Dark pool cases: Barclays, Credit Suisse in record deals with US

Washington

BARCLAYS and Credit Suisse have settled US federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay US$70 million, federal and New York state officials said on Sunday.

The settlements between the banks and the US Securities and Exchange Commission (SEC) and the New York state attorney-general mark the two largest fines ever paid in connection with cases involving dark pools. The amount to be paid, in fines and disgorgement, is a combined total of US$154.3 million.