July 21 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
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.