Barclays wins bid to slash UK investors' $727 mln 'dark pool' lawsuit
LONDON, Oct 25 (Reuters) -Barclays BARC.L on Friday won its bid to more than halve a shareholders' lawsuit worth up to 560 million pounds ($727 million) at London's High Court for allegedly misleading the market about its private "dark pool" trading platforms.
Hundreds of institutional investors are suing after more than 2 billion pounds was wiped off Barclays' value in 2014, when New York's attorney general filed a complaint against the lender over a trading system known as "Barclays LX".
The investors say Barclays misled its clients about Barclays LX – a "dark pool" trading venue where orders are not visible to other traders until they are executed – and that the bank did not publish relevant information to shareholders.
Barclays applied in July for more than half of the case – representing some 330 million pounds of its total value – to be thrown out, which Judge Thomas Leech allowed on Friday.
Reporting by Sam Tobin; editing by William James
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