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Miss C Turner v Barclays UK plc Employment Tribunal Decision

Employment Tribunal issued a judgment in Miss C Turner v Barclays UK plc (6016917/2025) on 16 January 2026, with published jurisdiction codes covering Disability Discrimination, Unfair Dismissal, Unlawful Deduction from Wages, and Working Time Regulations. The full decision is available in the linked PDF from the UK Government Publishing Service.

Second Circuit: Reverse Splits Not Securities Sales

The Second Circuit affirmed the district court's dismissal of Securities Act claims in Knapp v. Barclays PLC, holding that a 4:1 reverse split of exchange-traded notes did not constitute a statutory "sale" under Section 12 of the Securities Act of 1933, and that a supplemental pricing statement was not sufficiently traceable to establish Section 11 liability. The court found that garden-variety reverse splits merely recast the number of securities held and do not bring about the significant changes in investment nature or risk required to qualify as a sale.

Knapp v. Barclays - Securities Act of 1933 Claims

The Second Circuit Court of Appeals affirmed a district court's dismissal of claims against Barclays PLC and its executives under the Securities Act of 1933. The court found that a reverse stock split of exchange-traded notes did not constitute a "sale" under Section 12, and investors failed to trace their post-split notes to a specific registration statement for Section 11 claims.

Knapp v Barclays - Securities Act of 1933 Claims

The Second Circuit Court of Appeals affirmed a district court's dismissal of claims against Barclays PLC and its executives. The court ruled that a reverse stock split of exchange-traded notes (ETNs) did not constitute a 'sale' under the Securities Act of 1933, and investors failed to trace their post-split ETNs to a specific registration statement, thus upholding the dismissal of claims under Sections 11 and 12 of the Act.

BaFin Fines Barclays PLC €1,650,000 for Securities Trading Law Breach

BaFin has imposed an administrative fine of €1,650,000 on Barclays PLC for failing to submit voting rights notifications within the prescribed period. This action stems from a breach of German securities trading laws.

BaFin Fines Barclays PLC €1,650,000 for Violations

BaFin has imposed a fine of €1,650,000 on Barclays PLC for violations of German securities trading laws. The penalty stems from the company's failure to submit timely voting rights notifications. Barclays PLC has the right to appeal the decision.

BaFin Imposes Administrative Fine on Barclays PLC

BaFin has imposed an administrative fine of €1,650,000 on Barclays PLC for breaching supervisory duties related to violations of the German Securities Trading Act. The company failed to submit 26 voting rights notifications within the prescribed period between June 2022 and March 2023.

Second Circuit Affirms Dismissal of Securities Claims Arising from Reverse Split of ETNs

The Second Circuit Court of Appeals issued a per curiam opinion in Knapp v. Barclays PLC affirming the dismissal of a securities class action concerning a 4:1 reverse split of exchange-traded notes. The Court held that the reverse split did not constitute an unregistered "sale" under Section 12(a)(1) because it did not meaningfully change the nature of plaintiffs' investment or investment risks. The Court also rejected plaintiffs' Section 11 claim for failure to identify a registration statement covering post-split notes.

Knapp v. Barclays PLC - Reverse Split Not a Securities Sale

The Second Circuit in Knapp v. Barclays PLC held that Barclays' mandatory 4:1 reverse split of VXX ETNs did not constitute a 'sale' under Section 12(a)(1) of the Securities Act of 1933. The court also held that plaintiffs failed to satisfy the tracing requirement for a Section 11 claim. The decision establishes that mechanical corporate actions require functional analysis of whether there is significant change in the nature of the investment to constitute a new securities transaction.