JPMorgan Energy Unit Rigged Energy Markets, FERC Says

Law360, San Francisco (July 29, 2013, 8:47 PM EDT) -- The Federal Energy Regulatory Commission on Monday revealed formal accusations that JPMorgan Ventures Energy Corp. traders pursued eight manipulative bidding strategies aimed at illegally reaping above-market rates from electricity system operators in California and the Midwest.

According to a notice from the commission, JPMorgan traders in 2010 and 2011 employed a variety of bid-rigging tactics that violated FERC's prohibition of electric energy market manipulation, including submitting day-ahead energy bids that looked like they would provide an economic advantage to the California Independent System Operator, but which...
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