Judge: Barclays Settlement is a 'Sweetheart Deal' (BCS)

A federal judge considering a settlement between Barclays Bank BCS and the U.S. Justice Department over criminal charges that the bank violated U.S. trade sanctions called it a "sweetheart deal." According to a Reuters report, "The London-based bank was charged with violating the International Emergency Economic Powers Act and the Trading with the Enemy Act as a result of $500 million in illegal transactions from 1995 through 2006, according to court documents filed on Monday." Barclays had previously agreed to pay $298 million to resolve charges over its dealings with banks in Cuba, Iran, Libya, Sudan and Myanmar. The Justice Department defended the agreement, saying the fine was "beyond what they earned." "This is a sweetheart deal," he said, adding that the average American citizen who gets caught robbing a bank does not get a deferred prosecution agreement like Barclays'. "This concerns the court, and that should concern the government too," Sullivan said. Shares of Barclays are higher by more than 2.5% today, to $20.36.