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July 31, 2013

JPMorgan Pays $410 Million Fine for Energy Price Scheme 
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The financial giant JPMorgan is paying a $410 million fine for driving
up energy prices in California and the Midwest. JPMorgan agreed to the
penalty without admitting to government allegations it manipulated
utilities to raise the price of electricity. It is the largest
settlement in the Federal Energy Regulatory Commission's history. The
British firm Barclays has been hit with a similar fine, but is refusing
to pay. JPMorgan is facing a more expensive government penalty for its
role in pushing toxic mortgage-backed securities. According to the New
York Times, the firm is currently under investigation from eight
different federal regulators

 

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