Judge Casts Doubt On Barclays Defense In $31B RMBS Suit

Law360, New York (April 7, 2017, 9:04 PM EDT) -- A Brooklyn federal judge on Friday cast doubt on an expected push by Barclays PLC to dismiss the U.S. Department of Justice's case accusing the British bank and two former employees of deceiving investors about the quality of $31 billion worth of residential mortgage-backed securities, saying settlement talks might be a better option.

During a brief, pre-motion conference, U.S. District Judge Kiyo Matsumoto called the government’s complaint one of the more “fulsome” she’s ever seen, and said it is quite detailed in setting out particular statements and transactions that Brooklyn federal prosecutors contend were fraudulent.

“I don’t know whether your clients’...

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