In what reports have deemed the Federal Energy Regulatory Commission’s most “ambitious” case concerning energy market manipulation, US authorities are likely facing a legal battle with UK lending giant Barclays over a $453 million fine for manipulating electricity market in the western US. The fine, issued to the bank and four of its traders, set a record in 2012; the FERC claimed the entities manipulated the electricity market within California and other western states within the last 10 years. FERC commissioners upheld the fine last Tuesday. While Barclays confirmed the bank is cooperating with regulators, in a statement the company said it would “vigorously defend” the fine. According to reports, if the case were to go to trial it would be a major test to the FERC since having its powers extended in 2005.
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
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI