Barclays, Traders Fined $453M Over Energy Pricing Scheme

Law360, New York (July 16, 2013, 9:59 PM EDT) -- Barclays Bank PLC and four of its traders were hit with a $453 million fine Tuesday by the Federal Energy Regulatory Commission for allegedly manipulating energy prices in the Western U.S.

The commission also ordered the bank to disgorge some $35 million in unjust profits to a federal program that helps low-income families with energy bills and problems. Barclays will have to pay the disgorged amount to the Low-Income Home Energy Assistance Programs of states including California, Oregon, Arizona and Washington, according to the commission’s order....
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