JPMorgan Agrees to Pay $410 Million to Settle U.S. Energy Probe

JPMorgan Chase & Co. (JPM) agreed to pay $410 million, including giving up $125 million in profits, to settle a U.S. Federal Energy Regulatory Commission investigation of energy-market manipulation in California and the Midwest.

The FERC announced the settlement with the New York-based bank today in a statement, a day after the agency’s staff formally accused a JPMorgan trading unit of wrongdoing from September 2010 to June 2011.

To contact the reporter on this story: Brian Wingfield in Washington at bwingfield3@bloomberg.net

To contact the editor responsible for this story: Steve Geimann at sgeimann@bloomberg.net

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