Barclays, Four Traders, Fined $453 Million For Allegedly Manipulating California Energy Prices

Barclays Slapped With Major Fine Over Energy Price Manipulation
The Barclays Plc logo sits on a glass wall at the top of the company's headquarters in the Canary Wharf business and financial district in London, U.K., on Monday, Feb. 11, 2013. Barclays Plc Chief Executive Officer Antony Jenkins's pledges to shred the legacy of his predecessor and fix the lender's culture are distracting from the difficulty he has in reviving profit at Britain's biggest investment bank. Photographer: Jason Alden/Bloomberg via Getty Images
The Barclays Plc logo sits on a glass wall at the top of the company's headquarters in the Canary Wharf business and financial district in London, U.K., on Monday, Feb. 11, 2013. Barclays Plc Chief Executive Officer Antony Jenkins's pledges to shred the legacy of his predecessor and fix the lender's culture are distracting from the difficulty he has in reviving profit at Britain's biggest investment bank. Photographer: Jason Alden/Bloomberg via Getty Images

(Reuters) - The Federal Energy Regulatory Commission (FERC) ordered Barclays and four of its power traders to pay fines totaling $453 million on Tuesday, saying the bank manipulated California's electricity markets last decade.

The fine, first proposed in October 2012, must be paid within 30 days, FERC said on Tuesday.

Barclays has contested FERC's findings and has previously said it will fight the order in court.

(Reporting by David Sheppard and Matthew Robinson; Editing by Jan Paschal)

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