Barclays PLC To Fight $453 Million Power Fine In U.S. Court-Reuters

Wednesday, 17 Jul 2013 11:49am EDT 

Reuters reported that Barclays PLC will contest a record $453 million fine imposed by a U.S. energy regulator against the British bank and four of its power traders, setting up a likely federal court battle. The fines, which were upheld by the Federal Energy Regulatory Commission (FERC) on July 16, 2013, confirm the U.S. energy cop will pursue its market manipulation case to date. For Barclays, the sanction is the latest of a series of scandals that include a $450 million fine by U.S. and UK regulators for rigging global benchmark interest rates last year.