Barclays Says $470 Million FERC Penalty Won’t Stand in Court
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Barclays Plc said the U.S. Federal Energy Regulatory Commission’s record $470 million in proposed penalties against the bank for alleged power-market manipulation are unjustified and won’t withstand a court challenge.
In filings yesterday with the FERC, Barclays and four of its former traders denied the commission’s charge that they gamed electricity markets in the Western U.S. from late 2006 to 2008 and vowed to fight the allegations in federal court.