"NEW YORK -- JPMorgan Chase & Co. has agreed to pay $410 million to settle allegations it manipulated energy markets in California and the Midwest."
"The Federal Energy Regulatory Commission, which announced the settlement early Tuesday, said the sum included $285 million in civil penalties JPMorgan would pay to the U.S. Treasury.
Nearly all of the remainder -- $124 million in unjust profits -- would go toward ratepayers in California's grid operator, the California Independent System Operator, FERC said."
Andrew Tangel reports for the Los Angeles Times July 30, 2013.
SEE ALSO:
"JPMorgan Looks to Pay to Settle U.S. Inquiries" (New York Times)
Source: LA Times, 07/31/2013
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