British banking giant Barclays has agreed to repay nearly US$100 million to investment clients it overcharged for services, US financial regulators said on Wednesday (May 10).
The bank overbilled investment clients by nearly US$50 million, US Securities and Exchange Commission said in a statement.
“Barclays failed to ensure that clients were receiving the services they were paying for,” said C Dabney O’Riordan, co-chief of the SEC Asset Management Unit.
Barclays has neither admitted nor denied the allegations, according to the SEC.
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