Merced Irrigation District v. Barclays Bank PLC
Merced Irrigation District sued Barclays Bank PLC, alleging market manipulation in electricity index prices, violating federal antitrust laws (Sherman Act Sections 1 and 2), California's Unfair Competition Law (UCL), and New York's unjust enrichment law. Barclays moved to dismiss the complaint. The court found Merced had standing and that fraudulent concealment tolled the statute of limitations. The motion was granted for the Section 1 Sherman Act claim due to a lack of alleged concerted action, and for the unjust enrichment claim due to the absence of a direct relationship between the parties. However, the motion was denied for the Section 2 Sherman Act monopolization claim and the UCL claim, allowing those to proceed. Merced was given leave to amend the dismissed claims.