A major British bank sued over alleged fraudulent statements about ties to Epstein

Investors sued Barclays this week alleging the British bank made false and misleading statements to them about former chief executive Jes Staley’s ties to Jeffrey Epstein.

The class action lawsuit was filed in federal court in Los Angeles. It claims that Barclays knew or at least should have known that Staley had a deep and personal relationship with Epstein and that he may have been aware of his sex trafficking of underage girls.

The lawsuit was brought by the “Law Offices of Howard G. Smith on behalf of investors who purchased the bank’s securities between July 22, 2019 and October 12, 2023,” according to Investing.com.

“The case stems from the misrepresented relationship between Staley and Epstein, which led to Staley’s departure from Barclays. The Financial Times reported that Staley had more than 1,200 email exchanges with Epstein, leading to a decline in 0.5% of Barclays’ share price in November 2021. The emails revealed that Staley referred to Epstein as one of his “deepest” friends and that he allegedly spent personal time with victims trafficked by Epstein.” , the company reported.

Barclays investors, led by one Stephen Merritt, are now suing the bank for its failures to properly vet Jes Staley, links to Jeffrey Epstein. This led to a false inflation of the value of Barclays, which might not have happened if these connections had come to light earlier.

Too… pic.twitter.com/i7WMWbqRNp

Epstein, Epstein! Read all about it! (@TasteSubjective) November 3, 2023

“Further allegations emerged when JPMorgan Chase (NYSE: JPM ) Bank filed a complaint against Staley for breach of fiduciary duty and the unfaithful servant doctrine. This led to another decline in Barclays’ stock price,” Investing wrote .how.

The UK’s Financial Conduct Authority announced in October that it would fine Staley and ban him from officer positions in the financial services industry based on its finding that he “recklessly endorsed a letter to the FCA” which the agency said “misled” the FCA and the Barclays board about Staley’s relationship with Epstein.

Previously, Staley was a senior banker at JPMorgan Chase, where he developed a close friendship with Epstein. He was the CEO of Barclays from 2015 to 2021.

“Investors said Barclays concealed or made misleading statements about Staley and Epstein’s relationship in public statements, regulatory disclosures about the risks it faced and communications with Britain’s Financial Conduct Authority,” according to the New York Post.

“Investors said the price of their American depositary receipts fell four times as the truth emerged, including on October 12 when British regulators banned Staley from senior banking roles and fined him with 1.8 million pounds ($2.2 million),” the news outlet added.

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 links to disgraced financier Jeffrey Epstein.

Investors said the price of their American Depositary Receipts fell fourfold… https://t.co/v5DxB1VS9F

— Lalitha Kunaratnam (@LalithaVelvet) November 4, 2023

Epstein was arrested on federal sex trafficking charges on July 6, 2019. He committed suicide in a Manhattan jail cell five weeks later.

According to the New York Post, “The suit seeks unspecified damages for ADR investors from July 22, 2019, when a New York Times article discussed Epstein’s relationship with Staley, to July 12 October 2023”.

In June, JPMorgan agreed to pay $290 million to settle a class-action lawsuit brought by Epstein’s victims. In September, they agreed to pay $75 million to settle a lawsuit from the US Virgin Islands. Epstein had a house there.

Also in September, JPMorgan reached a confidential settlement with Staley. He had sued them to cover his legal fees in both cases.

“A hearing is scheduled for Nov. 9 in federal court in Manhattan to consider final approval of the victims’ settlement,” the New York Post noted.

Terresa Monroe-Hamilton is a constitutional conservative who researches and writes extensively on politics and current affairs.

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