Barclays seeks lawsuit delay over $488m fine

Barclays Eagle

Barclays, facing a $488m fine for allegedly gaming U.S. energy markets, seeks to delay a U.S. lawsuit to enforce the penalty until a judge decides whether the bank did anything wrong.

Bloomberg reports that Barclays was sued by the Federal Energy Regulatory Commission for failing to pay the fine 60 days after it was imposed. Barclays and four former traders from 2006 to 2008 manipulated trades on contracts to deliver physical electricity in western U.S. power markets with the intent of moving an index to benefit the bank’s other bets on financial swaps, FERC alleged.

Barclays denies wrongdoing and claims FERC can’t ask a judge to enforce the fine until the bank has a chance to challenge the agency’s decision to issue the penalty, made after an adversary administrative process that didn’t afford Barclays the opportunity to defend itself.

'In essence, FERC asserts that this court must serve as a rubber stamp', Thomas Nolan, an attorney for Barclays, said in a court filing.

To access the complete Bloomberg article hit the link below:

Barclays Seek to Delay FERC Suit over $488 Million Fine

Anne Pfeiffer, Ex-JPMorgan Real-Estate Funds Chief, Dies at 61

 

image: © Ricardo Ricote Rodríguez

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts