Barclays sued by utility company

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A California water utility filed a class action lawsuit on Tuesday to recoup losses in the electric market that it blames on Barclays, which the U.S. government fined $453m in 2013 for manipulating electricity prices.

Reuters reports that the lawsuit was filed by Merced Irrigation District, a state-recognised utility that oversees generation and distribution of electricity in Merced County, California.

The utility alleges that the bank, part of Barclays, through its energy traders, entered into contracts that 'unreasonably restrained the markets for trading electricity and electricity-related contracts'.

To access the complete Reuters article hit the link below:

Barclays sued by California utility over alleged electric market manipulation

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