Barclays faces £30m legal fees bill
BARCLAYS is facing an estimated £30m bill after agreeing to foot the legal fees of four ex-bosses charged with fraud.
The high-profile trial brought by the Serious Fraud Office (SFO) is understood to have already racked up around £24m in fees for the bank. Sources said Barclays is picking up the bill because the former executives, including former chief John Varley, faced legal proceedings during the course of their jobs. The bank and the executives have always denied any wrongdoing.
Some of the country’s best-known barristers are acting for the defendants.
The cast includes Nicholas Purnell QC, who acted for Tesco’s ex-finance boss during the SFO’s case against former Tesco executives last year; John Kelsey-Fry QC, who defended football manager Harry Redknapp; and former senior Treasury counsel William Boyce QC.
Elite City law firms DLA Piper and Herbert Smith Freehills have also been called in.
The four bankers face charges related to the bank’s bailout with Qatari investors at the height of the financial crisis. Barclays declined to comment on the fee.