Lawyers acting for Barclays and financier Amanda Staveley entered into a bitter war of words on Monday as a court case which has gripped the City entered its final week.
The legal battle, launched by Ms Staveley, concerns a blockbuster deal that took place at the height of the financial crisis when Barclays avoided a government bailout by raising billions from Qatar and Abu Dhabi. Staveley is suing Barclays over claims that her firm PCP Capital Partners was treated unfairly because it did not receive the same fees as the Qatari investors.
In its closing submissions Barclays said Ms Staveley suffered no loss and accused her of "obvious embellishment and invention", saying that some of her evidence had been "peppered with hyperbole" which was sometimes "plainly dishonest".
In court on Monday PCP's barrister hit back, urging the High Court to ignore the "noise and fury" coming from the bank which he claimed was not relevant as well as the "distractions and straw men" which he said diverted attention away from the key issues.
The firm was seeking between £400m and £1.5bn from the bank, according to its opening submission, but is now after up to £836m plus interest. Its closing submission accuses the banking giant of "thoroughly inappropriate" conduct during the trial by reading out a "catalogue of allegations" against Ms Staveley, who it said was the subject of "attacks" from the bank throughout.
Tensions have been running high during the long-awaited court case. On one day a Zoom gaffe meant that Barclays' lawyers were overheard privately accusing the financier of "obviously lying" while giving evidence. Earlier in the trial it was heard that ex-Barclays bankers had referred to Ms Staveley as a "dolly bird" and a "tart" when discussing the crisis-era cash call.
Stephen Jones, the former boss of bank lobby group UK Finance, also stood down over comments he made about Ms Staveley during the 2008 deal after it emerged during the trial that he had referred to her as “thick as s---” and joked about the size of her breasts.
Her contact Sheikh Mansour bin Zayed Al Nahyan, whom she also helped buy Manchester City FC, became the bank's largest shareholder after contributing £3.5bn to the deal. At the same time, Sheikh Hamad bin Jassim bin Jaber al-Thani, the chairman of Qatar Holding, injected £2.3bn into the bank.
Earlier in the trial she said she felt she was only invited to a party hosted by former Barclays banker Roger Jenkins and attended by George Clooney as part of an attempt by the bank to cut her out and get direct access to Sheikh Mansour.
A ruling is expected later in the year.