Barclays Says FERC Manipulation Claims Won't Fly In Court

Law360, New York (December 17, 2012, 4:20 PM EST) -- Barclays PLC argued Friday that the Federal Energy Regulatory Commission's proposed $470 million in penalties and disgorgement in response to alleged energy market manipulation wouldn't hold up in federal court, saying the commission can't prove the bank's actions were anti-competitive.

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 argued the trades in question were conducted in an effort achieve legitimate business objectives based on market expectations.

The dispute is over...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.