Barclays asked that a federal judge in New York handle claims it hid the role of high-frequency traders in its dark pool, saying the evidence in the case is 'incredibly complex' and includes millions of trading records.
Bloomberg News reports that Barclays is being sued by institutional investors in at least five federal lawsuits claiming it cheated customers by giving preference to high-frequency traders on its alternative trading venue, Barclays LX. New York Attorney General Eric Schneiderman sued Barclays in state court in June.
Jeffrey T. Scott, a lawyer for the bank, asked a panel of five judges to assign the federal suits to U.S. District Judge Jesse Furman in Manhattan. The judges, on the U.S. Judicial Panel on Multidistrict Litigation, heard arguments on the request today in Charleston, South Carolina.
If the Barclays request is granted, Furman will supervise pretrial evidence-gathering and requests by Barclays and other defendants to dismiss the case.
To access the complete Bloomberg News article hit the link below: