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| US alleges Barclays mortgage securities fraud | US alleges Barclays mortgage securities fraud |
| (35 minutes later) | |
| The US Department of Justice is suing Barclays for alleged mortgage securities fraud. | The US Department of Justice is suing Barclays for alleged mortgage securities fraud. |
| It claims that Barclays misled investors about the quality of loans backing securities in the run-up to the financial crisis. | It claims that Barclays misled investors about the quality of loans backing securities in the run-up to the financial crisis. |
| Barclays rejected the claims, saying they were "disconnected from the facts". | Barclays rejected the claims, saying they were "disconnected from the facts". |
| The banking giant is among a number of European banks that have been under investigation by US authorities. | The banking giant is among a number of European banks that have been under investigation by US authorities. |
| In September the US asked Deutsche Bank for $14bn to settle a mortgage investigation. | In September the US asked Deutsche Bank for $14bn to settle a mortgage investigation. |
| The US Department of Justice said: "From 2005 to 2007, Barclays personnel repeatedly misrepresented the characteristics of the loans backing securities they sold to investors throughout the world, who incurred billions of dollars in losses as a result of the fraudulent scheme." | The US Department of Justice said: "From 2005 to 2007, Barclays personnel repeatedly misrepresented the characteristics of the loans backing securities they sold to investors throughout the world, who incurred billions of dollars in losses as a result of the fraudulent scheme." |
| It said it could seek civil penalties up to the amount that Barclays gained, or that investors lost. | It said it could seek civil penalties up to the amount that Barclays gained, or that investors lost. |
| Barclays said: "We have an obligation to our shareholders, customers, clients, and employees to defend ourselves against unreasonable allegations and demands. | |
| "Barclays will vigorously defend the complaint and seek its dismissal at the earliest opportunity." |