Merced Irrigation District v. Barclays Bank PLC – Western Hub Electricity Settlement

Welcome to the Western Hub Electricity Settlement Website

If You Held Any Physical or Financial Contract Which Settled Against the Intercontinental Exchange or Dow Jones Corporation Published Daily Index Prices for Peak or Off Peak Electricity at either the Mid-Columbia, Palo Verde, South Path 15 or North Path 15 Electricity Trading Hubs Between November 1, 2006 and December 31, 2008, You Could be Affected by a Proposed Class Action Settlement.

Case Summary

A $29,000,000 settlement has been proposed in a class action lawsuit entitled Merced Irrigation District v. Barclays Bank PLCCase No. 1:15-cv-04878-VM-GWG (the "Action"), which is pending in the United States District Court for the Southern District of New York. The entity which brought the lawsuit, Merced Irrigation District, is called the “Plaintiff” or “Merced”; the company it sued, Barclays Bank PLC, is called the “Defendant” or “Barclays.”

Plaintiff claims that, during the period November 1, 2006 through December 31, 2008, Barclays engaged in a coordinated scheme, through certain of its energy traders, to unlawfully monopolize, or attempt to unlawfully monopolize, and thereby manipulate the markets for setting certain electricity-related daily index prices at four major western U.S. electricity trading hubs – Mid-Columbia, Palo Verde, South Path 15 and North Path 15. Plaintiff alleges that Barclays manipulated the daily index prices published by the Intercontinental Exchange (“ICE”) and by Dow Jones Corporation (“Dow Jones”) for these same hubs (collectively “Daily Index Prices”), and in doing so violated Section 2 of the Sherman Act and California state law. Plaintiff alleges that, as a result of Barclays’ anticompetitive conduct, Plaintiff and other members of the Settlement Class paid more under contracts for the purchase of physical electricity and under financial contracts that were based on these Daily Index Prices during the periods Barclays manipulated the prices upward than they otherwise would have paid, or received less under contracts for the sale of physical electricity and under financial contracts that were based on these Daily Index Prices during the periods Barclays manipulated the prices downward than they otherwise would have received, absent the anticompetitive conduct. Barclays denies all of Plaintiff’s claims and has asserted a number of defenses to those claims. The Court has not made any decision as to the merits of Plaintiff’s claims.

Solely for purposes of effectuating this settlement, the Court has certified the following settlement class:

Any individual or entity that held any physical or financial contract which settled against the ICE or Dow Jones published daily index prices for peak or off-peak electricity at either Mid-Columbia, Palo Verde, South Path 15 or North Path 15 between November 1, 2006 and December 31, 2008, and was damaged by movements in such index prices allegedly caused by Barclays. 

Excluded from the Settlement Class are Barclays and any present or former parent, subsidiary, affiliate, agent or employee of Barclays.

The Court will hold a Fairness Hearing at 3:00 p.m. on September 14, 2018, at the United States District Court for the Southern District of New York, to decide whether to approve the Settlement, the Plan of Allocation, and the Request for Fees, Expenses and Incentive Award.

YOUR LEGAL RIGHTS AND OPTIONS

DO NOTHING

You do not have to take any action to remain part of the Settlement Class. If you do nothing, you will be bound by the terms of the Settlement and you will give up any and all Released Claims. Click here for specifics. 

SUBMIT A CLAIM FORM

DEADLINE: OCTOBER 18, 2018

If you wish to make a claim against the settlement funds, you will need to complete and submit a Claim Form in order to receive money from the Settlement. Click here for specifics. For important aspects of what happens if you choose to stay in the Settlement, please click here

GO TO THE COURT'S HEARING

DATE: SEPTEMBER 14, 2018 AT 3:00PM

Ask the Court for permission to speak about the fairness of the Settlement, the Plan of Allocation, or the Request for Fees, Expenses and Incentive Award. Click here for specifics.

OBJECT TO THE SETTLEMENT

DEADLINE: AUGUST 25, 2018

Write to the Court about why you do not like the Settlement, the Plan of Allocation, or the Request for Fees, Expenses and Incentive Award. Click here for specifics. You cannot object to the Settlement if you have excluded yourself from the Settlement Class.

EXCLUDE YOURSELF FROM THE SETTLEMENT

DEADLINE: JULY 5, 2018

Get no payment from the Settlement. Click here for specifics.

Although the information in this website is intended to assist you, it does not replace the information contained in the Class Notice or the Settlement Agreement, both of which are available on this website.