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US: JPMorgan seeks redemption, looks to settle energy price-fixing claims

By  |  July 18, 2013

In a move partially intended to improve its image in the nation, JPMorgan Chase is reportedly looking to avoid a legal battle and settle with regulators over claims the company manipulated electricity prices. The Federal Energy Regulatory Commission found JPMorgan conspired to fix energy prices through its “manipulative schemes” that banked-in on failing power plants. Sources say the settlement may reach up to $500 million – a record for the energy watchdog, but merely a slap on the wrist for the Wall Street giant. Allegations over the collusion first surfaces last spring after news media obtained a confidential commission document. The announcement comes on the heels of news that UK banking giant Barclays will defend itself against claims it manipulated the electricity market in the western US.

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