by The Compliance Exchange on July 5, 2012
U.S. energy regulators have subpoenaed JPMorgan Chase & Co to produce 25 internal emails as part of an investigation into whether the bank manipulated electricity markets in California and the Midwest.
The Federal Energy Regulatory Commission (FERC), which has recently stepped up its efforts to end manipulation of U.S. power markets, filed a petition in federal court on Monday to require the bank to produce emails from 2010 and 2011 as part of a formal investigation into the bank’s power trading.
News of the subpoena follows a series of more advanced probes of other big Wall Street banks and a record $245 million penalty against Constellation Energy that have sent shudders through electric markets this year, rekindling memories of the California power crisis and Enron melt-down a decade ago.
Read the full story at Reuters.