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News Update: Barclays Bank pays $298m to settle criminal charges August 16, 2010

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Uploaded on Aug 16, 2010

Barclays PLC (NYSE:BCS) will have to pay $149 million in an agreement with the US Justice Department and $149 million to the New York County District Attorney's office to settle charges that the commercial and investment banking firm used US sanctions to set up payments for groups and countries, the Wall Street Journal reports.

Barclays reportedly set up and hid financial transactions for countries facing sanctions for nine years up to September 2006, according to court filings cited in the newspaper, including Cuban, Iranian, Sudanese and Burmese banks.

Barclay's has accepted responsibility for its actions according to court documents.

SmarTrend currently has Barclays in a Downtrend.

Since 2008, SmarTrend subscribers trading Barclays using our alerts outperformed the stock by 784%.

We are monitoring these developments and will alert subscribers to any change in trend.

Barclays should find initial support at its 200-day moving average (MA) of $19.52 and further support at its 50-day MA of $18.51.

In the last five trading sessions, the 50-day MA has climbed 1.38% while the 200-day MA has slid 0.39%.

Shares of Barclays are trading up 0.56% Monday afternoon at $19.82.

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