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July 30, 2013

JPMorgan to settle over power rigging charge

“JPMorgan Chase was expected to announce a settlement with the Federal Energy Regulatory Commission as early as Tuesday after being formally charged with rigging power markets in California and the Midwest.

Ferc said on Monday that the bank’s traders had engaged in eight “manipulative bidding strategies” that generated “tens of millions of dollars at rates far above market prices” in 2010 and 2011.

In one allegation, the bank was accused of making false bids to collect payments covering the cost of selling wholesale electricity in California.

The accusations, which echo the electricity-market manipulation schemes perpetrated by Enron, the bankrupt energy company, will lead to a settlement of about $400m as early as Tuesday, according to one person familiar with the situation. JPMorgan and Ferc declined to comment.”


Read full Financial Times article here

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