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June 11, 2024
Merced Irrigation District v. Barclays Bank PLC
In June 2016, Merced Irrigation District, on behalf of itself and all others similarly situated, filed a lawsuit against Barclays Bank PLC in the U.S. District Court for the Southern District of New York. Merced Irrigation District v. Barclays Bank PLC (No. 1:15-cv-04878-VM-GWG), a civil class action, was filed following an investigation and Order Assessing Civil Penalties against Barclays Bank by the Federal Energy Regulatory Commission (FERC Docket No 08-0800, dated July 16, 2013). Merced Irrigation District alleged that Barclays Bank violated the Sherman Act by engaging in a coordinated scheme to monopolize markets for trading electricity and electricity-related contracts and sought restitution for damages caused by the alleged scheme. Econ One’s expert Dr. Jeffrey Leitzinger was retained by counsel for Merced Irrigation District.
Dr. Leitzinger was asked to develop a method to measure the impact of Barclays’ alleged illegal market power which it used to manipulate daily index prices for wholesale electricity for the purpose of economically benefitting itself and, as a consequence, creating harm to other market participants. He was also asked to show the manner in which the overcharges (or undercharges) applicable to the class members as a result of the alleged conduct could be calculated. Dr. Leitzinger submitted an expert report and provided deposition testimony. A settlement between the parties was reached in April of 2018 for $29 million.