Barclays (NYSE:BCS) and its former CEO Jes Staley will have to defend themselves in a U.S. court over accusations that they misled shareholders about Staley’s relationship with the late financier Jeffrey Epstein.
A federal judge in Los Angeles ruled that there was sufficient ground for the case to proceed, allowing investors to pursue claims that the bank and its former chief intentionally concealed key information to safeguard Barclays’ reputation and stock value, Reuters reported.
The class-action lawsuit, led by pension funds from New York and St. Louis, focuses on the period between July 22, 2019, shortly after Epstein’s arrest, and October 12, 2023.
Investors argue that Barclays continued to make misleading public statements even after …