Update – Other Surplus Litigation – Position Papers of Barclays and Wentworth – 11 May 2017

As you may be aware, on 29 November 2016, a case management conference (the “CMC”) was held before Mr Justice Hildyard in respect of the treatment of claims received from Barclays Capital Inc (“BCI”) (the "Application").  The purpose of the CMC was to deal with issues concerning the procedural management of the Application going forward and to determine an application by Wentworth that it be added as a Respondent to the Application.    

Further to the CMC, the Judge has approved a directions order which was sealed on 16 December 2016 (the “Order”). A copy of the Order can be found here.    

On 20 January 2017, in accordance with the Order, the Joint Administrators of LBIE filed their position paper setting out their position in respect of the initial issues only.  A copy of the position paper can be found here.    

The parties to the Application have since agreed a revised timetable to trial, as set out in a consent order sealed by the Court on 10 March 2017 (the “Consent Order”). A copy of the Consent Order can be found here. 

On 5 May 2017, in accordance with the Consent Order BCI and Wentworth filed their position papers setting out their position in respect of the initial issues only. Copies of these position papers can be found below: 

• Barclays' position paper in respect of the initial issues as defined in the Order
• Wentworth's position paper in respect of the initial issues as defined in the Order

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.