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Barclays refuses to pay $470m US price-fixing fine

"Barclays is refusing to pay a $470m fine for manipulating prices in the US electricity market, putting the UK bank on course for a courtroom showdown with regulators.

"According to people familiar with the case, the UK bank is not planning to pay the fine within the 30-day limit imposed by the Federal Energy Regulatory Commission after four former Barclays traders were found to have manipulated physical power prices in California and other western US states.