July 24, 2014 / 2:10 PM / 4 years ago

Barclays files to dismiss New York lawsuit against 'dark pool'

NEW YORK, July 24 (Reuters) - Barclays Plc filed a motion on Thursday to throw out the New York attorney general’s lawsuit that alleged the bank lied to clients over its high-speed trading venue, saying many of the state’s allegations were taken out of context.

Barclays’ motion to dismiss the lawsuit against the bank’s private trading venue - or “dark pool” - was based on procedural and case law grounds. The bank said Attorney General Eric Schneiderman did not have the authority to accuse the bank of fraud and deceit under New York’s Martin Act, which aims to protect investors when the purchase, sale or exchange of a security is misrepresented.

Reporting by Herbert Lash; Editing by Chizu Nomiyama

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