8th Oct 2014 05:39
LONDON (Alliance News) - Barclays PLC urged a New York court on Tuesday to throw out the fraud case levelled against the bank by the state attorney general regarding its 'dark pool' trading venue, claiming the case oversteps state securities laws and offers no proof that investors were harmed, Reuters reported on Tuesday.
Eric Schneiderman, the New York attorney general, filed a lawsuit in June against the bank, accusing it of giving an unfair edge to high-frequency traders and lying to other customers.
Barclays said in its court filing that Schneiderman was attempting to dramatically expand the powers of a New York statute called the Martin Act, which is designed to protect investors when the purchase, sale of exchange of a security is misrepresented. The bank said Schneiderman conceded in an earlier filing that the lawsuit was based on claims Barclays misrepresented how it operated its dark pool, rather than about a particular security transaction.
http://uk.reuters.com/article/2014/10/07/uk-barclays-lawsuit-filing-idUKKCN0HW1UX20141007
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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