BCS.US
id: 1204
Barclays PLC (BCS) Investor Settlement
The case has been dismissed, typically without any further action.
S.D. New York
Court1:24-cv-01872
Case number02/18/2021
Class period Start02/14/2023
Class period EndBarclays reached a settlement with $BCS investors over claims that it sold $17 billion in unregistered securities, resulting in restated financials and a halt in VXX ETNs sales.
Case Details:
Barclays had not implemented any internal controls to monitor the issuance of securities from its shelf registrations.
With absense of proper controls, Barclays sold $17 billion of unregistered securities over 18 months in violation of the federal securities registration laws.
When this information came to light, Barclays had to suddenly suspend issuances and sales of new VXX ETNs.
Upon suspension of sales, $VXX increased 9%+, hurting investors who were short $VXX.
Case Status
Dismissed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Short
Filing date
03/12/2024
Lead Plaintiff Deadline
05/17/2024
Plaintiffs
Michael Puchtler
Attorneys
Kaplan Fox & Kilsheimer, LLP (New York, NY), Sperling & Slater, P.C. (Chicago, IL)
Defendants
James E. Stanley, Tushar Morzaria, C.S. Venkatakrishnan
Judge
Hon. Katherine Polk Failla
Trades matching type
FIFO