"JPMorgan Settles Energy Market-Rigging Probe for $410 Million"

"NEW YORK -- JPMorgan Chase & Co. has agreed to pay $410 million to settle allegations it manipulated energy markets in California and the Midwest."

"The Federal Energy Regulatory Commission, which announced the settlement early Tuesday, said the sum included $285 million in civil penalties JPMorgan would pay to the U.S. Treasury.

Nearly all of the remainder -- $124 million in unjust profits -- would go toward ratepayers in California's grid operator, the California Independent System Operator, FERC said."

Andrew Tangel reports for the Los Angeles Times July 30, 2013.

SEE ALSO:

"JPMorgan Looks to Pay to Settle U.S. Inquiries" (New York Times)