Case settlement: Pedestrians passing automated teller machines outside a Barclays Plc bank branch in London. A US regulator has agreed to let Barclays Plc pay US105mil to resolve claims that the bank manipulated western US electricity markets. — Bloomberg
NEW YORK: A US regulator agreed to let Barclays Plc pay US$105mil to resolve claims that the bank manipulated western US electricity markets, avoiding a trial over a proposed record penalty more than four times as high.
The deal ends a court battle over a US$470mil fine by the Federal Energy Regulatory Commission tied to an alleged scheme in 2006 through 2008 for making money-losing physical bets to reap profits in financial positions.
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