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New York attorney general files lawsuit against Barclays


By Shannon Sweeney

26 June 2014 at 09:31 BST


Eric T. Schneiderman filed civil charges against Barclays over its private stock trading platform on Wednesday.

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Eric T. Schneiderman, the attorney general of the state of New York,  has filed civil charges against Barclays over its private stock trading platform.  Mr Schneiderman is arguing Barclays favoured high-frequency traders over other investors and falsely represented the concentration of them in its private trading platform, which is known as a dark pool. The dark pool run by Barclays, called Barclays LX, is a part of its acquisition of certain operations of Lehman Brothers in 2008.The lawsuit was filed in the New York State Supreme Court and seeks to make Barclays forfeit the profits gained through its actions, in addition to paying for damages. Mr Schneiderman is also claiming that the bank falsified marketing materials and misrepresented a service that is mean to protect investors from certain trading behaviours. Source: New York Times

 
   
 
 
 

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