Barclays won an order by a federal judge putting on hold a $488m fine for allegedly gaming U.S. energy markets while the bank challenges a lawsuit by the Federal Energy Regulatory Commission.
Barclays, facing a $488m fine for allegedly gaming U.S. energy markets, seeks to delay a U.S. lawsuit to enforce the penalty until a judge decides whether the bank did anything wrong.
U.S. authorities are investigating whether JP Morgan employees tried to impede a regulatory investigation into alleged manipulation of power markets.
A lucky escape ?
Barclays could face the threat of prosecution over Libor-rigging after US regulators confirmed they would be fining the bank $453m for allegedly manipulating electricity markets.
JPMorgan Chase, a firm whose reputation in Washington has eroded in a matter of months, is now moving to avert a showdown over accusations that it manipulated energy prices.
The Federal Energy Regulatory Commission (FERC) Tuesday ordered Barclays Bank and four of its traders to pay $453m in civil penalties for manipulating electric energy prices in California and other western markets between November 2006 and December 2008.
A JPMorgan Chase unit suspended from market-based power trading in California may be evading the ban through swap agreements with EDF Group and Cargill subsidiaries, the state’s grid operator said.
JPMorgan Chase just wanted the Federal Energy Regulatory Commission to run an inquiry into its California energy trading operation.
'It is full of salacious and inaccurate BS'.