WASHINGTON • JPMorgan Chase & Co. agreed to pay $410 million in penalties on Tuesday to settle accusations by U.S. energy regulators that it manipulated electricity prices.
The Federal Energy Regulatory Commission said the bank used improper bidding strategies to squeeze excessive payments from the agencies that run the power grids in California and the Midwest in 2010 and 2011.
The penalty includes $285 million for the federal government, and $125 million for ratepayers.
FERC’s enforcement staf...
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