- The Federal Energy Regulatory Commission (FERC) has told a federal judge in Sacramento, Calif. that Barclays has not paid $488 million in fines.
- The agency asked the court to enforce the order as over 60 days had passed since the fine was issued on July 16.
- FERC ordered Barclays to pay a $435 million fine, give up $34.9 million in profits and ordered four traders to pay $18 million for manipulating electricity prices in Calif. between 2006 and 2008.
This comes at bad time for FERC. The agency is running on the fumes of its rainy day fund and will soon be forced to furlough over 95% of its employees if the shutdown continues. Barclays, on the other hand, maintains its innocence in the case and claims FERC's allegations and fines are without basis. The judge will review the case and whether FERC's fines were justified. The judge can increase or decrease the size of the fines.