According to Reuters on December 4th, Barclays agreed to pay $19.5 million to settle a lawsuit filed by shareholders in Manhattan. The shareholders accused this British bank of issuing $17.7 billion in bonds beyond the scope allowed by regulatory institutions, alleging securities fraud. Shareholders claimed that their losses were due to relying on Barclays' guarantee that its policies and procedures complied with regulatory standards, and that the bank was committed to implementing strong internal controls. The proposed class action settlement was submitted to the Manhattan Federal Court on Tuesday, pending approval by US District Judge Katherine Polk Failla.