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29

Barclays to Pay $13.75 Million to Settle Case Over Mutual Funds

By Tony Seruga

Barclays bank headquarters in London. The brokerage firm unit of the bank has settled charges that it improperly switched customers in and out of certain mutual funds in violation of suitability standards. CreditOlivia Harris/Reuters

Barclays Capital failed to stop 6,100 unsuitable switches between mutual funds on behalf of its customers over a five-year period that ended in June, resulting in $8.6 million of customer harm, the Financial Industry Regulatory Authority said on Tuesday.

The brokerage firm unit of the British bank will pay $13.75 million to settle Finra’s investigation into whether it improperly switched customers in and out of certain mutual funds in violation of suitability standards…

Barclays to Pay $13.75 Million to Settle Case Over Mutual Funds

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