Barclays agrees to pay $2bn to settle US fraud case

Deal relates to sale of mortgage-backed securities in run-up to financial crisis

Barclays has agreed a $2bn (£1.4bn) settlement with the US justice department over the sale of mortgage-backed securities in the lead-up to the 2008 financial crisis.

The settlement follows a three-year investigation into allegations that the bank caused billions of dollars of losses to investors by “engaging in a fraudulent scheme” to sell Residential Mortgage-Backed Securities (RMBS) between 2005 and 2007.

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from US news | The Guardian https://ift.tt/2J5AdSD