Barclays Bank Settles Insider Trading Probe
Posted May 31, 2007 12:29 PM CDT
By Debra Cassens Weiss
Barclays Bank PLC has agreed to pay $10.9 million to settle allegations of insider trading.
The deal settles an investigation into trading based on information gleaned from bankruptcy creditor committees, the Wall Street Journal (sub. req.) reports. The British bank does not admit or deny wrongdoing.
The SEC claimed Barclays and one of its former traders, Steven Landzberg, traded millions of dollars of bond securities based on nonpublic information from the committees, according to Reuters. Landzberg agreed to pay a $750,000 civil penalty to settle the charges, and also did not admit or deny the allegations.