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Post by bot on Jul 30, 2013 14:36:49 GMT -5
J.P. Morgan fined $410 million by energy regulator NEW YORK (MarketWatch) -- A unit of J.P. Morgan Chase & Co. was fined $410 million in penalties and disgorgement for allegedly manipulating markets related to the firm's bidding activity in electricity markets, the Federal Energy Regulatory Commission (FERC) said in a statement on Tuesday. JP Morgan Ventures Energy Corporation (JPMVEC) will pay a civil penalty of $285 million to the U.S. Treasury and disgorge $125 million in unjust profits, under the agreement. The unit admits to the facts in the agreement but does not admit or deny the violations related to markets in California and the Midwest from September 2010 through November 2012. The firm also agreed to waive claims for additional payments from the California Independent System Operator. FERC investigators found that JPMVEC engaged in 12 manipulative bidding strategies. J.P. Morgan shares were up 0.5% in premarket trading.
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