Judge Scraps Barclays Securities Class Action

Law360, New York (January 5, 2011, 7:21 PM EST) -- A federal judge on Wednesday tossed a consolidated securities class action alleging that Barclays Bank PLC did not disclose the extent of its exposure to subprime mortgage-backed securities prior to the collapse of the housing market.

Judge Paul A. Crotty of the U.S. District Court for the Southern District of New York ruled that investors in Barclays American Depository Shares had filed their claims against the British bank too late for the suit to continue.

The subject ADS offerings go back to 2006, and the statute...
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