BBC News, 16
July 2013
US regulators say Barclays manipulated electric energy markets |
Barclays
and four of its traders must also pay $34.9m to the Low-Income Home Energy
Assistance Programs of Arizona, California, Oregon, and Washington.
They have
30 days to pay the fine.
Barclays
has said it will fight the charges.
"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," said Barclays in a statement.
"We
intend to vigorously defend this matter."
In addition
to the company fine, Barclays traders Daniel Brin, Scott Connelly, Karen Levine
and Ryan Smith - who are accused of manipulating an index relating to electric
energy prices in the western part of the US - were ordered to pay substantial
sums.
Mr Connelly
must pay $15m, while Mr Brin, Ms Levine and Mr Smith were told they owed $1m
each.
The FERC
had initially levelled the charges against Barclays in October 2012.
This is the
latest scandal to rock the bank.
Chief
Executive Bob Diamond was forced to resign last year after Barclays was fined
by regulators on both sides of the Atlantic for rigging the key Libor interest
rate.
The fine is
larger than the one it paid over libor fixing.
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