Barclays PLC (BCS) Investor Settlement

S.D. New York

Court

1:24-cv-01872

Case number

18 Feb 2021

Class period Start

14 Feb 2023

Class period End

Barclays 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

Motion to dismiss

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Short

Filing date

12 March 2024

Lead Plaintiff Deadline

17 May 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