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:
United Kingdom
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
banking
Source of Data:
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.
