News Summary: US says JPMorgan manipulated prices

News Summary: US agency accuses JPMorgan of manipulating electricity prices in Calif., Midwest

Associated Press

BIG BANK ACCUSED: U.S. energy regulators are accusing JPMorgan Chase & Co. of manipulating electricity prices in California and the Midwest in 2010 and 2011.

BIDDING STRATEGIES: The Federal Energy Regulatory Commission said in an enforcement notice that JPMorgan used improper bidding strategies to squeeze excessive payments from the agencies that run the power grids in California and the Midwest.

POSSIBLE SETTLEMENT: The notice could be a prelude to a settlement with JPMorgan, the largest U.S. bank. FERC recently levied a $453 million fine on Barclays, Britain's second-biggest bank, for manipulating electricity prices in California and other western states. Barclays is disputing the allegations.

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