US Sues Barclays Over Pre-Crisis Mortgage Securities

Law360, New York (December 22, 2016, 3:29 PM EST) -- The Justice Department on Thursday sued Barclays PLC, alleging that the British bank and two of its former employees made false statements about the quality of mortgages packaged into around $31 billion worth of residential mortgage-backed securities prior to the financial crisis.

The Justice Department says Barclays misled investors about the quality of loans it was packaging into securities between 2005 and 2007. (AP) The complaint, filed in federal district court in Brooklyn, alleges that Barclays and two of its top former employees — Paul K. Menefee, the banker in charge of mortgage securitizations, and John T. Carroll, the bank’s former...

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