JPMorgan (JPM) Back In Headlines For Possible Market Manipulation
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Wall Street darling, JPMorgan (NYSE: JPM) is back in the news again...and it isn't good.
According to reports, the Federal Energy Regulatory Commission (FERC) has been investigating JPM's bidding practices in California and the Midwest. Apparently the bank had withheld documents (in e-mails) from the investigation, which prompted FERC to move to the U.S. District Court of D.C. to get assistance.
Documents stated that bidding techniques used (deemed abusive) had resulted in $73 million in improper payments.
A spokeswoman for JPMorgan said the company has responded/complied with all requests.
Shares began the session in negative, but the stock has pushed higher all morning, and is now at $36.03, up $0.05 (+0.14%).
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According to reports, the Federal Energy Regulatory Commission (FERC) has been investigating JPM's bidding practices in California and the Midwest. Apparently the bank had withheld documents (in e-mails) from the investigation, which prompted FERC to move to the U.S. District Court of D.C. to get assistance.
Documents stated that bidding techniques used (deemed abusive) had resulted in $73 million in improper payments.
A spokeswoman for JPMorgan said the company has responded/complied with all requests.
Shares began the session in negative, but the stock has pushed higher all morning, and is now at $36.03, up $0.05 (+0.14%).
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