JPMorgan Chase & Co., accused of misleading regulators in an investigation into electricity trading practices in California, says it was all a mistake.
The big investment bank said it "made an inadvertent factual error" in papers submitted to the Federal Energy Regulatory Commission. FERC on Thursday said it was considering suspending Morgan from trading in California's electricity market.
In a prepared statement, Morgan said it promptly corrected its mistake and notified FERC of the problem. "Such an inadvertent error does not justify revoking JPMorgan's" license to trade in California, the bank said.
FERC had begun an informal inquiry, based on a complaint from state officials, that Morgan's power traders had used improper bidding tactics to extract $73 million in illegal profits from California's electricity market.
The company has said it did nothing improper.
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