Barclays Sued For £293M Over MBS Account Losses

Law360, London (June 7, 2021, 5:01 PM BST) -- A special purpose vehicle has sued Barclays for £293 million ($415 million) after the banking giant allegedly failed to follow its instructions to replenish an account holding mortgage-backed securities issued in the run-up to the financial crisis.

Business Mortgage Finance, a special purchase vehicle that issued multi-currency floating rate notes linked to mortgages in Britain between 2005 and 2007, told the High Court in a claim that banking giant Barclays owes it £293 million.

The SPV alleged in its claim on May 31, which has now been made public, that Barclays breached a contract linked to £350 million of floating rate notes...

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