Barclays agreed to pay $19.5 million to settle a lawsuit in Manhattan by shareholders who accused the British bank of securities fraud after it sold $17.7 billion more debt than regulators allowed.
A preliminary settlement of the proposed class action was filed on Tuesday in Manhattan federal court and requires approval by US District Judge Katherine Polk Failla. Shareholders claimed they lost money by relying on Barclays' assurances that its policies and procedures met regulatory standards and that the bank was committed to strong internal controls.
Barclays admitted in March 2022 that it had sold $15.2 billion more structured and exchange-traded notes in the prior five years than the $20.8 billion authorised by US regulators.
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