San Marino bank sues Barclays | FT Alphaville

San Marino bank sues Barclays

A court case filed Monday by a small Italian bank against Barclays lays bare the risks as UK banks gave advice and then designed and sold complex financial products in the months leading up to the credit bust, reports the WSJ. The suit, brought by Cassa di Risparmio della Repubblica di San Marino before London’s High Court, is among a number in which a small or midsize bank is taking a bigger bank to court over credit derivatives. The San Marino bank alleges that Barclays sold it customised securities that bore much greater risk than the San Marino bank understood. The suit also says Barclays also sold it investments it didn’t need. The bank is seeking damages totaling €170m ($267m).