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Barclays, U.S. FERC near settlement of market manipulation lawsuit

From Reuters - October 13, 2017

Oct 13 (Reuters) - British bank Barclays Plc and the U.S. Federal Energy Regulatory Commission (FERC) made substantial progress toward a settlement of FERCs proposed $435 million fine against the bank for alleged power market manipulation, according to court documents.

The Barclays penalty, if there is one, could be the biggest FERC has collected since the Energy Policy Act of 2005 significantly increased the penalties the agency can impose, boosting them up to $1 million per day per violation from a prior cap of $10,000 per day.

The parties did not disclose the terms of the settlement in a so-called minute order filed after a settlement conference at the U.S. District Court in California on Thursday.

The court said the Parties made substantial progress towards a settlement and ordered them to file a status report and/or dismissal documents within 45 days.

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