Investment bank JPMorgan Chase & Co., accused of using improper trading tactics in California and Michigan, is considering paying a fine of at least $500 million to the Federal Energy Regulatory Commission, according to reports Wednesday by the Wall Street Journal and New York Times.The fines are related to market manipulation in electricity prices in the 2006-2011 period. The WSJ reports that the fine to JP MOrgan could be asa big a $1 billion.
The reports came one day after FERC slammed London's Barclays Bank with a $453 million fine for shady electricity trading behavior in California and three other Western states. Barclays issued a statement Wednesday vowing to fight the fine.
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