Energy Central Professional

 

Legal Notice – Western Hub Electricity Settlement


Cera LLP and Klafter Olsen & Lesser LLP  

 

    A $29 million settlement, subject to final court approval, has been reached with Barclays Bank PLC (“Barclays”) in a lawsuit about whether Barclays engaged in a scheme to unlawfully monopolize or attempt to monopolize the markets for setting certain electricity-related daily index prices at four major western U.S. electricity trading hubs known as Mid-Columbia, Palo Verde, South Path 15 and North Path 15.  Barclays denies all claims. 

    WHO IS INCLUDED?

    The Settlement Class includes 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. 

    WHAT DOES THE SETTLEMENT PROVIDE?

    Each Settlement Class Member who submits a valid Claim Form with supporting documentation and was damaged by movements in the ICE or Dow Jones published daily index prices for peak or off-peak electricity caused by Barclays between November 1, 2006 and December 31, 2008 will be eligible to receive a payment.

    HOW DO YOU ASK FOR A PAYMENT?

    To receive a payment you must submit a Claim Form by October 18, 2018.  The Claim Form is available at the website www.WesternHubElectricitySettlement.com or by calling 1-866-673-9669.

    YOUR OTHER OPTIONS.

    If you do not want to be bound by the settlement, you must exclude yourself from the Settlement Class by July 5, 2018; otherwise you will release certain legal rights against Barclays and related entities as set forth in the Settlement Agreement.  If you exclude yourself, you cannot get a payment from the settlement.  If you stay in the settlement, you may object to it by August 25, 2018.  A detailed Notice, the Settlement Agreement, and other related documents are available at the website or by calling 1-866-673-9669.

    The United States District Court for the Southern District of New York will hold a hearing in the case, called Merced Irrigation District v. Barclays Bank PLC, No. 1:15-cv-04878-VM-GWG, on September 14, 2018, to consider whether to grant final approval of the settlement, and to approve a request by Settlement Class Counsel for attorneys’ fees, expenses and an incentive award to the class representative.  You or your own lawyer, if you have one, may ask to appear and speak at the hearing at your own cost, but you do not have to.

    SETTLEMENT CLASS COUNSEL

    Solomon B. Cera

    Cera LLP

    www.cerallp.com

    Jeffrey A. Klafter

    Klafter Olsen & Lesser LLP

    www.klafterolsen.com

    www.WesternHubElectricitySettlement.com

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