Skadden helped Barclays Capital Inc. successfully resolve parallel Department of Justice (DOJ), the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Securities and Exchange Commission (SEC) investigations into the company’s secondary market trading of residential mortgage-backed securities. Both the DOJ and SIGTARP declined to prosecute, and Barclays entered into a settlement with the SEC on failure to supervise charges in which it agreed to pay restitution and a penalty at a substantial discount to the SEC staff’s initial demand, and less than that paid by similarly situated financial institutions.
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