Barclays fined $435m in US over energy market-rigging
Barclays fined $435m in US over energy market-rigging
Barclays and eye US regulators say Barclays manipulated electric energy markets
US regulator the Federal Energy Regulatory Commission has fined Barclays $435m (£287m) for manipulating energy markets in California and other states from Nov 2006 to Dec 2008.
Barclays and four of its traders must also pay $34.9m to the Low-Income Home Energy Assistance Programs of Arizona, California, Oregon, and Washington.
They have 30 days to pay the fine.
Barclays has said it will fight the charges.
"We are disappointed by the action that FERC took today. We believe the penalty assessed by the FERC is without basis, and we strongly disagree with the allegations made," said Barclays in a statement.
"We intend to vigorously defend this matter."
In addition to the company fine, Barclays traders Daniel Brin, Scott Connelly, Karen Levine and Ryan Smith - who are accused of manipulating an index relating to electric energy prices in the western part of the US - were ordered to pay substantial sums.
http://www.bbc.co.uk/news/business-23337178#TWEET823954
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