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November 1, 2012

Barclays Faces $435 Million Fine, Another Probe

PLC faced a double-barreled assault from U.S. authorities, as the federal energy-market regulator sought a record $435 million in penalties for the bank’s alleged manipulation of U.S. electricity markets, and the lender also disclosed that it was facing a U.S. anticorruption investigation.

The corruption investigation focuses on potential violations during the bank’s efforts to raise money from Middle Eastern investors in the early days of the financial crisis. The probe, being conducted by the Justice Department and the Securities and Exchange Commission, is at an early stage.

Barclays said Wednesday that it is investigating the matter itself and cooperating with authorities. The U.S. investigation follows a similar probe that British regulators opened earlier this year.”

Read the full Wall Street Journal article here

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