Violation Tracker Individual Record

Company: 
Barclays Bank PLC
Current Parent Company: 
Barclays
Penalty: 
$105,000,000
Year: 
2017
Date: 
November 7, 2017
Offense Group: 
competition-related offenses
Primary Offense: 
energy market manipulation
Violation Description: 

In 2013 the Federal Energy Regulatory Commission ordered Barclays and four of its traders to pay $453 million in civil penalties for manipulating electric energy prices in California and other western markets between November 2006 and December 2008. FERC also ordered Barclays to disgorge $34.9 million, plus interest, in unjust profits to the Low-Income Home Energy Assistance Programs of Arizona, California, Oregon, and Washington. When Barclays failed to comply with the order FERC filed a lawsuit against the company which was ultimately resolved in a 2017 settlement under which Barclays agreed to pay $105 million (consisting of a $70 million civil penalty and $35 million in disgorgement).

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Federal Energy Regulatory Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Britain
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.