Mexico sues Google over Gulf of Mexico naming dispute
Mexico is suing Google for disregarding repeated requests to stop referring to the Gulf of Mexico as the "Gulf of America" for U.S. users on Google Maps.
Barclays has won a major legal setback for investors in two U.S. securities fraud lawsuits stemming from the bank's unauthorized sale of $17.7 billion in additional securities, a decision delivered by U.S. District Judge Lewis Liman in Manhattan on Friday.
The lawsuits, targeting Barclays’ issuance of its iPath Series B S&P 500 VIX Short-Term Future exchange-traded notes (VXX), were dismissed after the judge ruled that investors could not sue based solely on the bank's general assurances regarding its internal controls. The decision also dismissed similar claims from investors adversely affected by a market squeeze when Barclays halted VXX sales in March 2022—an action that caused the price of VXX securities sold short to soar 140% above their indicative value.
Judge Liman’s 111-page ruling found no evidence of intent to defraud or conscious recklessness by Barclays officials, including former Chief Executive Jes Staley. The court noted that the bank’s remedial efforts—such as suspending sales, issuing timely disclosures to regulators and the public, and offering a buyback of the overissued securities—constituted a prudent response that weakened any inference of fraudulent intent.
The legal action follows revelations that Barclays had, over a span of five years, sold $15.2 billion more structured notes and exchange-traded notes than U.S. regulators permitted—a figure later revised to $17.7 billion. Barclays has described the overissuance as "entirely avoidable" and "self-inflicted." In response to the controversy, the bank reached a $361 million settlement with the U.S. Securities and Exchange Commission in September 2022, which included a $200 million civil fine, and later agreed to a $19.5 million settlement in a related shareholder lawsuit.
Investors had argued that the failure to adhere to regulatory limits and the subsequent disruption when VXX sales were suspended caused significant market distortions and financial harm. However, Judge Liman determined that the claims did not demonstrate a sufficient basis for fraud allegations.
With the dismissal of these lawsuits, Barclays has effectively closed another chapter in the protracted legal battles following its issuance blunder. Neither Barclays nor the investors' lawyers immediately responded to requests for comment.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
For the first time in history, an American has been chosen to lead the Catholic Church, as Cardinal Robert Prevost is named pope.
Discover every major VE Day 80 event in Britain, 5‑8 May 2025—from London’s parade and fly‑past to street parties, concerts and museum exhibitions.
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
A new rose has been named after Catherine, Princess of Wales, to promote the healing benefits of nature.
A fragment of the Soviet spacecraft Kosmos 482, launched in 1972, is expected to crash back to Earth between 9 and 10 May, according to space agencies monitoring its re-entry.
FIFA has approved a major expansion of the Women’s World Cup, increasing the number of participating teams to 48 starting from the 2031 edition.
Mexico is suing Google for disregarding repeated requests to stop referring to the Gulf of Mexico as the "Gulf of America" for U.S. users on Google Maps.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
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