Dec 22, 2016
US alleges Barclays mortgage securities fraud
It claims that Barclays misled investors about the quality of loans backing securities in the run-up to the financial crisis. Barclays rejected the claims, saying they were "Disconnected from the facts". The US Department of Justice said: "From 2005 to 2007, Barclays personnel repeatedly misrepresented the characteristics of the loans backing securities they sold to investors throughout the world, who incurred billions of dollars in losses as a result of the fraudulent scheme." "Barclays said:"We have an obligation to our shareholders, customers, clients, and employees to defend ourselves against unreasonable allegations and demands. "Barclays will vigorously defend the complaint and seek its dismissal at the earliest opportunity."
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