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Barclays faces record £290m penalty

Guardian – Barclays took another major hit to its already bruised reputation last night when a US regulator threatened the bank with a record $470m (£290m) penalty for allegations that it attempted to manipulate the US electricity market.

After the London market had closed, the Federal Energy Regulatory Commission announced the scale of the fine – $435m, plus a $35m order to disgorge alleged profits made by the bank – for the alleged offences which are supposed to have taken place between 2006 and 2008.

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