S&C Puts to Rest Multiple Barclays Dark Pool ActionsOctober 19, 2016
S&C obtained full dismissals of separate class action complaints brought in the Southern District of New York and the Central District of California by investors in Barclays' “dark pool” known as LX. The investors had alleged that Barclays made misrepresentations concerning the operations of, and high frequency trading in, LX. S&C also negotiated a settlement to resolve an SEC investigation and a related lawsuit by the New York Attorney General. After obtaining a favorable ruling dismissing certain of the NYAG's claims against Barclays, S&C negotiated a joint resolution of the SEC's investigation and NYAG's investigation for $70 million, an amount dramatically less than financial analysts predicted.
The S&C team was led by Jeffrey Scott, who argued the motion, and Matthew Schwartz. Other team members included Andrew Reynard, Stephanie Heglund, Chimnomnso Kalu, Shane Yeargan, Jeremy Bressman and Ryan Galisewski. Adam Paris and Brent McIntosh have also been part of the team.