New York, July 30, 2013 - JPMorgan Chase & Co. (NYSE: JPM) announced today that one of its energy subsidiaries, J.P. Morgan Ventures Energy Corporation, has agreed to a settlement with the U.S. Federal Energy Regulatory Commission resolving the agency's investigation of the Firm's bidding and offering of electricity from certain power plants.
As part of the agreement, J.P. Morgan Ventures Energy agreed to pay, without admitting or denying any violations, disgorgement, penalties and interest totaling $410 million. J.P. Morgan Ventures Energy is pleased to have reached an agreement with FERC to put this matter behind it.
The settlement relates to power offered from plants largely acquired in connection with J.P. Morgan's acquisition of Bear Stearns in 2008. This settlement resolves claims by the FERC's Office of Enforcement that these offers violated FERC rules.
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