Federal Energy Regulatory Commission v. Barclays Bank PLC

ORDER

Plaintiff Federal Energy Regulatory Commission (“FERC”), has filed this action, seeking affirmance of its administrative Order Assessing Civil Penalties (“Assessment Order”) against Defendants. ECF No. 1 (“Petition”). In its Assessment Order, FERC states that Barclays Bank PLC (“Barclays”) and four individuals violated the anti-manipulation provisions of the Federal Power Act (“FPA”), 16 U.S.C. § 824v(a), and FERC’s Anti-Manipulation Rule, 18 C.F.R. 1c.1. Administrative Record (“AR”) 16-66. 1 The Assessment Order also assessed penalties and disgorgements against Defendants totaling $487.9 million. AR 84-85.

I. THE CURRENT MOTION

Pending before the Court is FERC’s Motion to Affirm Civil Penalties. ECF No. 125. The parties have fully briefed the motion. See ECF No. 125 (motion), 136-54 (Defendants’ opposition briefing and declarations), 166 (reply). The matter came on for hearing on February 9, 2017, at which time the parties- responded to specific questions put to them by the Court. See ECF No. 186.

For the reasons that follow, the Court concludes, in agreement with every other federal court that has expressly addressed this, issue, that Defendants are entitled to conduct…