US judge concerned about Barclays deal
Wednesday 18 August 2010
A judge voiced concern about a $298m (£190m) settlement between Barclays and the US Justice Department, labelling it "a sweetheart deal".
The British bank agreed to pay the sum to settle criminal charges that it violated US sanctions in dealings with Cuba, Iran, Libya, Sudan and Burma.
But the US district judge who must approve the settlement said he was worried about its implication.
"This is a sweetheart deal," said Judge Emmet Sullivan. "This concerns the court, and that should concern the government too."
Barclays was charged with violating the International Emergency Economic Powers Act and Trading with the Enemy Act, according to court documents.
Meanwhile, another US judge has refused to approve the Securities and Exchange Commission's $75m settlement with Citigroup.
Judge Ellen Huvelle asked for more information before approving the proposed deal, which was struck over allegations that the bank misled investors by failing to disclose billions of dollars of subprime mortgages.
"It's a home run for the good guys," said Richard Greenfield, a lawyer representing one Citigroup shareholder. "The bottom line is that the SEC put virtually nothing forward to justify the settlement. Citigroup shareholders have already been victimised, and we don't want that to happen a second time."
- 1 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
iJobs Money & Business
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...
£22000 - £24000 per annum: Recruitment Genius: This is an opportunity to join ...