Barclays to Pay $19.5M Penalty for $17.7B Excess Debt Sale [Yahoo! Finance]
Barclays PLC (BCS)
US:NYSE Investor Relations:
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Source: Yahoo! Finance
The company was accused of securities fraud as it sold $17.7 billion debt above the regulatory limit. This was reported by Reuters. Shareholders asserted that they faced monetary loss by relying on BCS' assurances concerning its policies and procedures. The bank claimed it adhered to regulatory standards and remained committed to strong internal controls. In March 2022, Barclays acknowledged that it sold $15.2 billion more structured and exchange-traded notes in the past five years than the $20.8 billion limit approved by U.S. regulators. Four months later, the oversold amount jumped to $17.7 billion and Barclays offered to repurchase the excess amount while keeping aside £1.59 billion ($2.01 billion) for the overissuance. Further, Barclays revised its 2021 financial statements, with its executives describing the overissuance as a “self-inflicted” issue that was “entirely avoidable.” This February, U.S. District Judge in Manhattan, Katherine Polk Failla, denied dismissal of
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BCS
Sec Filings
- 12/2/24 - Form 6-K
- 11/19/24 - Form 13F-HR/A
- 11/15/24 - Form 13F-HR
- BCS's page on the SEC website