$BCS: Tender Offer Wraps with $999K Buyback — But $19.5M Settlement Overhang Remains

Court: S.D. New York

Case: 1:22-cv-08172

Barclays PLC BCS announced the results of two cash tender offers and consent solicitations, repurchasing 33,349 notes across two ETN series for nearly $999K in aggregate. While the bank succeeded in retiring these securities, it failed to secure the necessary consents for proposed amendments, meaning outstanding notes will remain under original terms. Despite steady progress in cleaning up its balance sheet, investors remain cautious as Barclays continues to manage the fallout from a $19.5M settlement tied to its securities over-issuance case.

• 6,111 BWVTF notes accepted at $130 each ($794K total).
• 27,238 JJETF notes accepted at $7.50 each ($204K total).
• Settlement Date: Oct 1, 2025; cancelled notes to be retired.
• Consent solicitations failed; amendments not adopted.
• $19.5M settlement on securities over-issuance still weighs on BCS.

Timeline Overview

• Feb 18, 2021 — Barclays ADS purchases during alleged inflation period began.
• Feb 14, 2023 — End of class period; alleged misstatements revealed.
• Nov 27, 2024 — Stipulation and Agreement of Settlement signed.
• Mar 18, 2025 — Settlement hearing held in S.D. New York.
• Mar 13, 2025 — Deadline for investor claims submissions.

Allegations Include

• Over-issuance of securities without proper disclosure.
• Artificial inflation of Barclays ADS price.
• False or misleading statements about financial controls.
• Concealment of regulatory and operational risks.

Investor Update

The $19.5M cash settlement resolves class claims that Barclays misled investors about the over-issuance of securities. While the agreement provides certainty and limits future litigation costs, lingering trust and compliance risks remain, with shareholders watching closely for stronger reporting controls and capital discipline.

You can check more information about it HERE.