Barclays to pay $2 bn fine for crisis-era fraud: US authorities

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British banking giant Barclays has agreed to pay a USD 2 billion fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said today.

Authorities said the loans underlying the investment vehicles “were significantly less creditworthy than Barclays represented,” and the company “intentionally misrepresented” key facts about the mortgages involved.

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