facebook
twitter
search
search

Justice Department investigating JPMorgan Chase

Aug. 20, 2013 at 2:04 AM

WASHINGTON, Aug. 20 (UPI) -- The Justice Department is investigating whether JPMorgan Chase & Co. manipulated U.S. energy markets, The Wall Street Journal reported Monday.

The business newspaper's sources, who it described as familiar with the investigation, said the Justice Department decided to look into the bank's dealings after the company agreed to pay $410 million to settle allegations raised by the Federal Energy Regulatory Commission that it manipulated markets in California and the Midwest. JPMorgan admitted no wrongdoing in the FERC case.

The Journal's sources said the probe is in its early stages with no telling how it would turn out.

"As we've said previously, we're working hard to remediate controls issues, strengthen business practices and address regulatory concerns," a JPMorgan spokesman told the Journal without discussing details of the investigation.

The latest investigation is just one of at least seven targeting JPMorgan, the newspaper said.

Latest Headlines
Top Stories
Crude oil prices extend losses
Turkish oil pipeline from Iraq bombed
Chevron aims at cost reductions of $1 billion
Greenpeace again stands in Shell's way to arctic
Texas oil production up year-on-year