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Barclays Seeks Toss Of Feds' Fraud Suit Over $31B RMBS

Law360, New York (October 11, 2017, 7:10 PM EDT) -- Barclays PLC and federal prosecutors traded blows in papers filed in New York federal court on Tuesday over the government’s use of a law passed in the aftermath of the 1980s savings and loan crisis to seek civil penalties from the British bank for allegedly deceiving investors about the quality of $31 billion worth of residential mortgage-backed securities.

Prosecutors have brought their case against Barclays, several of its affiliates and two former employees under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which allows...
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