Barclays Must Face Suit by California Agency Over Power Prices

A motion by the British bank to dismiss a suit filed by the Merced Irrigation District alleging a conspiracy to manipulate electricity prices between November 2006 and December 2008 was denied by U.S. District Judge Victor Marrero. *Marrero in an order dated Monday granted Barclays’ bid to dismiss an antitrust claim and a claim of unjust enrichment, while allowing plaintiffs the opportunity to say why they should be able to refile the claims *The Federal Energy Regulatory Commission ordered the bank and four former traders in July 2013 to pay a combined $487.9 million in fines and penalties *Barclays lost a bid in May to dismiss a FERC lawsuit seeking to force it to pay the fine *The case is Merced Irrigation District v. Barclays Bank Plc, 1:15-cv-04878, U.S. District Court, Southern District of New York

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