Barclays to Pay $19.5M Penalty for $17.7B Excess Debt Sale

Lawsuit and Settlement Details - Barclays PLC agreed to pay $19.5 million as settlement charges in a lawsuit filed by shareholders in Manhattan, accused of securities fraud for selling$17.7 billion debt above the regulatory limit [1] - Shareholders claimed monetary losses due to reliance on Barclays' assurances regarding its policies and procedures, while the bank maintained adherence to regulatory standards [2] - Barclays acknowledged overselling $15.2 billion more structured and exchange-traded notes than the$20.8 billion limit approved by U.S. regulators in March 2022 [2] - The oversold amount increased to $17.7 billion four months later, with Barclays offering to repurchase the excess and setting aside £1.59 billion ($2.01 billion) for the overissuance [3] - Barclays revised its 2021 financial statements, describing the overissuance as a "self-inflicted" and "entirely avoidable" issue [3] - The lawsuit covers investors in Barclays' American depositary receipts from Feb 18, 2021, to Feb 14, 2023 [3] Barclays' Stock Performance - Barclays' shares gained 22.1% over the past six months, outperforming the industry's decline of 7.7% [4] - Barclays currently carries a Zacks Rank 3 (Hold) [5] Litigations Involving Other Financial Firms - TD Securities USA, a unit of The Toronto-Dominion Bank, agreed to pay over $20 million in a settlement with U.S. authorities for alleged manipulations of the U.S. Treasuries market [6] - TD will pay a$12.5 million criminal penalty to settle civil investigations by the SEC and the Financial Industry Regulatory Authority [7] - TD faces a criminal fine of approximately $9.5 million, along with commitments to pay$4.7 million to compensate victims and $1.4 million in forfeiture [8] - Wells Fargo & Company has been accused of underpaying interest to clients in its cash sweep program, with allegations of breaching fiduciary duty and violating fair dealing principles [8][9]