Finance

Barclays, Credit Suisse to strike record deals with SEC, NY over dark pools

A couple walks past a Barclays logo in Johannesburg December 16, 2015. REUTERS/Siphiwe Sibeko Thomson ReutersA couple walks past a Barclays logo in Johannesburg

By Sarah N. Lynch

WASHINGTON (Reuters) – Barclays and Credit Suisse are poised to settle federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million, according to a person familiar with the matter.

The settlements between the banks and the Securities and Exchange Commission and New York Attorney General, which are expected to be formally announced on Monday, will mark the two largest fines ever paid in connection with cases involving dark pools.

All together, the banks are expected to pay a combined total of $154.3 million, said the source, who spoke anonymously because the deal has not yet been finalized and made public.

(Reporting by Sarah N. Lynch in Washington and Herbert Lash in New York; Editing by Andrea Ricci)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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