US judge ordered Barclays Plc to face a proposed class-action lawsuit in which a California water utility accused the British bank of illegally manipulating electricity prices in the western United States, causing purchasers to overpay.
US District Judge Victor Marrero in Manhattan on Monday said the Merced Irrigation District can pursue two claims that Barclays violated federal antitrust law, and one claim that the bank violated a California unfair competition law.
In July 2013, Barclays was fined $435 million by the US Federal Energy Regulatory Commission for allegedly manipulating electricity prices in California and other western US states from November 2006 to December 2008.
Merced alleged similar violations, and Marrero said the allegations “plainly suggest Barclays’s conduct was intended to artificially inflate or deflate market prices and constrain the market for other buyers and sellers of electricity.”
The judge dismissed two other claims raised by Merced.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Veteran Lawyers Launch Boutique Antitrust Firm in NY and DC
Oct 6, 2024 by
CPI
EU’s Top Court Upholds Antitrust Veto on Thyssenkrupp-Tata Steel Deal
Oct 6, 2024 by
CPI
Brazil’s Court Delays X’s Return Over Fine Payment Dispute
Oct 6, 2024 by
CPI
Tencent and Guillemot Family Consider Potential Buyout of Ubisoft
Oct 6, 2024 by
CPI
Second Price-Fixing Case Against Hotel-Casinos Dismissed by Federal Judge
Oct 6, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh