Constellation Pays $235M To End FERC Investigation

Law360, New York (March 9, 2012, 9:35 PM EST) -- Constellation Energy Commodities Group Inc. agreed Friday to pay $235 million to end an investigation by the U.S. Federal Energy Regulatory Commission into allegedly manipulative trading transactions in New York wholesale energy markets.

Under the terms of the settlement agreement, Constellation will pay a civil penalty of $135 million and disgorgement of $110 million to settle claims by FERC that the Baltimore-based power company placed hedging trades in the New York energy market that were unprofitable but increased the overall value of the company’s portfolio, according...
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