CF Partners (UK) LLP (“CFP”) approached Barclays Bank PLC (“Barclays”) seeking financing and advice to enable CFP to acquire Tricorona AB (“Tricorona”), a company operating in the carbon credits market and holding a large portfolio of Certified Emissions Reductions (“CERs”). Subsequently, Barclays and Tricorona used information gained from their relationship with CFP to arrange for Barclays to acquire Tricorona. CFP brought suit against Barclays and Tricorona, seeking compensation for the defendants’ purported misuse of confidential information and breach of an exclusivity agreement. Based on evidence presented at trial, the court found that neither Barclays nor Tricorona owed an obligation of exclusivity to CFP at the relevant times. The court found, however, that CFP provided confidential information to Barclays and Tricorona regarding the value of Tricorona’s portfolio of CERs and that the defendants wrongfully used this information to their own advantage by arranging for Barclays to purchase Tricorona. The court held Barclays and Tricorona jointly liable for each other’s breaches of confidentiality and entered a judgment o f ten million pounds in compensatory damages.
Shortly after the opinion was issued, the parties reached a undisclosed settlement covering all outstanding matters including costs and appeals. Click here for an article regarding the settlement.