FERC seeks $470 million from Barclays in manipulation case

Reuters

The staff of the U.S. Federal Energy Regulatory Commission has recommended that Barclays should pay roughly $470 million to settle allegations that the bank and its traders manipulated California energy markets from November 2006 to December 2008.

FERC said in an order issued on Wednesday that Barclays and the accused traders have 30 days to show why they should not be penalized.

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(Reporting by Karey Wutkowski; Editing by Gary Hill)