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Barclays to pay 2 billion dollars to settle alleged fraud scheme

Europe
29.03.2018
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Washington (dpa) - The British bank Barclays has agreed to pay 2 billion dollars in civil penalties to settle fraud claims in the sale of residential mortgage-backed securities in the year before the financial crisis.

Barclays will pay the penalty to the United States in exchange for dismissal of a lawsuit against it filed in December 2016, the US Justice Department said Thursday in a news release.

The US alleged that Barclays caused billions of dollars in losses to investors through a fraudulent scheme to sell 36 residential mortgage-backed securities in which more than 31 billion dollars worth of subprime and Alt-A mortgage loans were securitized.

Two former Barclays executives also settled with the department, agreeing to pay the combined sum of 2 million dollars in civil penalties in exchange for dismissal of claims against them, the Justice Department said.

Barclays chief executive Jes Staley said resolving the matter had been a priority of the bank‘s current management team.

"I am pleased that we have been able to reach a fair and proportionate settlement with the Department of Justice," Staley said.

Other major banks and their managers have settled similar claims with the US Justice Department.

The Justice Department accused Barclays of misleading investors about the quality of the mortgage loans backing those deals. More than half of the loans defaulted.

The financial crisis was touched off in late 2007 by plummeting housing prices. The US economy slipped into recession and by the end of 2008 millions of people had lost their jobs.

 

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