Barclays says prepared to battle FERC charges in court
November 30, 2012 10:28 AM EST
Barclays Bank PLC
The Federal Energy Regulatory Commission proposed the record fine because of a series of emails and instant messages that the agency alleges shows traders driving up or down physical power prices in California to make money with their financial swap positions.
The British bank said in a regulatory filing with FERC that it was reserving the option to fight the proposed fine in U.S. district court, but left the door open to seek an alternative solution.
Barclays had 30 days after the fine was announced on October 31, to elect whether to contest the charges through FERC's internal administrative procedures or in court.
The company is still expected to file by December 14 a response to FERC's "order to show cause," in which it will refute FERC's allegations. FERC's litigation staff would then have until January 28 to respond.
FERC spokesman Craig Cano said the agency had no comment on Barclay's filing "as it is a pending procedure."
Barclays had no immediate fresh comment but repeated its assertions from October 31 that the company believes its trading "was legitimate and in compliance with applicable law."
(Reporting By Ros Krasny)
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- Samsung Galaxy S5 Alpha Leaks Online: Release Date, Five Features to Wait for New Smart Phone
- Photos of Motorola Moto X+1 Prototype and Specs Leak Online, Release Date, Four Fresh Features Revealed
- Sony Xperia Z3: Release Date, Five Features to Expect from New Android Smart Phone
- Top Surprising Features Of iOS 8
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- 5 Food Scandals That Shocked The World
- Iran Leader Asks Muslims to Supply Arms to Palestine, Calls Israel ‘Rapacious Wolf’