JPMorgan to pay $521 million for electricity price manipulation
WASHINGTON (AP) - JPMorgan Chase & Co has agreed to pay US$410 million (S$521 million) to settle accusations by US energy regulators that it manipulated electricity prices.
The Federal Energy Regulatory Commission said on Tuesday that 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.
JPMorgan, the biggest US bank, is paying a civil penalty of US$285 million and returning US$125 million in allegedly improper profits.