Barclays (BCS.US) pays $19.5M to settle overpayment lawsuit

Barclays (BCS.US) has agreed to pay $19.5 million to settle a lawsuit brought by shareholders in Manhattan who accused the British bank of securities fraud for issuing $17.7 billion in bonds over regulators' limits. The proposed class action settlement was filed in Manhattan federal court on Tuesday and needs approval from U.S. District Judge Katherine Polk Failla. Shareholders claimed they relied on Barclays' assurances that its policies and procedures complied with regulatory standards and its commitment to strong internal controls. The lawsuit involves investors in the bank's American depositary receipts from February 18, 2021 to February 14, 2023.