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A federal judge has dismissed a class action lawsuit against Barclays over the sale of unregistered VXX exchange-traded notes, ruling that plaintiffs lacked standing and failed to prove actionable misstatements. The court found that Barclays acted promptly upon discovering an over-issuance of $17.7 billion in unregistered securities and emphasized the adequacy of its risk disclosures. Claims of common-law fraud and promissory estoppel were also rejected, reinforcing the high legal standards for liability in structured product offerings.
Barclays PLC has successfully dismissed two U.S. securities fraud lawsuits related to a $17.7 billion overissuance of debt, with a judge finding no evidence of fraudulent intent. Investors alleged losses due to the bank's failure to adhere to regulatory limits, but the court ruled that Barclays' corrective actions demonstrated good faith. The bank had previously acknowledged the overissuance and set aside $2.01 billion for repurchases, while also facing regulatory penalties totaling $361 million from the SEC.
Barclays PLC has successfully dismissed two U.S. securities fraud lawsuits related to a $17.7 billion overissuance of debt, with a judge ruling no fraudulent intent was found. Investors alleged losses due to misleading assurances about internal controls, but the court deemed Barclays' corrective actions as good faith efforts rather than deception. The bank had previously acknowledged the overissuance and set aside $2.01 billion for repurchases, while also facing regulatory penalties totaling $361 million from the SEC.
A New York court has dismissed two investor lawsuits against Barclays related to a $17.7 billion error. Investors claimed the bank's executives should have recognized the lack of necessary controls following the loss of filing privileges with the U.S. Securities and Exchange Commission, but the judge expressed skepticism about this assertion.
A federal court dismissed a lawsuit against Barclays Bank PLC by short-seller Michael Puchtler, who claimed fraud related to volatility-linked VXX securities. Judge Lewis J. Liman ruled that Puchtler failed to demonstrate fraudulent intent or that his losses were caused by fraud, ending the case definitively.
Barclays successfully dismissed two U.S. securities fraud lawsuits related to its unauthorized sale of $17.7 billion in securities beyond regulatory limits. U.S. District Judge Lewis Liman ruled that investors could not sue over general assurances about internal controls, noting a lack of intent to defraud. The bank's remedial actions, including halting sales and cooperating with regulators, were deemed prudent and indicative of no malicious intent.
Barclays successfully dismissed two U.S. securities fraud lawsuits related to its unauthorized sale of $17.7 billion in securities beyond regulatory limits. U.S. District Judge Lewis Liman ruled that investors could not sue over general assurances about internal controls, despite the bank's overissuance and subsequent sales halt in March 2022. Barclays' remedial actions, including disclosures and a buyback offer, were deemed prudent and did not indicate intent to defraud.
Barclays successfully dismissed two U.S. securities fraud lawsuits related to its unauthorized sale of $17.7 billion in securities beyond regulatory limits. U.S. District Judge Lewis Liman ruled that investors could not sue over general assurances about internal controls, noting a lack of intent to defraud by bank officials. The bank's remedial actions, including halting sales and cooperating with regulators, were deemed prudent and indicative of no malicious intent. In September 2022, Barclays settled with the SEC for $361 million over the overissuance and later agreed to pay $19.5 million to resolve a related shareholder lawsuit.
Lewis J. Liman
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