Barclays faces £290m fine

US regulators FERC (Federal Energy Regulatory Commission) has threatened Barclays with a record fine of $470m (£290m) to settle allegations of manipulation of Californian electricity markets.

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Barclays to fight £290m fine for alleged market rigging

Barclays said that it "strongly disagreed" with findings by US energy regulator FERC (Federal Energy Regulatory Commission) that it manipulated US energy markets and is ready to appeal the record $470m (£290m) fine imposed by the body.

We believe that our trading was legitimate and in compliance with applicable law.

We have cooperated fully with the FERC investigation, which relates to trading activity that occurred several years ago. We intend to vigorously defend this matter.

– Barclays spokesman Mark Lane

Barclays faces record £290m fine by US energy regulator

Barclays faces a record fine of $470m (£290m) over alleged energy market manipulation. Credit: PA

US regulators FERC (Federal Energy Regulatory Commission) has threatened Barclays with a record fine of $470m (£290m) to settle allegations of manipulation of Californian electricity markets.

The bank and four traders are accused of rigging the markets over two years from 2006.

FERC has given Barclays 30 days to appeal against the fine.

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