Thursday, 29 March 2018

Barclays agrees to pay $2bn to settle US fraud case

Barclays has agreed to pay $2bn (£1.4bn) to settle a lawsuit brought by the US government over the sale of mortgage-backed securities.

The US alleged that the bank had misled investors about the quality of loans backing the securities in the run-up to the financial crisis.

Barclays chief executive Jes Staley said the bank was "pleased that we have been able to reach a fair and proportionate settlement".

The bank did not admit liability.

US attorney for the eastern district of New York Richard Donoghue said: "The substantial penalty Barclays and its executives have agreed to pay is an important step in recognising the harm that was caused to the national economy and to investors in residential mortgage-backed securities."

BBC      News.

No comments:

Post a Comment