Tag Archives: New York AG

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New York AG Schneiderman finally flexes muscles against Wall Street

New York AG Schneiderman finally flexes muscles against Wall Street

New York Attorney General Eric Schneiderman, long seen as a secondary force in policing Wall Street banks, is taking the lead in what may be the most ambitious case of his career: accusing Barclays Plc (>> Barclays PLC) of favoring its high-frequency trading clients.

New York Attorney General Eric Schneiderman, long seen as a secondary force in policing Wall Street banks, is taking the lead in what may be the most ambitious case of his career: accusing Barclays Plc (>> Barclays PLC) of favoring its high-frequency trading clients.

By making a case against the bank, Schneiderman has seized a lead role in a contentious dispute about whether high-frequency traders have turned the stock market into a rigged game that hurts regular investors.

The case against Barclays could lead to investigations into other Wall Street banks and define Schneiderman’s career as an attorney general, lawyers say.

“It is the most important attack on practices in the market that any AG has engaged in a while,” said John Moscow, a former Manhattan prosecutor who now handles white-collar defense cases.

Barclays spokesman Mark Lane declined to comment on Friday.

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Barclays : New York AG to file securities fraud lawsuit against Barclays

Barclays : New York AG to file securities fraud lawsuit against Barclays

The New York Attorney General is set to file a securities fraud lawsuit against Barclays PLC for misrepresenting the safety of its U.S.-based alternative trading system, or “dark pool,” to investors, according to a source.

The lawsuit, which the Attorney General will announce at 4 p.m. (2000 GMT) on Wednesday, alleges that Barclays operates its dark pool to favor high-frequency traders and has actively sought to attract them by giving them systematic advantages over others trading in the pool, the source said.