JPMorgan received 'Wells-type' notice

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Associated Press

Posted on May 8, 2013 at 11:02 PM

NEW YORK (AP) — JPMorgan says federal energy regulators are investigating some of its bidding practices in power markets.

In a filing with the Securities and Exchange Commission on Wednesday, JPMorgan Chase & Co. says it received a "Wells-type" notice from the Federal Energy Regulatory Commission in March.

FERC said it may bring action against J.P. Morgan Ventures Energy Corp., JPMorgan Chase & Co. and some of its personnel.

JPMorgan says the agency concluded that its J.P. Morgan Energy Ventures unit had submitted misleading information in response to a FERC investigation.

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