On September 13, 2017, the U.S. District Court for the Southern District of New York (Crotty, J.) granted summary judgment to Barclays and the other defendants in a 1933 Act class action arising out of Barclays’ April 8, 2008 offering of $2.5 billion of American Depositary Shares (ADS). Plaintiff’s claims rested largely on purported omissions from the offering materials, which included Barclays’ 2007 year-end financial statements. Specifically, plaintiff contended that Barclays had a duty to disclose additional information concerning (i) the valuations and writedowns of Barclays’ mortgage-related assets; (ii) Barclays’ exposure to monoline insurance counterparties; and (iii) changes in Barclays’ capital ratios during the first quarter of 2008, just prior to the offering. The Court rejected these claims, holding that Barclays satisfied its disclosure obligations.