J.P. Morgan, U.S. energy regulator near $410 million settlement: WSJ

Sun Jul 21, 2013 11:46pm EDT

Commuters are reflected in stone as they walk past the JP Morgan headquarters in New York May 22, 2012.REUTERS/Eduardo Munoz

Commuters are reflected in stone as they walk past the JP Morgan headquarters in New York May 22, 2012.

Credit: Reuters/Eduardo Munoz

(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.

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