JP Morgan Chase & Co have agreed to pay a civil penalty of $285 million and disgorge $125 million to settle allegations of power market manipulation in California and the Midwest, the latest settlement in a series of high-profile investigations by US federal energy regulators against banks.
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The deal closes the book on a probe that dates back more than two years, when California’s power grid operator noticed the Wall Street bank was using an “abusive” trading strategy that effectively forced the grid to pay for plants to sit idle, ultimately adding to customers’ costs.
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