(Adds Barclays' spokesman declining to comment in last paragraph)
By Tennille Tracy
U.S. energy regulators have filed suit against Barclays PLC (BARC.LN, BCS) after the U.K. bank declined to pay a $435 million fine for allegedly manipulating electricity markets.
The case, filed Wednesday in a federal court in California, was the expected next step in a fight between Barclays and the Federal Energy Regulatory Commission. Barclays said earlier this year it would fight the fine and has called the charges baseless.
If FERC is successful, the $435 million charge will be the largest in its history.
The case involves trading activity between 2006 and 2008. FERC contends Barclays and four of its traders manipulated electricity prices in California and other Western markets. The agency says the bank's aim was to help its own financial-swap positions.
A Barclays spokesman declined to comment.
Write to Tennille Tracy at Tennille.Tracy@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 10, 2013 13:42 ET (17:42 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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