FERC Staff Backs $470M Penalty For Barclays In Energy Probe

Law360, New York (January 29, 2013, 3:47 PM EST) -- Rejecting Barclays PLC's contention that allegations it manipulated energy markets were unfounded, the Federal Energy Regulatory Commission's enforcement arm urged the regulator on Monday to impose $470 million in penalties and disgorgement on the bank and take the dispute to federal court.

In a response to the commission's Oct. 31 order to show cause and notice of proposed penalties issued by FERC's Office of Enforcement, Barclays said last month that the commission couldn't prove its actions were anti-competitive, arguing the trades in question were conducted in...
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