Barclays is urging a US federal judge to put on hold the Federal Energy Regulatory Commission's (FERC) lawsuit seeking an affirmation of its $453 millionm 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.
Barclays is urging a US 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.