Barclays To Pay $97 million on Claims it Overcharged Clients

Barclays Plc the London based bank will pay $97 million to settle U.S Securities and Exchange Commission claims including allegations that the bank  falsely charged clients for services that were not being performed. The bank over billed customers by nearly $50million through violations including imposing fees for due diligence that was’t being performed and collecting excess mutual fund fees by steering clients into more expensive share classes.

The SEC’s enforcement division says that each set of clients who were harmed are being refunded through settlement. The bank will pay a $30 million penalty and more than $60 million in disgorgement and prejudgment interest.

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