Law360, Los Angeles (February 4, 2016, 9:12 PM EST) -- Barclays Bank PLC on Thursday urged a California federal judge to halt the Federal Energy Regulatory Commission’s suit seeking an affirmation of its $453 million penalty against the bank and four of its traders for allegedly manipulating electricity prices.Barclays and traders Daniel Brin, Scott Connelly, Karen Levine and Ryan Smith requested a stay pending its Ninth Circuit appeal, saying a California federal judge couldn’t affirm the $453 million penalty without allowing for discovery in the case.FERC claims the defendants manipulated electricity prices in western U.S. markets between November 2006 and December 2008 by scheming to trade day-ahead fixed-price electricity to... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Barclays is urging a U.S. federal judge to put on hold the Federal Energy Regulatory Commission's (FERC) lawsuit seeking an affirmation of its $453m penalty against the bank and four of its traders for allegedly manipulating electricity prices between 2006 and 2008. As we previously noted, in May last year Barclays lost its bid to dismiss this lawsuit as the judge ruled at the time that the FERC "has alleged both a sufficient factual and legal basis to support its claim of manipulation". Barclays are arguing that the FERC does not have regulatory authority over commodity futures contracts and has no case as the bank didn't receive or deliver electricity under the contracts in question.