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The Boston Globe

Business

JPMorgan owes $410 million in energy suit

Accused of using improper tactics

WASHINGTON — JPMorgan Chase & Co. agreed to pay $410 million on Tuesday to settle accusations by US energy regulators that it manipulated electricity prices.

The Federal Energy Regulatory Commission said the bank used improper bidding strategies to squeeze excessive payments from the agencies that run the power grids in California and the Midwest. The improper conduct occurred between September 2010 and November 2012, FERC said.

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