Banking, finance, and taxes
Barclays Refusing to Pay $470 Million U.S. Penalty
Published:
Last Updated:
In a news release, the FERC has ordered the bank to pay $453 million in fines and to disgorge $34.9 million, plus interest, in “unjust profits.” The four former traders have been hit with fines totaling $18 million.
Barclays has 30 days in which to pay the fines, but the bank has already distributed a statement saying that it plans to “vigorously defend” itself in federal court. The inference to be drawn is that Barclays will not pay the fine by the deadline. In that case, by law, the matter will automatically be referred by FERC to the federal courts.
Deutsche Bank A.G. (NYSE: DB) already has agreed to pay a settlement of $1.7 million related to similar charges, and J.P. Morgan Chase & Co. (NYSE: JPM) in May received a notice from the FERC that the agency plans to recommend an enforcement action against the bank and some of the bank’s employees. It is not entirely clear that the FERC’s action against J.P. Morgan is related to manipulation of the same electricity markets.
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.