Class Certified in Barclays Securities Suit over $2.5 Billion Offering
In an order dated June 9, the Honorable Paul A. Crotty of the Southern District of New York certified a class of investors in In re Barclays Bank PLC Securities Litig. The securities case alleges that Barclays and various underwriters misled the market about Barclays’ risk management practices in offering documents for four offerings Barclays completed between April 2006 and April 2008 and failed to adequately disclose the bank’s exposure to credit markets.
Defendants opposed lead plaintiff’s motion for certification of the class on the grounds that the lead plaintiff (i) lacked Article III standing; (ii) wasn’t an “adequate class representative”; and (iii) claimed that the class period “should end no later than August 7, 2008.” The court, however, held that the lead plaintiff did have Article III standing, that the Rule 23 requirements (including adequacy) had been satisfied, and concluded that “narrowing the class period at this time is not appropriate.” The court also appointed Robbins Geller as co-class counsel.
Previously, in 2011 the district court dismissed the claims and denied reconsideration and leave to amend, ending the case and leaving plaintiffs only one avenue: an appeal to the Second Circuit. In 2013, Robbins Geller obtained a significant decision from the Second Circuit reviving the case, and major news outlets, including Reuters and The American Lawyer, reported on the decision as a noteworthy victory for plaintiffs. The Second Circuit reversed the district court’s decision in substantial part, finding that claims relating to the largest of the four offerings were wrongly dismissed, and remanded the case to the district court for further proceedings.
In re Barclays Bank PLC Securities Litig., No. 1:09-cv-01989-PAC, Opinion & Order (S.D.N.Y. June 9, 2016).
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