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JPMorgan to Pay $410 Million in U.S. FERC Settlement

JPMorgan Chase & Co. will pay $410 million to settle U.S. Federal Energy Regulatory Commission allegations that the bank manipulated power markets, enriching itself at the expense of consumers in California and the Midwest from 2010 to 2012.

The bank agreed to pay a U.S. civil penalty of $285 million and return $125 million in ill-gotten profits to electricity ratepayers, according to a FERC order today. JPMorgan also agreed to give up claims to $262 million worth of disputed payments from California’s grid operator, the state authority said in a separate statement.