Banking, finance, and taxes
Barclays Faces New Probe, More Lawsuits
Published:
Last Updated:
Barclays PLC (NYSE: BCS) revealed Friday that it faces a new regulatory probe and more U.S. lawsuits. This is more bad news for the British lender as it struggles to repair the damage to its reputation due to its role in the Libor rate-rigging scandal.
Britain’s Financial Services Authority has begun an investigation into Barclays and four current and former senior employees, including finance director Chris Lucas. The regulator seeks to determine whether the bank made sufficient disclosures about the fees it paid under commercial agreements related to capital raised in June and November of 2008.
New U.S. lawsuits come after a record $455.3 million fine imposed last month for rigging the Libor interest rate benchmark. The global Libor investigation is expected to draw in a dozen or more other banks, which also could face fines.
Barclays shares are up more than 6% to $10.32 in premarket trading. The 52-week range is $8.38 to $16.41.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
