When it rains, it pours. JPMorgan Chase & Co. (JPM) is being investigated by the
Federal Energy Regulatory Commission over potential power-market manipulation,
according to documents provided by the Washington-based agency. According to a Bloomberg report JPMorgan has
allegedly withheld e-mails that FERC had sought in the investigation, prompting
the agency to ask the U.S. District Court for the District of Columbia to order
the bank to submit them or provide a reason for withholding, according to
filings from FERC.
FERC’s investigation followed reports last year of bidding
practices that the California and Midwest system operators deemed to be
abusive, according to the documents.
“Three of the bidding techniques had together resulted in at
least $73 million in improper payments,” the agency said in documents filed
yesterday, citing estimates by the two system operators.
New York-based JPMorgan owns or has the right to output from
several electricity generating facilities, and confirmed it was providing
information, according to the company’s quarterly filing in May with the
Securities and Exchange Commission….
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