Yet another agency is looking into the dealings of JPMorgan. The United States Federal Energy Regulatory Commission (FERC) is probing into the extremely high derivative losses of JPMorgan, according to this Bloomberg Businessweek article. The FERC formed a Division of Analytics last February, employing around 45 people, dedicated to watching, analyzing and policing the natural gas and energy markets. So far, the Division of Analytics has come to a $245 million settlement with Constellation Energy Group, Inc. and is currently performing 11 probes, according to the article.
Allegedly, JPMorgan made market bids that resulted in at least $73 million being improperly paid to generators. The FERC is currently seeking internal correspondence from JPMorgan while the company is fighting the request in court. The FERC sued JPMorgan on July 2, 2012. The article reported that this investigation was launched into JPMorgan’s market actions after a power grid operator reported unusual trading offers.
If you or someone you know has lost money through JP Morgan investments, please contact Richard Frankowski at 205-747-1903 to discuss your potential legal remedies.