Barclays Prevails in Mortgage Crisis-Related Class Suit
U.S. District Judge Paul Crotty has, over the eight-year life span of a securities suit against Barclays, continued to whittle down the claimants and claims against the bank. On Wednesday, he succeeded in getting rid of the last one.
September 15, 2017 at 06:01 PM
20 minute read
U.S. District Judge Paul Crotty has, over the eight-year life span of a securities suit against Barclays, continued to whittle down the claimants and claims against the bank.
On Wednesday, he succeeded in getting rid of the last one in In re: Barclays Bank Plc Securities Litigation, 09-cv-01989. In a 51-page decision, Crotty granted summary judgment to Barclays and its co-defendant securities underwriters, including Citibank, dismissing the final plaintiff and his claims that the defendants violated Sections 11 and 15 of the U.S. Securities Act of 1933.
At the core of the original suit were a number of mortgage-backed securities offerings that raised $2.5 billion through the London-based bank's U.S. operations, just as the U.S. housing market began to crumble in early 2007.
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