U.S. District Judge Maame Ewusi-Mensah Frimpong ruled on Wednesday that holders of Barclays' American Depositary Receipts plausibly alleged the defendants intended to mislead them to protect the bank's reputation and prop up its stock price.

Jes Staley, the former chief executive of Barclays, has lost his battle to overturn a decision by the U.K.’s Financial Conduct Authority to ban him from holding senior management roles in the financial services industry after he misled the regulator about his links to convicted sex offender Jeffrey Epstein.