A preliminary settlement of the proposed class motion was filed on Tuesday in Manhattan federal courtroom, and requires approval by U.S. District Judge Katherine Polk Failla.
Shareholders claimed they misplaced cash by counting on Barclays’ assurances that its insurance policies and procedures met regulatory requirements, and that the financial institution was dedicated to robust inner controls.
Barclays additionally restated its 2021 monetary statements, with its executives characterizing the overissuance as an “completely avoidable” and “self-inflicted” drawback.
Barclays continued to disclaim wrongdoing in reference to the settlement, in response to the courtroom doc filed on Tuesday.
She additionally stated that whereas Barclays’ assurances sounded generic, they might help the shareholders’ claims as a result of the financial institution’s system for monitoring debt gross sales “didn’t simply underperform – it didn’t exist.”
The lawsuit lined traders in Barclays’ American depositary receipts from Feb. 18, 2021 to Feb. 14, 2023.
Staley stepped down as Barclays’ chief government in November 2021.
The case is In re Barclays Plc Securities Litigation, U.S. District Court, Southern District of New York, No. 22-08172.
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Reporting by Jonathan Stempel in New York; Additional reporting by Shubham Kalia in Bengaluru and Sinead Cruise in London; Editing by Rosalba O’Brien, Jacqueline Wong and Louise Heavens
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