1st Feb 2016 06:32
LONDON (Alliance News) - Credit Suisse Group AG and Barclays PLC have agreed to pay USD154.3 million combined to settle allegations by the US Securities and Exchange Commission and New York Attorney General that they misled investors on how they managed their private trading platforms, according to media reports citing people familiar with matter.
A news conference is scheduled for Monday.
Under terms of the settlement, Credit Suisse reportedly will pay a total of about USD85 million - comprising USD30 million to each of the SEC and New York Attorney General and USD24.3 million in disgorged profits.
The reports indicated that Barclays will pay about USD70 million to settle charges that include those brought in a high-profile fraud case by the New York Attorney General against Barclays in connection with its dark pools in June 2014. In that case, the New York Attorney General alleged Barclays misled clients about the extent of high-frequency trading in its dark pool, called LX.
Barclays is expected to admit it misled investors and violated securities laws. The London-based bank also agreed to install an independent monitor, the reports said.
Copyright RTT News/dpa-AFX
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