J.P. Morgan, U.S. energy regulator near $410 mln settlement-WSJ

July 21 Sun Jul 21, 2013 11:22pm EDT

July 21 (Reuters) - J.P. Morgan Chase & Co is close to a $410 million settlement of Federal Energy Regulatory Commission (FERC) allegations that the bank manipulated energy markets in California and the Midwest, the Wall Street Journal reported.

Citing people familiar with the issue, the newspaper also said on Sunday the bank would relinquish $200 million in unpaid claims from electricity buyers in California.

The settlement is not expected to result in sanctions for three J.P. Morgan energy traders initially targeted by the regulator or their boss, commodities chief Blythe Masters.

The settlement could be announced as early as this week, although the terms are not yet final, the paper said.

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