A federal judge dismissed a criminal wire fraud charges against Barclays Plc during trial Monday, saying the US did not present evidence to prove Barclays owed Hewlett-Packard a duty of trust or confidence in their dealings.

Judge Charles Breyer of the US District Court for the Northern District of California said a reasonable jury could not have found beyond a reasonable doubt that Barclays committed the wire fraud, nor that Barclays was an agent to HP. Barclays was merely ‘hedging’ its position prior to the transaction with HP, just as HP made dishonest statements about its position in the market.

Breyer explained further that the parties’ transaction agreement accounted for these anticipated moves and: “[t]here is nothing in the record to suggest that the mere fact that HP shared information with Barclays was sufficient to create such a duty of trust and confidence.”

The case was dismissed prior to the jury rendering a verdict. Under these circumstances, the US will not be able to appeal the decision.