Banking, finance, and taxes
Barclays Faces New Probe, More Lawsuits
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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.
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