JPMorgan in US power market probe |
Financial Times - Jul 3, 2012 |
The US electricity regulator has subpoenaed JPMorgan Chase twice in the past three months as it investigates whether the bank manipulated power markets in California and the Midwest region, court filings show.
The filings mark the first time the Federal Energy Regulatory Commission has revealed its formal probe into JPMorgan’s bidding practices, which it says may have inflated electricity costs by at least $73m.
The documents also push into public view legal manoeuvring between government and JPMorgan attorneys as the commission seeks 25 emails the bank argues are privileged. FERC on Monday petitioned a US federal court to require JPMorgan to produce the emails, shedding light on its investigation in the process.
Read Full Article from Financial Times
- Posted: 2012-07-03 12:29:46
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