A PYMNTS Company

US: JP Morgan offers $400M in electricity price-fixing case

By  |  July 30, 2013

The US Federal Energy Regulatory Commission declared Monday that JPMorgan Chase & Co reaped hundreds of millions of dollars through manipulating the electricity market in California and the Midwest. The accusations placed yet another bruise on the reputation of the US bank, which reportedly has agreed to pay $400 million to settle the case. Other sources told media that JPMorgan may also be required to forfeit profits, which were allegedly made from overpayments made by grid operators between September 2010 and June 2011. A spokesperson for the bank declined to comment on the matter. Earlier reports suggested the lending giant is looking to improve its image following a string of major scandals, including the infamous LIBOR scandal as well as its accomplishment of enduring the 2008 financial crisis without a single reported quarterly loss. Sources said JPMorgan is willing to pay the fine to the FERC as early as today.

Full Content: Bloomberg

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