On 25 June the New York Attorney General, Eric Schneiderman, filed a lawsuit against Barclays, alleging a “systematic pattern of fraud and deceit” within its so-called ‘dark pool’ trading operations. A week later, the bank announced the results of its long-awaited global legal panel review, awarding 19 firms its newly coined ‘preferred’ status for a two-year period.
Given Barclays will almost certainly be committing substantial resources from this group to the latest scandal, the two events should not be viewed in isolation.
