Law360, New York (April 24, 2015, 9:05 PM EDT) -- A New York federal judge didn't toss but did trim a securities class action Friday accusing Barclays PLC and its executives of covering up, and even encouraging, aggressive high-frequency trading practices in an off-exchange “dark pool.”
In allowing the action to move forward, U.S. District Judge Shira A. Scheindlin stipulated that general statements made by Barclays concerning its business practice and risk controls and statements it made in response to a commissioned report to review business practices and culture were inactionable as puffery. Claims establishing former Barclays PLC Finance Director Christopher Lucas and current Finance Director Tushar Morzaria as control persons...
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