July 17, 2013 / 6:42 PM / 4 years ago

JPMorgan near deal with U.S. energy regulator -WSJ report

July 17 (Reuters) - JPMorgan Chase & Co and the U.S. Federal Energy Regulatory Commission are close to reaching a settlement that could result in the bank making the largest payment ever to the U.S. energy market regulator, the Wall Street Journal reported on its website on Wednesday.

The amount to be paid is not yet known, but past discussions have involved close to $1 billion, the newspaper said, citing people familiar with the matter.

The two sides are exchanging drafts of a deal that would resolve allegations that the bank manipulated electricity markets in California and the Midwest, according to the report.

A JPMorgan spokesman was not immediately available for comment.

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