This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-23506803

The article has changed 4 times. There is an RSS feed of changes available.

Version 2 Version 3
JP Morgan pays $410m to settle US energy case JP Morgan pays $410m to settle US energy case
(about 5 hours later)
JP Morgan's energy unit has agreed to pay $410m (£268m) to settle charges from the top US energy regulator that it manipulated energy markets. JP MorganChase's energy unit has agreed to pay $410m (£268m) to settle charges from the top US energy regulator that it manipulated energy markets.
The Federal Energy Regulatory Commission (FERC) agency alleged JPMorgan's trading practices drove up prices for electricity, mainly in California and the Midwest.The Federal Energy Regulatory Commission (FERC) agency alleged JPMorgan's trading practices drove up prices for electricity, mainly in California and the Midwest.
The fine is the second largest penalty in FERC history.The fine is the second largest penalty in FERC history.
The bank did not admit any wrongdoing as part of the settlement.The bank did not admit any wrongdoing as part of the settlement.
JPMorgan said it was "pleased to have reached an agreement with FERC to put this matter behind it.'" JP Morgan said it was "pleased to have reached an agreement with FERC to put this matter behind it".
JPMorgan spokesman Brian Marchiony said the settlement would "not have a material impact on our earnings" because the bank had previously set aside reserves for the case. JP Morgan spokesman Brian Marchiony said the settlement would "not have a material impact on our earnings", because the bank had previously set aside reserves for the case.
FERC claimed JPMorgan's energy unit used five "manipulative bidding strategies" in California between September 2010 and June 2011, and three in the Midwest from October 2010 to May 2011. FERC claimed JP Morgan's energy unit used five "manipulative bidding strategies" in California between September 2010 and June 2011, and three in the Midwest from October 2010 to May 2011.
The regulator alleges that traders at JP Morgan's energy unit created artificial conditions to boost the price of energy. The regulator alleged that traders at JP Morgan's energy unit created artificial conditions to boost the price of energy.
Under the deal, the bank must also make annual reports to the commission for three years detailing its power business in the United States.Under the deal, the bank must also make annual reports to the commission for three years detailing its power business in the United States.
JPMorgan has already sold the rights to buy the gas and sell the power from its California plants. JP Morgan has already sold the rights to buy the gas and sell the power from its California plants.
The energy rigging case is the latest embarrassment to hit JP Morgan. Last year, the bank suffered a $6.2bn (£4bn) loss after trades made by the so-called London Whale turned out to be bad.The energy rigging case is the latest embarrassment to hit JP Morgan. Last year, the bank suffered a $6.2bn (£4bn) loss after trades made by the so-called London Whale turned out to be bad.
Last year FERC fined Barclays $453m (£300m) for allegedly manipulating electricity prices. Barclays protested FERC's findings, but US regulators upheld the fine earlier this month. Last year FERC fined Barclays $453m (£300m) for allegedly manipulating electricity prices. Barclays protested about FERC's findings, but US regulators upheld the fine earlier this month.