The Federal Energy Regulatory Commission said the bank used improper bidding strategies to squeeze excessive payments from the agencies that run the power grids in California and the Midwest.
July 31, 2013 at 12:00 AM
1 minute read
WASHINGTON – JPMorgan Chase & Co. agreed to pay $410 million on Tuesday to settle accusations by U.S. energy regulators that it manipulated electricity prices.
The Federal Energy Regulatory Commission said the bank used improper bidding strategies to squeeze excessive payments from the agencies that run the power grids in California and the Midwest. The improper conduct occurred between September 2010 and November 2012, FERC said.
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