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J.P. Morgan Ventures Energy Corporation Reaches Settlement with Federal Energy Regulatory Commission
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.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.