Judge Approves Barclays ‘Free Ride’ Settlement Deal

A federal judge approved a $298 million legal settlement that allows Barclays PLC (BCS) to avoid prosecution on charges that it violated U.S. economic sanctions, despite voicing concerns that the agreement is too lenient. U.S. District Court Judge Emmet G. Sullivan, who a day earlier had described the settlement as “a free ride deal,” on Wednesday said it wasn’t his job to micromanage how the U.S. Justice Department handles a prosecution. The U.S. government filed criminal charges Monday alleging that Barclays over an 11-year period facilitated and hid transactions for banks and other entities in countries facing U.S. economic and trade sanctions, including Iran and Cuba. – WSJ