Barclays said it would "vigorously" contest a €170 million legal action launched against it on Monday by Cassa di Risparmio di San Marino SpA. "The legal action has no merit and we will contest it vigorously," a spokesman for Barclays said in an e-mailed statement.

The San Marino bank on Monday filed a complaint before the High Court in connection with CDO-squared securities issued by Barclays and two affiliates.

The San Marino bank is seeking indemnification for damages of around €170 million in actual losses and lost income.

Barclays PLC is a global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services.

The company, along with its subsidiaries, operates through six business segments: UK Banking, Barclaycard, International Retail and Commercial Banking, Barclays Capital, Barclays Global Investors and Barclays Wealth.

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