LONDON (Alliance News) - Barclays PLC Thursday issued a tough response to allegations of fraud in connection with its dark pool, calling for the dismissal of the lawsuit brought against it by New York State Attorney General Eric Schneiderman.
Barclays' response comes a month after Schneiderman accused the bank of operating its dark pool to favour high-frequency traders at the expense of clients and other investors. The complaint alleged that Barclays falsified marketing material purporting to show the extent and type of high frequency trading in its dark pool.
"Barclays works closely with its regulators in all jurisdictions and will continue to cooperate with the New York Attorney General. However, we do not believe that this suit is justified, and we have a duty to our shareholders, clients and staff to defend our position," Barclays said in a statement.
Barclays shares were Thursday quoted up 1.6% at 214.28 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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