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July 17, 2013

Barclays refuses to pay $470m US price-fixing fine

“Barclays is refusing to pay a $470m fine for manipulating prices in the US electricity market, putting the UK bank on course for a courtroom showdown with regulators.

According to people familiar with the case, the UK bank is not planning to pay the fine within the 30-day limit imposed by the Federal Energy Regulatory Commission after four former Barclays traders were found to have manipulated physical power prices in California and other western US states.

The refusal by Barclays to pay the fine will automatically prompt Ferc to file a complaint at a federal court and bring the case to trial.

Barclays issued a statement on Wednesday pledging to “vigorously defend this matter in federal court”.

The bank said Ferc would have the burden of proving its allegations in a court of law and give Barclays would have the opportunity to “present a balanced and full presentation of the facts” – a de facto declaration that it would not be paying the fine as demanded by the regulator.”

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Read full Financial Times article here

 
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