In re Barclays Bank PLC Securities Litigation

Welcome to the In re Barclays Bank PLC Securities Litigation Website

This website has been established to provide general information related to the In re Barclays Bank PLC Securities Litigation, Master File No. 1:09-cv-01989-PAC (the “Action”), pending in the United States District Court for the Southern District of New York (the “Court”). More information regarding the Action is contained in the Notice of Pendency of Class Action (the “Notice”). You may download a copy of the Notice by clicking here.

The Class

According to the Court’s June 9, 2016 Order, you are a Class Member if you fall within the following definition:

All persons or entities who purchased or otherwise acquired American Depositary Shares (“ADS”), Series 5, representing non-cumulative callable dollar preference shares of Barclays Bank PLC (“Barclays”), Series 5, pursuant or traceable to the public offering that commenced on or about April 8, 2008.

Excluded from the Class are: Defendants, the officers and directors of Barclays at all relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which Defendants have or had a controlling interest. Notwithstanding the foregoing exclusions, “Investment Vehicles” are not excluded from the Class. Investment Vehicles means any investment company or pooled investment fund, including, but not limited to: (i) mutual fund families, exchange-traded funds, fund of funds and hedge funds, in which a Defendant has or may have a direct or indirect interest or as to which its affiliates may act as an investment advisor, but of which a Defendant or its respective affiliates is not a majority owner or does not hold a majority beneficial interest, and (ii) any Employee Benefit Plan as to which a Defendant or its affiliates acts as an investment advisor or otherwise may be a fiduciary.

Information About the Lawsuit

This is a securities class action against Barclays, certain of Barclays’ officers and directors and the Underwriters of the April 8, 2008 offering for alleged violations of the federal securities laws. The operative complaint alleges that the offering materials for the April 8, 2008 offering contained material misstatements or omissions concerning Barclays’ exposure to risky credit market assets.

Defendants have denied and continue to deny any wrongdoing in this Action and maintain that the claims asserted in the Action are without merit. Among other things, Defendants deny that they made any materially false or misleading statements or omissions in the offering materials for the April 8, 2008 offering, and deny that any Barclays’ Series 5 stock price declines were caused by any alleged misstatements or omissions in those offering materials or by any wrongdoing on the part of Defendants.

The parties litigated numerous motions to dismiss the complaints filed in the Action, as well as an appeal of one of those motions in the Second Circuit Court of Appeals. The parties have also engaged in extensive document and deposition discovery, and have retained numerous experts. On June 9, 2016, the Court issued an order certifying the case as a class action. The Court also appointed Lead Plaintiff Dennis Askelson to serve as Class Representative and Robbins Geller Rudman & Dowd LLP and Kessler Topaz Meltzer & Check, LLP to serve as Co-Class Counsel. The case is presently pending before United States District Judge Paul A. Crotty and is styled In re Barclays Bank PLC Securities Litigation, Master File No. 1:09-cv-01989-PAC.

On June 23, 2016, Defendants petitioned the Second Circuit Court of Appeals for permission to appeal the order granting class certification. Lead Plaintiff opposed the petition on July 8, 2016, and on November 22, 2016, the Second Circuit denied the petition.

The litigation is ongoing. Defendants’ motions for summary judgment have been fully briefed and are currently pending before the Court.  You may view the parties’ summary judgment briefing by clicking here.

Additional information regarding the Action and the claims asserted by Class Representative can be found in the Notice and in the operative complaint. The operative complaint – the Second Consolidated Amended Complaint for Violation of the Federal Securities Laws – can be viewed and downloaded from the “Case Documents” tab above. We recommend that you read the Notice and other relevant case documents carefully.

Your Legal Rights and Options


If you purchased or otherwise acquired Barclays ADS, Series 5, representing non-cumulative callable dollar preference shares of Barclays, Series 5, pursuant or traceable to the public offering that commenced on or about April 8, 2008, and you are not excluded by definition from the Class, you are a member of the Class.

If you choose to remain a member of the Class, you do not need to do anything at this time.

If you decide to stay in the lawsuit as a Class Member, you will be bound by all orders, judgments and decisions of the Court, whether favorable or unfavorable to you or to the Class. At the end of the case, you may be eligible to receive money or other benefits as awarded by the Court as a result of a trial or by settlement reached between Class Representative and Defendants, or you may receive nothing. There is no guarantee that Class Representative will be successful with his claims and/or win the lawsuit at trial or before.

If you do nothing now and stay in the lawsuit, you will give up your rights to sue Defendants separately in another lawsuit regarding legal claims that are, or could have been, part of this lawsuit and you waive your right to bring a separate lawsuit about the issues raised in this Action. Your rights to recover in other lawsuits may also be impacted. You may also forgo your right to pursue claims based on alternative legal theories in favor of the theories being pursued in this case. Pursuant to Rule 23(e)(4) of the Federal Rules of Civil Procedure, it is within the Court’s discretion whether to allow a second opportunity to request exclusion from the Class if there is a settlement or judgment in the Action after a trial.

Additional information regarding the rights of Class Members is included under Question 4 of the Notice.


If you exclude yourself from the Class, you give up your right to receive any money or other benefits that may be awarded in this case, and you will not be bound by any judgments or other orders of the Court, whether favorable or unfavorable to you and/or the Class. You will, however, retain your rights, if any, to sue Defendants separately in another lawsuit and bring the same legal claims that are part of this lawsuit.

Further information regarding the requirements for submitting a valid request for exclusion from the Class is included under Question 5 of the Notice.

Do not request exclusion if you wish to participate in the Action as a Class Member.

Co-Class Counsel

As a Class Member, you will be represented by Co-Class Counsel:

Andrew J. Brown, Esq.
655 West Broadway, Suite 1900
San Diego, CA 92101


Sharan Nirmul, Esq.
280 King of Prussia Road
Radnor, PA 19087

Alternatively, you may remain a member of the Class and elect to be represented by counsel of your own choosing. If you decide to retain separate counsel, you will be responsible for that attorney’s fees and expenses and that attorney must enter an appearance on your behalf by filing a Notice of Appearance with the Court and mailing it to Co-Class Counsel on or before July 21, 2017. Further information can be found under Question 3 of the Notice.