Barclays hits back at care home critics

Tim Wallace
Follow Tim
THE WAR of words between Barclays and Guardian Care Homes (GCH) intensified yesterday as the firm accused the bank of “intimidation” in its legal wrangling.

Barclays is accused of mis-selling interest rate swaps to GCH – a claim it staunchly denies, arguing the firm is large and sophisticated, and understood exactly what it did.

“This business had a suite of advisers, including Rothschild, as well as several law firms and a lot of financial experience and skill in-house,” said a Barclays spokesman.

“Barclays understands the client entered into their swap agreements with sufficient understanding to exercise their own judgment as to whether the products would meet their business objectives.”

The bank filed its defence in the case on Friday, meeting the deadline given to it five days earlier.

But GCH yesterday claimed the bank was unfairly slow in filing.

“Serving this defence at the very last minute of a Friday afternoon has caused me stress and worry,” said boss Gary Hartland. “I believe Barclays have sat on this defence for several days and are just using it as an intimidation tactic.”