Dive Summary:
- JP Morgan Chase is set to pay $410 million in a settlement of charges that its energy unit engaged in "manipulative bidding strategies" in California and the Midwest between September 2010 and November 2012.
- The charges were brought against JP Morgan Venture Energy Corporation by the Federal Energy Regulatory Commission, which alleged that its power bidding strategies resulted in it raking in "tens of millions of dollars at rates far above market prices."
- California residents who overpaid will receive $124 million of the fine, with Midwest customers getting $1 million and the rest going to the U.S. Treasury.
From the article:
... JPMorgan said it was pleased to have settled the matter
The bank neither admitted nor denied the violations, but said it would work with outside counsel to review its policies and practices in the power business. ...
