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US sues Barclays for mortgage securities fraud

British bank deceived investors about the quality of loans underlying tens of billions of dollars

Reuters  |  New York 

The US Department of Justice on Thursday sued Barclays Plc for fraud in the sale of mortgage securities in the run-up to the financial crisis. The British bank deceived investors about the quality of loans underlying tens of billions of dollars of mortgage securities between 2005 and 2007, according to the lawsuit, which was filed in US district court in Brooklyn, New York. Loans had been made to borrowers with no ability to repay and were based on inflated home appraisals, the complaint said. Barclays said in a statement that the claims in the lawsuit are "disconnected ...

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First Published: Fri, December 23 2016. 04:26 IST
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