Jul 17 2013
Barclays must pay $435m within 30 days, while one trader must pay $15m and three others $1m each.
Barclays must also forgo $34.9m in profits, which will be distributed to low-income aid programmes in Arizona, California, Oregon and Washington.
Barclays said it intended to ?vigorously defend this matter?.
The fines were first proposed by staff at the Federal Energy Regulatory Commission (FERC) last October, and have now been upheld by the body?s board of commissioners.
FERC accused Barclays of manipulating the electricity markets in California and other states from November 2006 to December 2008.
But the bank said in a statement: ?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.?
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.
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Source: http://uprisingradio.org/home/2013/07/17/bbc-barclays-453m-fine-for-us-energy-market-rigging-upheld/
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