JPMorgan Faces Possible Action by FERC

JP Morgan
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JP Morgan

JPMorgan Chase said the company and some of its personnel face a possible enforcement action by the Federal Energy Regulatory Commission over bidding practices in certain markets.

The company said it had received a notice in March that the FERC staff intends to recommend the action by commission. The company included the disclosure in a quarterly filing with the U.S. Securities and Exchange Commission on Wednesday.

Last week, the New York Times cited a confidential document from FERC when it reported U.S. government investigators had found evidence that a JPMorgan unit manipulated trading in the California and Michigan electricity markets.