The U.S. power regulator outlined its case of market manipulation against JPMorgan Chase & Co on Monday as industry sources said a final settlement on the issue should come on Tuesday.
Traders used improper bidding tactics in California and the Midwest to boost profits, officials said in a statement that brought to light some details of an extensive investigation.
Reports of that probe have circulated for months and a deal with the regulator could put an end to a distraction for JPMorgan Chief Executive Jamie Dimon.
The U.S. Federal Energy Regulatory Commission (FERC) staff has found "eight manipulative bidding strategies" used by a JPM affiliate in 2010 and 2011, the regulator said.
JPMorgan declined to comment.
http://www.reuters.com/article/2013/07/29/us-usa-energy-jpmorgan-idUSBRE96S12K20130729
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