Barclays to pay $13 mn in MF case

Barclays will pay more than $13.75 million to settle US regulatory charges that it let retail brokerage customers make unsuitable mutual fund transactions, including more than 6,100 fund switches, over a five-year period.

The Financial Industry Regulatory Authority on Tuesday said the London-based bank's Barclays Capital unit would pay more than $10 million in restitution, including interest, to affected customers, and was fined $3.75 million. Barclays did not admit or deny wrongdoing in agreeing to the settlement, which includes a censure. A spokesman had no immediate comment.