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"Barclays has said the U.S. Federal Energy Regulatory Commission\u2019s record $470m in proposed penalties against the bank for alleged power-market manipulation are unjustified and won\u2019t withstand a court challenge.Bloomberg reports that n filings Friday with the FERC, Barclays and four of its former traders denied the commission&amp;rsquo;s charge that they gamed electricity markets in the Western U.S. from late 2006 to 2008 and vowed to fight the allegations in federal court. The FERC&amp;rsquo;s allegations are 'based on an economically irrational theory', London-based Barclays said in its 40-page filing. 'The commission should terminate this proceeding without any further action'. When the FERC made the charges against Barclays on October 31st, it called for $18m in penalties on four of its former traders. The bank&amp;rsquo;s challenge may test the commission&amp;rsquo;s enforcement powers, which Congress enhanced in 2005 to prevent the type of market manipulation that triggered blackouts in California earlier in the decade. Hit the link below to access the complete Bloomberg article: Barclays Says $470m FERC Penalty Won&amp;rsquo;t Stand Up in Court UBS Libor Pact Said to Include Charges Against Bankers Fed Targets Foreign Banks With Tougher U.S. Capital Rules &amp;nbsp;And the Best Place to Work in the global financial markets 2015 is..."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.hitc.com/en-gb/2012/12/17/barclays-says-470m-ferc-penalty-wont-stand-up-in-court/>