Barclays Reaches $19.5 Million Over Debt Settlement

Barclays has agreed to pay $19.5 million as a settlement in a lawsuit in Manhattan for resolving the allegations related to its debt collection practices. 

The settlement emanates from claims that the bank and its affiliates have used misleading or illusive tactics for collecting debts, including filing false affidavits and others, which violated the State and Federal laws. 

The case was filed by the regulators who found that Barclays failed to provide accurate documentation for the debts it was attempting to collect, leading to wrongful actions against consumers.

Apart from compensating its consumers, the bank also agreed to improve its oversight and compliance measures to ensure such issues do not recur.