Reuters: Regulatory News: UPDATE 1-JPMorgan probed over possible power mkt manipulation

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UPDATE 1-JPMorgan probed over possible power mkt manipulation Jul 3rd 2012, 13:27 Tue Jul 3, 2012 9:27am EDT July 3 (Reuters) - U.S. energy regulators have subpoenaed JPMorgan Chase & Co twice in the past three months as part of an investigation into whether the bank manipulated power markets in California and the Midwest. The Federal Energy Regulatory Commission (FERC) on Monday filed a petition in U.S. federal court to require JPMorgan to produce emails as part of a formal probe into JPMorgan power market bidding practices in those areas. "We have been responding to a FERC investigation into certain activities in our federally approved power business. We believe we have complied in all respects with the law, as well as FERC rules and applicable tariffs, governing this market," said JPMorgan spokeswoman Jennifer Zuccarelli in an email, referring to the company's 10Q federal filings. "We stress that this investigation is ongoing and that no conclusions have been reached or findings adjudicated. We welcome the Court's assistance in resolving this dispute over documents," she said. JPMorgan buys and sells electricity for its own account and others. The filing marked the first time the agency has revealed a formal probe into JPMorgan bidding practices, the paper said. FERC said the bank may have inflated electricity costs by at least $73 million. The documents also pushed into public view the legal maneuvering between the government and JPMorgan attorneys as the commission seeks 25 emails that the bank argues are privileged.

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