Bloomberg – Barclays PLC and four former traders were ordered to pay a combined $487.9 million in fines and penalties by the U.S. Federal Energy Regulatory Commission for engaging in what the agency said was a scheme to manipulate energy markets in the Western U.S. from 2006 to 2008.
The agency directed the company and traders to pay $453 million in civil penalties to the U.S. Treasury within 30 days, according to the order issued yesterday. The London-based bank also must surrender $34.9 million in profits, to be distributed to programs that help low-income homeowners pay energy bills in California, Arizona, Oregon and Washington, the FERC said.
