Barclays shares were Wednesday quoted at 306.65 pence each, up 0.90 pence, or 0.3%.
http://www.ft.com/cms/s/0/da6bd084-1a38-11e3-b3da-00144feab7de.html#axzz2eaXafcBw
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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