JPMorgan To Pay $410M Over FERC's Price-Rigging Claims

Law360, New York (July 30, 2013, 11:50 AM EDT) -- JPMorgan Chase & Co. on Tuesday agreed to pay $410 million to settle the Federal Energy Regulatory Commission's allegations that one of its subsidiaries used complex trading schemes to rig electricity prices in California and the Midwest.

According to FERC, traders at J.P. Morgan Ventures Energy Corp. employed as many as 12 bid-rigging tactics that violated FERC's prohibition of electric energy market manipulation in 2010 and 2011, which led the California Independent System Operator and the Midwest Independent System Operator to pay artificially inflated rates. The...
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