NEW YORK (Reuters) -A U.S. judge ruled on Friday that Barclays must face a proposed class action by shareholders who accused the British bank of securities fraud related to its sale of $17.7 billion more debt than regulators allowed. U.S. District Judge Katherine Polk Failla in Manhattan said shareholders adequately alleged that Barclays' failure to disclose the absence of internal controls that might have caught five years of errant debt sales was a material omission of fact. She also let shareholders try to prove that Barclays and several officials including former CEO Jes Staley were "actionably reckless" in assuring that the bank complied with federal securities laws even as it "blindly" sold the debt.
Barclays was sued this week by investors in its US-listed securities who said the British bank misled them about former Chief Executive Jes Staley's ties to the disgraced financier Jeffrey Epstein.
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By Jonathan Stempel (Reuters) - Barclays was sued this week by investors in its U.S.-listed securities who said the British bank misled them about for.