Barclays Faces New Probe, More Lawsuits

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By Trey Thoelcke Updated Published
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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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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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