JPMorgan Chase & Co. will pay $410 million in penalties after allegedly manipulating power markets in the Midwest and California, according to the U.S. Federal Energy Regulatory Commission (FERC).
FERC announced the accusations Monday, saying JPMorgan Ventures Energy Corp. engaged in eight improper bidding strategies that manipulated the price of electricity between September 2010 and November 2012, pulling excessive payments from power grid operators.