Summary Barclays is doubling down on the dark pool. Schneiderman's suit also contains internal communications, including one vice president who said that he's "happy to take liberties" with being transparent to clients. The AG is looking to have the motion to dismiss rejected, according to a statement from Schneiderman's office.
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Summary Fabulous! The bank said that should the case move on, it will "introduce evidence demonstrating how far off base these allegations are." In the motion for dismissal, Barclays said that Schneiderman had used selective quotes from the marketing documents and emails cited in the complaint.
Summary NEW YORK/LONDON (Reuters) - Barclays Plc (BARC.L) urged the dismissal on Thursday of a lawsuit from the New York attorney general alleging the bank lied to clients about its high-speed trading venue, saying the complaint had "fatal flaws" because Barclays' customers were never misled. Barclays' clients are highly sophisticated traders and money managers who are capable of closely monitoring the quality of their trades based on execution data, not glossy marketing brochures or quotes from magazine articles, the bank said. The allegations are premised on mischaracterizations of documents portrayed in the complaint in a way that removes important information and context Barclays provided about high frequency traders and "aggressive" trading, the bank added.