Barclays fine is upheld by US regulators

Barclays fine is for alleged energy market manipulation

By Nicole Hamer |

11:43 17 July 2013

A $453million fine is being upheld by the US regulator on Barclays and four of its traders for allegedly manipulating the energy market.

It is understood that Barclays has 30 days as of Tuesday, 16th July, to make their payment for their fine.

Based on reports, Barclays has allegedly manipulated electricity prices. It is believed this relates to certain areas in the US, between the period of late 2006 to late 2008.

In a statement Barclays said: “We are disappointed by the action that FERC took today. We believe the penalty assessed by the FERC is without basis, and we strongly disagree with the allegations made.”

The fines were initially put forward by the Federal Energy Regulatory Commission (FERC) in 2012 and now they are being upheld.

Previously Barclays said they aim to “vigorously defend this matter”.

Also, it is understood that Barclays must also go without $34.9m of profits. As reported by the BBC, this amount will be spread to particular aid programmes in places in the US, such as California and Arizon among two others.

In 2012 Barclays had a fine for £290million in regards to the Libor matter.