Barclays Would Rather Part With Eight Figures Than Explain Dark Pools To Simpletons

Simple math proves that it's worth $150 million to avoid even a brief chat with Eric Schneiderman.
Author:
Publish date:

Deal!

It would be a fool’s errand to try to make Eric Schneiderman and Mary Jo Whiteunderstand what it is, exactly, that they do, and Barclays and Credit Suisse would frankly prefer just throwing $150 million at them to go away, rather than waste their time.

The SEC and the New York Attorney General have conducted investigations of the pools overseen by Credit Suisse and Barclays, and in June 2014 the New York Attorney General filed a lawsuit against Barclays in New York State Supreme Court alleging it misled clients about the extent of high-frequency trading in its dark pool, called LX.

Barclays has denied it defrauded customers and fought to have the case dismissed, but in recent months the bank has entered negotiations with regulators and has signaled it would like to settle the case.

Credit Suisse, Barclays Could Pay up to $150 Million to Settle ‘Dark Pool’ Claims [WSJ]

Related