New York Attorney General Eric Schneiderman again blasted Barclays for allegedly not protecting customers from “high-frequency” traders in its trading venue, despite repeated assurances to clients by the bank that it was doing so.
Schneiderman moved to knock down a key argument in Barclays’ motion, that the lawsuit falls outside of the scope and authority of the New York’s securities laws, a powerful statue known as the Martin Act.
Schneiderman said the 1921 statue has long co-existed with federal securities regulation and enforcement, and he said that the suggestion in Barclays’ motion that federal law should take precedence in matters of securities fraud is misguided.
A spokesman for Barclays said the bank will continue to cooperate with the attorney general, but the complaint is based on clear and substantial factual errors.
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