Misery Continues For Barclays With $470m Energy Fine

The US regulators could slap British bank Barclays with a $470 million fine, after it emerged that the company was manipulating the energy markets between 2006 to 2008, says the BBC.

While Barclays denies it, the US regulators continue to implicate the bank, and if guilty the fine will be greater than what Barclays paid for the Libor rate fixing scandal. A company spokesman, Mark Lane, commented “We believe that our trading was legitimate and in compliance with applicable law.”

While the company has only recently announced the issue to shareholders, the investigation has been ongoing since July 2007.