UT (Tax & Chancery) UT-2023-000064 - [2025] UKUT 00203 (TCC)

We agree with the Authority that the Bowdoin College Talking Points are important because they represent what Mr Hoyt and Mr Higgins knew and understood about the relationship between Mr Staley and Mr Epstein, as they confirmed in their evidence. Mr Hoyt thought that the Bowdoin College Talking Points were a document that he could use as the basis for whatever work was needed to respond to Mr Davidson’s request of Mr Higgins which was made in August 2019.

In particular, Mr Hoyt in his cross-examination confirmed that the Bowdoin College Talking Points were created after a series of discussions, including with Mr Staley, over the course of a few days, where he recounted, reviewed drafts, provided language and suggestions himself resulting in the talking points that were then, he presumed, used for the presentation Mr Staley made to Bowdoin College, as described below. Mr Hoyt also confirmed that the Bowdoin College Talking Points were used as the basis for drafting the proposed response to the Authority which ultimately led to the drafting of the Letter.

Mr Hoyt also confirmed that he understood from Mr Staley that the Bowdoin College Talking Points represented everything that Mr Staley had told him and Mr Higgins about the relationship and he understood those to be all of the relevant facts relating to the relationship.

Mr Staley’s position was that the Bowdoin College Talking Points demonstrate that Barclays had an accurate picture of the relationship (and therefore sufficient information to assess whether the statements in the Letter could be fairly made). The Authority’s position is that the Bowdoin College Talking Points demonstrate that Mr Staley was consistently misstating the position as to his relationship with Mr Epstein, in particular downplaying the closeness and extent of their connection.