Barclays (BCS) Misled Investors About the Relationship Between its CEO and Jeffrey Epstein
A shareholder filed a class action lawsuit on behalf of persons and entities that purchased or otherwise acquired Barclays PLC (NYSE: BCS) securities between July 22, 2019 and October 12, 2023. Barclays is a British universal bank.
According to the complaint, during the class period, defendants failed disclose that contrary to his false public assertions, James Staley (Barclays former CEO) had a close relationship with Jeffrey Epstein and was reportedly aware of Jeffrey Epstein’s criminal activities and may have even sexually assaulted a victim who had previously been trafficked by Jeffrey Epstein. If discovered, Staley’s close, personal relationship with Jeffrey Epstein and potential criminal activity could bring reputational, legal, and financial harm to Barclays. As a result, Barclays response to the British Financial Conduct Authority’s (FCA) inquiry regarding Staley’s relationship with Epstein was materially false. When Barclays became aware of information contradicting its response to the FCA inquiry, it failed to update the response so that it would be accurate, or otherwise take any meaningful action. As the truth of Staley’s involvement with Epstein was revealed, the price of Barclay’s shares declined.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Barclays PLC. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by January 2, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
