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JPMorgan electricity sales investigated
JPMorgan Chase has another headache.
Energy regulators are investigating whether the bank manipulated electricity markets in California and the Midwest, resulting in higher prices and possibly millions of dollars in improper payments to JPMorgan generators.
The Federal Energy Regulatory Commission said in court documents this week that bidding practices in JPMorgan's commodities business "may have been designed to manipulate" the markets.
The regulators said they have been investigating JPMorgan since August.
The commission generally does not make investigations public, but on Monday it filed papers in federal court in Washington to try to force the bank to hand over 25 emails regulators want to examine. JPMorgan says the emails are privileged.
Spokeswoman Jennifer Zuccarelli said the bank believes it has "complied in all respects with the law."
"We welcome the court's assistance in resolving this dispute over documents," she said.
JPMorgan is still dealing with a surprise $2-billion trading loss that has damaged its reputation and that of its chief executive, Jamie Dimon. He has apologized before Congress for the loss, which the bank says came in an effort to manage financial risk.
JPMorgan disclosed the power investigation in a regulatory filing two months ago, when it said it was "responding to requests for information in connection with an investigation."
The investigation is part of a broader pledge by the energy regulators to crack down on price gouging. Since December, the commission has disclosed similar investigations against Barclays and Deutsche Bank.
-- The Associated Press
Republished from the Winnipeg Free Press print edition July 4, 2012 B5
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TD Bank reports $1.7 billion in net income, share buyback planned
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