Barclays has agreed to pay 19.5 million USD to settle a lawsuit filed by shareholders in Manhattan. The shareholders accused the UK bank of issuing 17.7 billion USD in bonds beyond the limits allowed by regulatory authorities, alleging securities fraud. The proposed preliminary settlement for the class action lawsuit was submitted to the Manhattan federal court on December 3 local time and requires approval from US District Judge Katherine Polk Failla. The shareholders claim that Barclays guaranteed that its policies and procedures were in compliance with regulatory standards and that the bank was committed to strengthening internal controls, resulting in their losses.