Dive Summary:
- The FBI and prosecutors in the Manhattan U.S. Attorney's office are reportedly investigating whether JPMorgan purposefully withheld information from regulators as they investigated the bank's power market deals in California and the Midwest.
- The latest investigation comes after JPMorgan's July 30 agreement with the Federal Energy Regulatory Commission (FERC) to pay $410 million to settle the energy market manipulation case.
- JPMorgan denies deliberately withholding information from regulators, which is considered obstruction of justice, a criminal offense.
From the article:
As part of the settlement, according to FERC, JPMorgan admitted the facts in the agreement but "did not admit or deny the violations."
JPMorgan has said publicly it told regulators it did not lie during the investigations. No individual from the bank has been accused of wrongdoing.