Barclays, Execs in UK Court Over Fraud Allegations

LONDON (AP) — Barclays and four of its former executives, including the ex-CEO, are appearing in court in Britain on charges of conspiracy to commit fraud connected with efforts to raise funds and avoid a bailout during the 2008 financial crisis.

The charges are the first in Britain against a bank and former executives for activities during the crisis.

They follow a Serious Fraud Office investigation into two rounds of fundraising from Qatar in June and October of 2008. The probe centered on two side agreements under which Barclays paid the Qatari investors 322 million pounds ($406 million) over five years, the bank disclosed in 2013.

Ex-CEO John Varley, the other defendants and a bank representative are appearing at Westminster Magistrates’ Court on Monday.

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